Money may make the world go round but corporations are learning that it’s not enough to keep young talent in the fold. Corporate poachers now lure quality employees not just with pay hikes and medical benefits: they’ve added structured growth and educational plans to the package. So what must a company do to retain and motivate its young employees? Start by speaking their language.
Social networking now links through the corporate world. Knowledge centres used for internal social networking are now being opened up to ensure that employees are clued in and continuously learn during their tenure. Sashi Kumar, Assistant Manager of Corporate Communication at Everonn Education Limited says, “Knowledge centres are a way of retaining employees. Many youngsters seek jobs when they think they have learnt all that they have to in an organisation. These centres pave the way for continuous learning so that the employee doesn’t leave.”
“Internal social networks foster global collaboration for MNCs based in other countries and knowledge sharing in addition to building a sense of community, which leads to better work flow. This motivates employees to work as a team,” says Krishna Prasad, centre head of UST Global.
Many corporates who recognise that education programmes interest young employees now collaborate with prestigious universities to offer post-graduate and training programmes to their Gen-X employees.
“Corporates tie-up with institutions like the IIMs and employees can pursue management degrees or training programmes there. For that period and a little more, they sign a bond with the company. This way, they are retained there and motivated to perform better with better education opportunities,” Sashi Kumar explains.
And some companies now offer a comprehensive package to new employees that will span their entire lives — a home, car, education, family and health facilities making it very difficult for employees to up and leave.
Harjinder Singh Sethi, Chairman, Kitti Group of Companies believes his employees deserve the best, “As the second largest engineering company in the country with over 1,000 employees, our strength is mostly built by those who with us from beginning to end. The company takes care of all their comforts. They are given a car, a house, and good educational facilities for their children, a post retirement stipend, life insurance, health and other benefits. Since our company is worth thousands of crores, only employee security matters. We provide them with whatever they require. As I always say, take my empire, but leave behind my men so that I might build another empire.”