People and Management January 2019 | Page 42

EXCERPTS TOWNHALL RETENTION STRATEGIES Rakesh Seth Chief HR Mentor & B Leadership Consultant I n this article I have a briefly talked about key issues that we face at the workplace in relation to retention of key talent and the role of bonuses, building coaching culture in an organisation in a VUCA (Volatile, Uncertain, Complex, Ambiguous) world. In this scenario what is the ideal situation, and an employee courageous attitude when HR and Legal are mute spectators in harassment cases in organisations. Retention bonuses and joining bonuses; is it not a bribe to an employee to stick to an organisation? 42 How can we retain talent in a VUCA world., types of annual bonuses and long-term bonuses to be offered to key talent. Businesses are becoming highly competitive and technology driven. Talent would be a key differentiator in success of the organisation. Companies need to have Total Rewards (TR) Strategies in place to attract, motivate, engage, build, and retain talent during economic buoyancy and slowdown phases. Companies need to use Total Rewrds (TR) strategies depending upon the needs of the business. The companies design TR polices taking into consideration all It has been observed that demand for sign-on and retention bonus programs increase when the economy is in buoyant and vibrant modes. Also, the uptick in sign-on and retention bonus programs may indicate that the war for key talent could be heating up as the economy improves leading to an increased focus on attracting and retaining key talent | Vol. 10 Issue 1 • JANUARY 2019, Noida My informal research indicates that employers are using one-time