Strategic Approach in Hiring, Developing and Retaining Employees in Manufacturing Organizations - An Overview of HR Function from the Business Perspective

Abstract

Globalization has set the benchmark for the organizations in terms of productivity, quality, cost, delivery, safety, morale and environment. Any organization which is required to compete globally and to sustain in the market, has to invariably adhere to international standards so that the stability of the market share and the survival of the business will be ensured. All the functions are required to focus on critical parameters to meet the business objectives of the organization at the end of the day. The function of Human Resources also keeps its plate full pertaining to all the functional parameters which are critical to the business. The stand alone elements of HR function like Talent Acquisition, Performance Management System, Capability Development, Succession Planning and Employee Engagement are now very well connected, aligned and integrated with the overall of business objectives of the organization. Attrition is the key challenge for the HR function in the contemporary business environment which has got direct impact on the performance of the business both positively and negatively. Though HR takes various initiatives to reduce the percentage of attrition, developing the covers and bringing them on the board or replacing the vacant positions by formal recruitment method, be it critical or non critical, in the shortest possible turnaround time is a key performance indicator of HR function. In this context, this article attempts to explore that how attrition of critical positions is being managed strategically through a structured Succession Planning and the allied elements like Competency Assessment and Capability Development and 1 also the unique method