Travails of team building: Enabling, not retaining
For many startups, more than anything else, retaining talent is a bigger area of concern. But can talent be retained ever?
It is no hidden fact that losing an employee has ramifications. And according to a Center for American Progress Report, losing an employee, with a low-paying job, ends up costing the company, 16% of itsannual salary. For executive positions, the cost is 213% of annual salary of that talent. Here is an example to paint the picture – it will cost an organization $213,000 to replace a CEO whose annual salary is $100,000.
How to enable talent?As for startups, they need to be even more wary, because like mentioned earlier, a mis-hire can delay a project, but if a good hire leaves, the whole project derails. This is over and above the monetary losses that are incurred. Thus the key to retaining talent lies in enabling talent. And the purpose of startups is dual – enable talent to go beyond their potential and enable talent to keep it motivated and engaged.
The answer of enablement lies inside the organization culture. It is the culture that enables people, and activi...
A young joiner at T9L, on one of his first assignments, ended up losing a client worth $100,000. But Fahad Moti Khan, the CEO at T9L, showed faith in him. It is important to give people room for failures, otherwise a culture of fear is created, says Fahad
The HRs role is to understand the vision of the organization, put it together in a meaningful language and then look at various means of integrating it in every single people practice of the organization be it attraction, L&D or performance management
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