The company needs to retain its employees in the era where the economy of India is been liberalized inviting foreign service competitors which would precede the already existent high attrition rate. Following can be the course of action: 1) Invite more processes It becomes imperative for a service-based company to get more processes and work along with the importance given to people. More processes would mean more clients which in turn would mean more revenues for the company which in turn would increase the chances of hiring more people.
) Hire people based on quality and interest It is always good to satisfy people with the type of work and environment, but at the same time, it is important to take in more processes. People interested in a particular work can always have the opportunity to work in it. Work like normal form-filling should have those people targets who are Jobless and would want to work for even a minimum salary. The buffer resources can be kept higher in this case in order to meet up with client expectations.
Also, people with quality work should be hired separately and mostly on their interest to work for the company along with their talents and merit. 3) Have buffer resources Buffer resources should be arranged for people in case they are leaving the company. 4) Number of people If a project requires five people, then only five people must be allotted and not more. This will save loads of expenses behind resources. 5) Same work environment The same work culture/ environment must be carried on in order to attract many employees and also so that they do not leave. 6) Rewards can De a Lot strict
They can be a bit strict on the rewards, and make it on basis of competition rather than merit, so that people strive for the best and not get it easily. Rewards must be kept higher but few. For example, if an employee attains a more than expected result, then the pay should be revised by fifty percent (if thirty five previously), but slots should be limited 7) Evaluation must be done annually Revision of pay structures and also appraisals must be done at the end of the year. The entire year must be focused on getting as many employees and projects as possible.
Cite this People Management, the Mantra for Success
People Management, the Mantra for Success. (2017, Oct 06). Retrieved from https://graduateway.com/people-management-the-mantra-for-success/