New Paradigms in Employee Retention What is Employee Retention: It refers to the various policies and practices which let the employees stick to an organization for a longer period of time . It refers to the ability of an organization to retain its employees. HRM Practices: A company to ground itself successfully in the chosen field of activity should adhere to sound human resource management practices, as it is firmly believed that human resource is an asset and investment in human capital paves way for comprehensive development. Many firms fail, in spite of being resourceful in terms of capital, infrastructure and technology. The reason shall be attributed to ineffective handling of human skills or misappropriation of human potential. Human resource management involves not only in recruiting and selecting the right people but also empowering them by suitable training to enhance their technical skills and expertise to perform tasks. The Purpose of Training: Training ultimately aims at converting theorists to performers and orients itself towards accomplishing the enterprise objectives. Big corporate companies concentrate on talent acquisition from the pool of fresh graduates and experienced hands in the IT industry as well. They create a lively corporate atmosphere with “an intelligence network” contributing to the success of the organization. Recruitment and Selection: If you have a feeling that, recruitment and selection are mere procedures to be followed for the sake of selection of human resource, kindly change that notion. These are the crucial steps which determine the fate of your organization. People from different disciplines form a team to achieve the goals and objectives of your organization. Leading a group with such diversity is a feat in itself. Selecting knowledge workers whom you believe will achieve your corporate mission and devising the human resource practices in accordance with their work-life balance will yield great results. Training Programmes: Training programs are developed for different spheres of activity by experienced trainers under the guidance of the top management. Proper training to the trainees ensures maximum work done in minimum time. Training not only makes individuals more informative and knowledgeable but also action buffs. Learning is a key process in training that brings about the desired change in behavior. Corporate companies are also concerned about the career prospects of employees working for them, as they are very well aware of the fact that providing lateral and vertical growth prospects for their workers is the only possible way to retain them. Another way for employee retention is to offer compensation on par or higher than industry standards and periodic review of their pay or compensation in accordance with the performance standards. This method of evaluation is suitable only for companies where workers are highly self motivated and have the capability to understand what it takes to reach the next level in their career ladder. Flexi-Timings: Flexibility is introduced in work life by some of the big corporates who try to visualize the practical problems faced by their employees, particularly women, who come to work. They offer “flexi-timings” in work and support by running “crèche” to nurture new borns. It has been proved that a small siesta after lunch improves the brain activity. The HR policies formulated by the management must encompass all the elements needed for a holistic vision, mission and business growth. This can be made possible by maximizing the efficiency of human capital that adds value to the organization. Note: Companies will also continue to remain generous with pay packages but the big change will be that they will invest a lot more in training and development. “Acquiring talent is much more expensive than grooming...

GLOBALIZATION AND INTERNATIONAL MANAGEMENT Management as a concept has transcended all geographical boundaries and cultures to gain significance. International management has extended itself beyond traditional management practices reflecting different perspectives influenced by cultural diversity and conflicting social forces. The issue of cultural diversity is used to argue that it is divergence that is taking place and not convergence. The emphasis is on the national culture that acts as a key determinant in management behavior. National and regional differences may become one of the most crucial problems for management-in particular for the management of multinational, multicultural organizations, whether public or private. International Managers: Organizations are on the look out for international managers who could transcend themselves nationally to fit into any location for a specific job consideration. Managers are expected to live abroad and run the overseas division or company They are also sent to complete temporary assignments of limited duration, like plant installation and sales missions Companies aim at developing an international manager who can overcome a limited set of national and cultural boundaries, such as euro-manager, middle eats manager. Expatriates: Companies prefer to have their managers as expatriates, owing to the lack of availability of skills in the host country, to prevent dilution of control, to safeguard the overseas investment and to increase performance. But organizations also have to give a second thought about the cost involved in transferring the expatriates, recruitment and issues regarding legal restrictions. International managers have to possess the following skills to compete in the global environment. Technical expertise and experience Sound financial skills People skills, especially cultural empathy, team-building and motivation Intellectual skills, seeing the big picture, thinking macro not micro Emotional maturity, being adaptable,independent,sensitive to national culture,confident,having self awareness to overcome prejudice Having ambition, drive, persistence, stamina and energy. Focus of Global Organizations: Global organizations employ several techniques to develop international managers. They focus on in-house language, culture courses and tailored development programmes for host country managers, imparting education courses with an international base. International firms are also concerned about the power, politics, conflicting priorities, view points existing in the international scenario and they have to confront with coalition of vested interests. To cope, and more importantly to survive, in an organization, there is a growing view that managers have to become politically competent. De-Centralization: Decentralization is the key factor that is going to decide the developing trend of organizations in the years to come. A smaller, but more highly skilled, group of managers will assume an “expanded role” in clearly defined strategic business units. They will be given greater control over resources, technical, financial and human, and be expected to utilize those resources to achieve broad objectives and performance targets. A trend may develop where there is a shift by individuals away from the objective of managing a team of people towards a search for autonomy, creativity, growth and accountability for oneself, if the organizations fail to suitably reward the managers and present them with suitable career...