Day two of the INMA South Asia Conference, held in Mumbai on November 13-14, addressed issues like building the newspaper’s top line, building the advertising revenue pie, new strategies to build newspaper readership, and acquiring and retaining employees. impact, the weekly magazine on advertising, media and marketing, and Pitch, both from the exchange4media Group, were media partners for this event. exchange4media.com was the online partner.
There was considerable interest in the session on ‘The People Challenge: Acquiring and Retaining Employees’. The session was moderated by Bharat Kapadia, CEO and Managing Editor, Jagran 18.
Jyotirmoy Bose, Founder & CEO, White Spaces Consulting, presented his learnings on the best practises in the industry for motivation and retention of employees. “Money is not a motivating factor, but its inadequacy can be a great de-motivator,” he said, adding, “Yes, money is important for an employee, but its implementation administration can only be in a de-motivational context. It can never be a motivational tool.”
Bose presented a model for motivation, called the PRRP Factor, which stands for Progress, Reward, Recognition and Participation. This grid is based on two parameters – the degree of the boss’s control and the frequency of that factor. Progress comes on the bottom of the grid as boss’ control on Progress is more and its frequency is also less. Scaling up the ladder come Reward and Recognition. “For recognition to be effective there must be two criteria – first, recognition must be discerning, and second, it should be specific, otherwise it will not lead to motivation,” said Bose.
According to him, the ideal tool for motivation was participation. Explaining further, he said, “All of us want to feel valued at the work place, want to contribute and make a difference. That is where Participation of an employee in an organisation’s objectives plays a very important role.”
In addition to equitable compensations, a good workplace needed to show pride on the employee and create a system where the employee could have an influence on organisational destinies. “To have a good organisational structure, you can do with moderate systems and procedures, but it is very important to communicating these systems in an effective manner to your employees,” Bose pointed out.
Speaking at the session, Sangeeta Pal, Senior Partner, Transearch India, observed, “These learnings are very basic and they transcend the numerous peaks and valleys that a business cycles may go through.” According to her, the five laws for an employer to attract talent were – company brand, inspirational CEO, meaningful and well sculpted job profile, participative enough to create wealth for organisation and oneself, and work-life balance.
“The four laws of attraction that a candidate should keep in mind are – communication of his experience and degrees, staying power with one company, team work, and asking informed and incisive questions to engage the client. If a candidate has worked for short stints in different organisations, it only shows his diversity of knowledge, but not the depth that is required for organisational goals,” Pal explained.
She also pointed out the three laws of repulsion that led to an employee leaving the organisation – lack of clarity and structure of job, unstated and perceived threat by the hiring officers, and compensation.
Rekha J Koshy, Director, Accord Group (India), noted, “In order to retain their existing employees, employers should be transparent and make people part of their goals. Best employers are those who can claim that they have the built up a talent pipeline, where when one talent moves out, another one is ready. Build on the talent that you already have.”