Due to high level of attrition in many industries it has become difficult for most organizations to make expensive long term investments in mentorship programs. Most of us are busy addressing short term needs and aspiration related to employee growth. However, mentorship is certainly not replaceable and nothing can make it go redundant.
Attrition is a major challenge that many corporates have to overcome in today’s highly competitive business environment. Re-hiring can be a very costly affair; it can be a tedious process administratively too, as the entire process if hiring and training is very time consuming. Losing a key employee has some serious repercussions; it’s a loss of talent expertise and competencies and companies in today’s talent starved environment will find it difficult to find the perfect fit. Also, companies have to incur higher recruitment costs too to fill the vacant position. There are no quick fixes – the only way through which one can minimize risk is by effectively engaging with one’s most important stakeholder the employee.
Attrition rate is calculated based on the total strength in the organization and percentage of employees leaving it during a specified period. For the same type of industry or business if the percentage is abnormally high then it requires a review by the employer what is wrong with the organization.
Organizations will need to review their current retention plans in order to keep themselves abreast with the changing market demands. Companies need to ensure that quality talent is identified early on and put on a fast track program to grow within the organization. Learning and development are increasingly becoming key factors today towards ensuring increased retention. Also, performance linked pay will be an important parameter against which an employee will make his /her decision of staying on with the current company.
Providing new avenues for growth and learning through job rotation is a significant driver in everyday knowledge enhancement. Staff engagement is a key area of force and this driven through annual day celebrations periodic CEO chats and internal blogs on the intranet etc these align employees with the workplace and organizational goals. Companies also need to provide benefits which help an employee attain a good work life balance.
Today, mentoring is not just about practicing leadership. Though prevalent mentors need to infuse freshness bring in innovation and upgrade to new practices to steer clear of redundancy. With changing expectations qualifications and individualistic opinions of today’s youth organization need to switch from conventional methods to more futuristic ones and harbor a newer outlook. Perhaps mentors need to be vigilant aggressive informed about current opportunities and more creative in their approach.
Effective mentoring creates lasting relationships provides learning opportunities to help shape careers. Effective mentoring acts as a great motivator – better mentoring organizations are more likely to reap the benefits of greater productivity enhance career growth and foster free flowing innovation. However effective mentoring is tough to accomplish it takes time and mindshare.
Fear is the single factor that keeps most people from living a truly fulfilling life. The consequence of living in fear is death. Many live in fear of practically everything at work. They are afraid to talk to the boss, confront colleagues and stand up for themselves. They can not bear the fact that they are being judged or ridiculed and the list goes on. The consequences are total loss.
What do you stand to gain if you confront it? A whole new arena of possibilities will open up for you if you approach people rather than avoid them. Confront rather than succumb. Progress is in marching forward not in withdrawing.
Living in fear is living less. In fact, it’s not living at all. It is in the interest of your boss and your seniors that you step up: their performance is evaluated as a sum of yours. So knock the fear off, get practical and get moving.