importance of career planning for employee retention in indian organizations (original)
TRANSCRIPT
Importance of Career Planning for Importance of Career Planning for Employee Retention In Indian Employee Retention In Indian OrganizationsOrganizations
PREPARED & SUBMITTED BY:-SUMAN NATH2nd Year MBA(HR), UNIVERSITY OF KALYANI
Stages of CareerStages of Career Stage 1:- Exploration Stage 2:- Establishment Stage 3:- Mid career Stage 4:- Late career Stage 5:- Decline
25 605035
ITC: Zero attrition at Senior Management since 15 years; Remuneration & Reward strategy cited as main reasons
One major reason for such low attrition is a compensation structure that rewards retention handsomely.ITC believes there are business benefits with such a structure. HR chief Nayak says, “The lifer workforce has become its DNA.”
"The remuneration and reward strategy is uniquely designed to attract and retain talent. Remuneration is competitive and contemporary, with unique elements that encourage long-term careers," adds the HR head.
Any manager who completes six years in ITC becomes eligible for employee stock options.
As Hemant Malik, ITC's chief operating officer (trade marketing and distribution - FMCG), a lifer himself, says: "ITC instills a sense of ownership and encourages you to perform with independence and freedom. People move on and change jobs in the quest for new experiences; we get that here."
Source: http://articles.economictimes.indiatimes.com/2012-01-18/news/30639466_1_nakul-anand-speciality-papers-top-management