In a competitive business sphere with high attrition rates, retaining top talent is critical for sustained success.
Edelweiss Life Insurance, Bajaj Electricals, Raymond Group, and L’Oreal India are among the companies that have implemented innovative strategies to retain their high-performing and high-potential employees.
Edelweiss Life Insurance: The “Hate-to-Lose” List
Retaining 92% of High-Potential Employees: Edelweiss Life Insurance has cracked the code when it comes to retaining high-potential talent.
Despite an industry-wide attrition rate of around 40%, the company manages to retain an impressive 92% of its high-potential employees. Chief Human Resources Officer Saba Adil attributes this success to their “hate-to-lose” list.
Here’s how they do it:
Employee Experience Focus: Edelweiss actively monitors employee engagement and well-being. They offer out-of-turn promotions, lateral movements, pay hikes, and frequent pulse checks. Rather than reacting to disengagement signs, they proactively address them.
Bajaj Electricals: The Pygmalion Program for Lower Attrition Rates
Nurturing the Top 7.5% of the Workforce: Spearheaded by Suman Kumar Ghosh, Chief Human Resources Officer at Bajaj Electricals, the Pygmalion program identifies and nurtures high-performing employees. Here are the program highlights:
Selective Inclusion: The 18-month program collaborates with leadership, management, and external facilitators. It meticulously selects high-performers whose career aspirations align with the company’s strategic goals.
Comprehensive Learning: Participants undergo rigorous on-the-job training, classroom instruction, online courses, and executive coaching.
Suman emphasizes the impact of executive coaching, providing top candidates with mentorship from senior leaders. By investing in their development, Bajaj Electricals ensures that these high-potential employees stay engaged and motivated.
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Raymond Group: Talent Identification Process
Balancing Aspirations and Retention: Raymond Group takes a systematic approach to identify top talent. Here’s how they do it:
Self-Nomination and Rigorous Assessments: The biennial process begins with self-nomination and a statement of purpose. Rigorous assessments, including psychometric evaluations, follow.
Talent Governance Board: A selection panel filters the candidates, and a talent governance board finalizes the selections.
Managing Aspirations: While high-performers constitute 35% of the workforce, high-potential employees make up 7%. Managing their aspirations is crucial, as rapid career advancement can lead to an entitlement mindset.
To counter high-potential attrition (16-17%), Raymond Group offers extensive learning opportunities and competitive compensation. Their compensation strategy ensures that top talent is less likely to be lured away by higher offers elsewhere.
L’Oreal India: Career Connect Conversations to Reduce Attrition
Empowering High-Potential and High-Performing Employees: Rasika Malhotra, Director of Human Resources at L’Oreal India, conducts annual career connect conversations with key talent players. Here’s what they focus on:
Individual Aspirations: These discussions explore what employees want and where they see themselves going.
Learning and International Exposure: L’Oreal supports its high-potential and high-performing talent through learning programs and international exposure opportunities.
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For those who may not be high-potential but are high-performing, L’Oreal offers specialized programs like ‘Catalyst with IIM Lucknow’ for management development and ‘HERcules’ for young female talent.
These programs provide coaching, mentoring, and leadership projects. Additionally, key talent players get short-term assignments in international markets to help them gain a global perspective.
BluSmart: Nurturing Critical Talent
Variety in Work and Early Success: Kamaljeet Kaur, Chief People Officer at BluSmart, recognizes that high-performing and high-potential employees constitute 17-20% of the workforce.
While the company’s overall voluntary attrition rate is 17-18%, critical talent attrition is about half. Kaur’s retention strategy includes:
Work Variety: Offering diverse roles and responsibilities every six months to keep employees engaged and challenged.
Early Success: Ensuring that younger employees, who form the bulk of the workforce, experience early wins and career growth.
By focusing on these aspects, BluSmart aims to retain its critical talent pool and drive organizational success.
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