Employee Advancement

PEOPLE

PEOPLE is the first word of Agile Manifesto (individuals and interactions over processes and tools), it is part of core values of many esteemed organization across the globe, its the PEOPLE who build organization and PEOPLE who are important than CLIENT. 
Every organization strive (or always trying) to become top employer to work with. We believe in talent, skill and capability of those with whom we work daily.
Here, I have learned and trying to suggest how we can keep our people connected for always.

Adroit Asset -

Adroit Asset means People who are Skillful or Multi-Skilled or having Niche Skill Set.

An Adroit Asset is one, who adds lot of accolades to the team or to the project\department. Below are some of the qualities they have:

• Nurturing team with right knowledge by knowledge sharing, brainstorming, new ideas, encouraging to raise questions, etc.
• Delivers with high quality
• Better Team Collaboration
• Building healthy competitive environment by challenging to achieve more and more

Why organization losing Adroit Assets?

There are various surveys and studies conducted on employee leaving an organization, and below are 3 most important reasons which are identified and confirmed in top 5 root causes-

1.        Lack of opportunities for advancement
2.        Unsatisfied Compensation / benefits
3.        Unsatisfied with Leadership

This whitepaper will try to resolve above reason#1 – Lack of opportunities for advancement.

Several IT players like Accenture, Cognizant, Wipro, Infosys, etc are seeing higher attrition rate i.e., above 20%, which is substantially increase than they have ever planned. 

Mindtree VP (People Function), Anish Philip, says “The percentages don’t matter. It’s the quality of attrition that does”

When high performer and proven skill set asset decides to leave organization, it does not only impacts quality but also affects negatively on team morale and more other aspects. 

Why it is important to retain or stop talent from leaving organization?

Disadvantages -
There are trade off when Adroit Asset leaves organization .

1.           Effort and time in Hiring process is exhaustive.
2.           Cost

o   New talent at same level will cost more given market relevancy of the role.

o   Time to be Productive - On-boarding and induction

o   New Time Investment in setting up Team Collaboration and teamwork

o   The Work Institute found that employers have paid more than $600 billion out of total turnover costs in 2018 for talent hiring or on-boarding, and it keeps increasing every year.

Advantages of keeping Adroit asset

•         Better customer confidence in delivering for long time projects
•         Improved productivity
•      Improvement in Employee satisfaction and engagement
•          Increase in Brand reputation

What can be done to retain Adroit Asset and provide opportunity for advancement?

External talent search requires significant time and cost to find the right fit.

Providing internal talent a chance for career advancement by posting job on internal job portal where every one within organization can see available job opportunity and submit request for the same.

As highlighted above, there are no expenses on 3^rd party engagement for talent search, connect and getting performance feedback of talent is easy given they are from organization.

Effort of initial screening of all searched candidates will be saved including managing their visit to organization premises.

Cost will be saved, in general, if we hire new talent from outside then we had to give new talent significant hike, like >=30%, whereas on advancement it starts with >=18% and also we can backfill their positions by resource which will cost less eventually.

Knowledge transfer from current level can be well planned as compare to transfer during notice period and it will be available at all the time if they are within organization.  

Conclusion

Providing first preference to our internal resources will give us -
1. A competitive edge on motivating and retaining talent within organization. 
2. An equal chance to our own people for advancement will be available

Eligibility criteria may vary for applying next level opportunity based on organization vision and/or processes. However, bottom line is to give them chance to grow whenever it is available within organization before forcing them to look outside.