RECRUITING OF TALENTED PERSONS
With shortage of talented manpower in any company, its HR department tries various methods, to fill the posts. This has been discussed in an article in The Week magazine of Jan 27, 08. One way is a large sign-in bonus. This guarantee money or golden hello is about 10% of a person’s annual salary at recruitment stage itself. After joining, the company gives stock options. Another way is to give American Depository Shares backed stock options. The company may give bigger packages at the time of retiring from the company, and even consider the requirement of pension. Also there are various methods to reward key and important persons e.g. increasing the amount after completion of ten years, promoting to next scale just before retiring (which increases the basic salary), giving medical facilities for self and spouse for some additional period even after death of one of them, permission for use of holiday homes and clubs etc. for some years. The various strategies for retaining the talent are used as exceptions, as per the needs. Loyalty is rewarded. The company has to see that, its talent is not offered more by someone else, and taken away. People may leave due to job dis-satisfaction, lack of growth in career, desire for higher education or for the sake of change. The most difficult is hiring a CEO, where, besides the variety of soft perks, the salary could be linked to the company shares. Good thing is that people want to work and contribute to the company, and also earn. The company can retain people by factors such as growth, job-satisfaction, developing in the job, flexibility, feeling of respect and light environment in the workplace for its personnel.