Employee Retention
HR has always been seen as the “cost centre” of an organization. However studies reveal that in today’s business world, HR practices does churn revenues. It’s all about how you invest in your human capital. Studies suggest that not only is Human resource the most valued asset of a company, but there also proof that investing in HR does produce returns. “Employee-involvement practices such as information sharing, skills training rewards programs, and empowerment efforts -- all of which fall squarely into Hr’s domain -- show a significant bottom-line return”. Companies who have followed the employee-involvement practices have produced a 13 percent higher return on equity. Thus it’s obvious that employees form an integral part. How do you select and retain talented people? How can you create an environment, which helps people thrive at work? Many such questions form an integral part of a company’s HR policy. Increased global competitiveness has given way to uncertainty, which is impacting the environment within an organization. This is where the role of a HR manager is becoming even more crucial. Traditionally the HR department has played dual roles—an operational function (such as recruitment, personnel and performance management, employee relations and statutory compliance’s) and a human developmental role (comprising people development, culture and organization building). Both these functions have always been considered “soft” roles. Today the equation has changed. The HR department plays a key role in the company’s overall business strategy. HR managers have a clear understanding of the business, the organization, its vision, mission, values and are given ample freedom to bring processes in place to get people aligned to these values and goals.
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