Talent Retention & Innovation
Top Talent crunch in Indian companys’
Contigency plan for talent retention?
Retaining top talent is a challenge many organizations both corporate and public sector undertakings especially R&D are facing. An organization wide Innovation Process may be the answer.
Organizations loose talent to competitors. Why?
In spite of industry standard pay & perks attrition takes place. Is there a better way to ward off attrition other than analytics and attrition prediction software? To answer these questions we may like to refer to Maslow’s’ Hierarchy of Needs’ most managerial students are familiar with. Individuals having attained a certain standard of living – is looking for challenge and recognition in his job. Do I have a role in my organization that is engaging and fulfilling-something that stretches my capabilities? Do I get recognition for tasks delivered on time? An Innovation Process implemented with challenges to create new products and services, opportunity to patent and get benefits from my invention. Of course all employees are not ‘paradigm shifters’ and do not have such ambitions or craving to excel and exhibit technical and administrative leadership. This is where OE (Organizational Engineering comes into play) Mapping of talent and identifying individuals and teams that have skills. OE and Mind Maps are in the realm of HR and OD. Innovation Trajectory for Organizations that want to retain their top talent. See Organization Innovation Trajectory.
ROAD BLOCKS TO INNOVATION
Some problems faced by Organization introducing new methodologies and sustaining the process momentum over time.
- New technology or process has no link with existing
- 34 systems and process
- People have spent long hours and resources implementing 6-Sigma, QFD or Lean/TQM and are impatient to try another
- They want minimum class room/study time learning the new methodology /tools and want quick results
- Ego of senior professionals and senior scientists
Incentives to Implement Innovation
- Cost reduction
- Improved Reliability & Safety.
- Delay, product obsolescence
- Prevent customer run-off
- Capture Export Markets
- Meet Environmental & Social Obligations
- Map, Product Life Cycle
Systems & Process Requirements
- Formal system to Capture, Evaluate and Implement ideas
- A predominant culture of the organization to take risks and allow people to make mistakes/fail
- Entrepreneurship qualities of people
- Reward & Recognition system
- Will to Collaborate and Invent/Develop
- Process structure Alternatives
Patni Computers India has, Product Innovation Group and Technology Innovation Group. These teams Generate Ideas, Incubate and Implement. Patni Computers has a 45 member Innovation Management Group consisting of Divisional & Functional Heads, that screens the work of the Innovation Teams.
Thermax India has a 15 member Innovation Team and also an Innovation Head for each Division and Function.
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