Most Corporates are not thinking about firing, they are thinking about Retaining because there is a huge shortage of trained manpower in all industries and sectors. There are confronting issues today that are so complex that the problems are not well defined and the solutions are not clear. Collaboration is no longer optional; it is an imperative. It is understood that Innovation no longer relies on the genius of an individual; People produce and innovate better in networks.
Today’s trends show that rate of attrition of skilled employees from IT, ITES, Banking, Finance, Insurance sectors is very high. Global outsourcing and foreign direct investments have changed the rules of the game here. The trend may be slower in Automobile, FMCGs and health sectors but it is catching up. Attrition is a big challenge being faced by Indian Corporates that are finding their skilled employees leaving because of lucrative options for career growth, attractive pay packages, better relations with future bosses and colleagues and stress-free working environment. A large number of young, relatively less experienced people tend to quit their jobs at the drop of the hat not only because they want to earn more to keep up with the perceived fast track lifestyles of others, but also because of serious disagreements with the seniors and disconnect with the peers. It is the experienced who tend to stay and serve the organization longer.
Visionary Corporates therefore understand the need to protect and develop the company’s human resource not only when the going is good but also in the times of crisis, so that when the upswing starts the company is better prepared to face the challenges with the right people in place. Most Corporates also realize that retrenching during times of crisis and hiring new people when the tide turns is not a good move as it is not cost effective. It is always better to invest in employee training as it keeps them gainfully busy, adds to their knowledge and skills ,makes them aware of changing situations, increases levels of loyalty as well as confidence and also leads to building high performance teams in the company. In case the corporate really has to downsize then along with a suitable termination package, the company must help the employee in identifying the skill sets and develop them through training before he steps out in the job market where employment is possible. Training and Retraining is an investment that gives best returns. It saves time, is cost-effective, helps the company to retain its competitive edge, boosts employee morale and leads to growth.
A multiskilled employee is an individual who possesses and also imbibes a range of skills and knowledge and applies them to work tasks that may fall outside the traditional boundaries of his original sphere . This does not necessarily mean that a worker obtains or possesses high-level skills in multiple technology areas. However, the employee can be an effective and productive contributor to the work output of several traditional training disciplines.Multiskiling reduces labor costs, improves productivity and reduces turnover. In today’s era of specialization, the necessity of having a multi-skilled workforce has become a necessity. Corporates even rehire people who are returning from school or from other industry with improved knowledge and skill sets.