Is your competitor poaching the key human capital which you have built over the years.?
The question its self very hot and burning question these days, isn't it?
Every Growing company requires to build its Human Capital to, achieve its strategic objectives while doing so organizations sent their key executives for extended business education. Most of the time it has been observed that people who just got uplifted, leave the organization before their pursued knowledge and ability get into the implementation for the organization.
The Organization directly lose all their invested money, and the bigger cost is the opportunity cost, and the change management initiatives came to higher risk.
Some must follow key pointers:
1) Organization Structure with Career Progression Plan: Integrate Executive Education and training program with Career Progression Planning of the Individual, one should pursue the monetary and non-monetary benefits out of it
2) Create and launch the “Internal Leadership Building” Policy: This will create a systematic step by step approach to building a funnel of internal leadership programs,
3) Do skill will gap analysis: While sponsoring the team member, Reporting manager must do a Skill-will gap analysis and then select the program and subject to ensure the interest level of the person remains. RM Should do before and after (post-program completion) mid reviews on the capability enhancement.
4) Seek the voluntary interest instead of the authority approach: Mostly managers are sent to the program, and their participation during the program does not elevate, if they are not sent forcefully. During our IIM-A Days, we have observed that people from the corporate used to come, but 50% of them are participating up to certain limits only.
5) Pre Counselling to engage the team member: One who is aligned, One who has understood the why of the skill upgradation, our tent to deliver more than what is expected, as a leader you have to show them a larger picture. One-to-one counseling can help your team member to decide the why and participate in the best possible way.
(Note: If the team members are new, see their sustainability and history with the past company)
6) Get into the Formal Contract for NDA- NCA up to 36 Months post-Ex. Ed.: This will set all other expectations from the team members, during our engagement with SME Clients, we have dealt with this issue so many times, and Reporting managers feel discomfort while asking for the legal contractual commitment.
7) Integrate Reward System for best performer under the Policy: When team members take up the new opportunity and deliver the result the policy must offer some capital reward items, Exciting rewards accordingly.
8) Do midterm informal coffee meetings with the team member to share and show the impact
Whether it is a long term program or a short term program, as a Reporting Manager you must do informal meetings with your emerging leadership team, especially who are involved in the change management initiative, such meeting connects you with them, you can know their future aspect, build a bond to influence them in the future.
9) Take the action against those who breach the contract: the policy always has a darker part, when doing everything, Reporting manager also does the needful provision dealing with the one who breaches the contractual agreement and set the example, by doing so, future people will get the importance of the same.
We strongly believe that, by implementing this pointer, your organization will be saved up to an extent from your competitors and will provide you with a faster track to achieve most of the strategic objectives.
If you are looking for the reliable sources to upgrade your team in a systematic way you can use the below link:
the above platform free course and paid course content, you can register and sponsor the team members.
This article was brought to you by Jainish Tripathi from Anvikshiki Consulting :
Anvikshiki has earned value from its clients in formulating and implementing integrated emergent strategies. Founded and managed by the IIM Alumni,
Anvikshiki Works in Pharma, FMCG, Renewable, Jewelry, Information and Technology, OEM, Autoparts, Building Material Industry, PVC, and Packaging Industry to solve their strategy, Marketing and Sales, Human Capital Problem, Corporate finance, Business Processes Defining and Digitalization to name a few.