REPOSITIONING OF RETENTION STRATEGIES FOR MANAGING NEW GENERATION WORK FORCE

Abstract

Post liberalization is marked by a shift from command economy to market driven economy, from sheltered market to competitive market and domestic trade to global trade. Talented workforce are today far less restricted than in the past by traditional borders; they have greater scope to choose for whom they work, where they work and in balancing the location of their jobs with the requirements of their life-stage. As the global market for talent tightens, organizations must develop more systematic approaches to recruitment and retention. An ambitious start is to develop a roadmap and a competency framework to enable employers to recruit the right people, to ensure they are in the right job, and can be developed over time in the right way The jobs market has changed, and many employers are finding that they no longer hold all the cards when it comes to retaining staff in today’s fast paced environment. Employees no longer prioritize holding a tenure with their current company over seeking a job elsewhere that better suits their lifestyle and career aspirations. The past few years, it has become abundantly clear for HR managers that they need to reposition their employee retention strategies, in order to keep up with significant changes in the new generation work force needed. Finding out what motivates these new employees and how to best leverage their positive attributes is key to designing an efficient HR game plan.