Category Archives: Talent Solutions

How To Make The Most Of The Year-end Performance Appraisal Process

The spectrum of treatment that the Performance Appraisal Process is meted out in various organizations ranges from complete indifference to overpowering fear.

Year end performance management appraisal process
Performance Appraisal Process

Let’s visualize the Performance Appraisal Process for once. Your Manager schedules a meeting with you and other team members to have a one-on-one where he will ‘appraise’ you. Using his extraordinary memory, he recalls every bit of contribution that you made at the workplace during the last 12 months. He superhumanly collects all the feedback you should receive from all the important stakeholders, painstakingly analyzes it and then weaves that into your performance appraisal. He then follows it up with a detailed feedback to you on where you did well and where you missed a few opportunities. He takes time out to connect you with individuals who are doing well in areas where you can develop. Well, none of this truly ever happens!

Often, Performance Appraisal is treated as just another process in the workplace.  If you are lucky, your Manager will spend a few minutes to tell you about the quality of your contribution and give some feedback, based on the “recency effect” – things that he can recall from top of his mind. You end up thinking whether you got a fair chance of being ‘appraised’ and you stop looking forward to such discussions. You perhaps end up doing the same to your team when it comes to appraising them. And in the end, the entire Performance Appraisal process suffers.

Performance Appraisal process can really get a fillip with feedback on employees from multiple stakeholders. A lot of organizations do collect ‘360º Feedback’ once or twice a year. A few of them use some tools while others do it through just emails. It becomes so difficult to keep track of these emails on one hand and on the other hand, collecting feedback a few times a year is not enough to appraise an employee for her year-long efforts.

A robust Performance Appraisal process is one which runs throughout the year with continuous feedback streaming in for every employee

and is bi-directional – seniors can also get insightful feedback from their junior colleagues if there has been a meaningful collaboration over a project or assignment.

The advantages of a continuous feedback are its real time characteristics and takes the burden off the Manager to go through the cumbersome process. A real-time continuous feedback can collect feedback through everyday tools like email and collaboration platforms like Slack to give deep insights into a Manager’s team. By being available in everyday tools, employees are keen to click a few options within these tools to give feedback and the feedback giving rate dramatically goes up to 70-80% as opposed to using traditional survey tools which have a meagre 20-30% It thus allows the Manager to do coaching conversations to truly engage his team members and embark them on a path of productivity and enhanced performance, and help them realize their true potential.

Continuous Feedback system with real time analytics
Continuous Feedback Process

The other important stakeholder, besides the Manager, is the HR. HR department can come under tremendous pressure pushing people to complete the process within timelines and then collating all the data that flows in from multiple functions throughout the organization. A true Continuous Feedback system comes power-packed with real-time Analytics that present sharp insights into the organization. HR department can easily take data cuts of every function, every hierarchy level to proceed with a successful completion of the Performance Management Process.

So it’s now possible with a Real-time Continuous Feedback System in place, the Performance Appraisal process can move from zones of sheer indifference and overwhelmingly fearsome to one of truly-deserved importance and impact.

Real-time Employee Insights for Effective Learning & Development

HR guru Dave Ulrich once famously said ‘Abolish HR!’ ringing the alarm bells for the imminent loss of credibility of HR in organizations. To view it in the right perspective, out of all the functions in an organization, HR is the only one farthest from access to and usage of any form of real-time data. Sales has real-time customers and lead funnel data, finance has revenue and expenditure data and production has inventory, work-in-progress and finished goods data at their fingertips at any point of time. Unfortunately, HR has no real-time data around the employees on their competencies, skills, behaviors or values that the organization expects them to exhibit.

While HR is the custodian of competencies, there is no way for HR to know at what level the competencies are at a point in time in the organization. In the absence of credible data, many an HR initiatives fall flat on their faces.

Data driven HR, HR Analytics, HR Insights
Data-driven HR

However, with the advent of next-gen feedback solutions it is now possible to collect data around employees through feedback gathered from their peers on a continuous basis. Feedback can be collected seamlessly from employees which increases higher response rate and collects data that is contextually relevant. This data can then be analyzed using Artificial Intelligence and Deep Learning methods to give important evidence-based insights into many facets of HR viz. Performance Management, Reward & Recognition, Learning & Development amongst many others. This article focuses on how continuous feedback can be used to power success of Learning & Development in organizations.

HR undertakes several Learning & Development activities for the enhancement of competencies necessary for carrying out the jobs well by employees. These activities are then calendarized for the year and communicated to various departments for them to nominate employees. While a lot of effort goes into this exercise, such activities are often plagued with no visibility of what programs will work the best to address skill gaps, loss of retention of learning objectives after the activities are over and no investment in competencies necessary for the future skill roadmap of the organization.

With continuous feedback, it is now possible to have real-time data that sharply focuses on programs that enhance the skills of employees, increase retention by continuous inputs around manifested competencies & behaviors and apportion budget on ‘missing’ skills in the organizational skill inventory. Such insights are available through rich analytics which the HR can use to be really future ready.

Continuous Feedback System
Continuous Feedback System

The continuous feedback system is a great way to enhance the L&D effectiveness of an organization. The cloud-based solution is easy to deploy, upgrade to keep up to the changing organizational dynamics and comes at a fraction of cost compared to conventional enterprise HR software.

It’s time for HR to take cognizance of the power of real-time data through continuous feedback and be in step with the other functions like sales, finance & production in the organization.

How to Start A Mentoring Program Successfully and Sustain It

A Mentoring Program is a proven method for employee development and retention, succession planning, knowledge transfer and promoting diversity & inclusion in the organization.

While the benefits of Mentoring are innumerable but how to go about creating a successful Mentoring Program in the workplace?

Through deep research backed by experts, NxtSpark has designed the DELTA Process for not only starting but creating a sustainable Mentoring Program. DELTA stands for Define, Evangelize, Launch, Track and Analyze is based on deep insights into the science of mentoring in organizations.

How to Start A Mentoring Program

Define: Define the objectives and the success factors of the Mentoring Program that you are rolling out in your organization. This is very crucial for tracking of outcomes against the initially laid-down objectives. These objectives may become the super-ordinate goals /overarching criteria for the employees getting mentored. They may use these to decide on their own professional goals.

Evangelize: A Mentoring Program’s success is directly dependent on the participation from Mentees and Mentors. It then becomes very important for it to be marketed well inside the organization in terms of its benefits. Program co-ordinators understand this very well and the right evangelism of the program can make the right noise at all levels of the organization.

Launch:  At the inception of the program, user profiles of those Mentees and Mentors who have shown interest in the program need to made available from the HRIS records. NxtSpark’s unique strengths based / skills based Matching Algorithm matches the mentee with the right mentor to ensure with the necessary flexibility for the mentees to select the right mentor basis comfort and availability.

Track:  Interim tracking of the program is crucial for ensuring successful outcomes.  The Program Co-ordinating team can put in checkpoints for measuring progress and make helpful resources like videos, articles, etc. available to Mentees and Mentors to support the Mentoring Program.

Assess: Using NxtSpark’s superior visual data analytics, you can measure the health of the program, do necessary course correction and calculate the ROI. This data-rich dashboard enables the business leaders and HR Managers to take necessary decisions for gaining maximum mileage out of the program investment in terms of time, effort and dollars spent.

Organizations following this process have reported higher success rates in the achievement of their internal Mentoring programs.

What To Do After The Employee Engagement Survey

The article written by Soumen Chatterjee, CEO NxtSpark, originally appeared in CEOWorld magazine in Aug 2016. http://ceoworld.biz/2016/08/05/whats-next-employee-engagement-survey

Employee engagement is not a mere buzzword anymore and has gained attention of CEOs and top executives in companies. In an ever-disruptive economy business leaders know that having a high-performing workforce is essential for growth and survival. They recognize that a highly engaged workforce can increase innovation, productivity, and bottom-line performance while reducing costs related to hiring and retention in highly competitive talent markets.Employee EngagementAmong the findings of a new Harvard Business Review Analytic Services report of more than 550 executives around employee engagement, it was found that while 71% of respondents rank employee engagement as very important to achieving overall organizational success, only 24% of respondents say employees in their organization are highly engaged.

In a separate study by Gallup’s on the State of the Global Workplace, it has been observed that only 30% of employees worldwide are engaged at work –  employees who are psychologically committed to their jobs and likely to be making positive contributions to their organizations.

But while most executives see a clear need to improve employee engagement, many have yet to develop tangible ways to measure and tackle this goal. However, a growing group of best-in-class companies says they are gaining competitive advantage through establishing metrics and practices to effectively quantify and improve the impact of their engagement initiatives on overall business performance.

Without effective Employee Engagement practices, a company is bound to lose it valuable employees to competition. As per industry estimates, it has been found that the cost of replacement can be as high as 400% of the cost to company (CTC) of a full-time employee (FTE). With such high costs of replacement in a highly disruptive economy, it can have serious repercussions for a company.

One of the proven ways of high-impact Employee Engagement is Mentoring and Coaching of employees. Mentoring and Coaching have a strong bearing on morale, productivity, leadership development and internal career growth. They can also be used for succession and planning and diversity initiatives.

Mentoring (and Coaching) is not only beneficial for the recipients but also for the people who are Mentors. Sun Microsystems (now a part of Oracle) ran a highly successful Mentoring program for over 13 years and saw higher retention and promotion rates amongst its Mentees as well as Mentors.

Mentoring Program in a corporate
Mentoring Program in a corporate

With the emergence of SaaS-based solutions, companies can now implement and run Mentoring and Coaching programs seamlessly across geographies. Right from correct Mentee-Mentor matching on strengths to real-time feedback and visual data analytics, such platforms provide insights into Employee Engagement initiatives of the company and assure a high ROI. Over a period of time, such data gets accrued and flow into useful Predictive Analytics for design of appropriate learning interventions, estimating employees-at-risk of attrition and crafting specific retention strategies.

These Employee Engagement platforms can also be used for Strategic On-boarding of New Hires to map them to senior leaders as buddies, ensuring they get into the “groove” early on in the company.

With rapid adoption of technology by HR teams, an increasing number of companies are using such Employee Engagement as a part of their People Management Strategy.  It’s time when any company which realizes people are its true competitive advantage will start investing its dollars in Employee Engagement platforms.

Don’t Abolish HR Yet!

Data driven HR

In an article written in Harvard Business Review, Dave Ulrich, a Professor at the Ross School of Business, University of Michigan, and co-founder of the RBL Group, addressed a raging debate – ’Should we do away with HR? He goes on to say,

“The debate arises out of serious and widespread doubts about HR’s contribution to organizational performance. It is often ineffective, incompetent, and costly; in a phrase, it is value sapping. Indeed, if HR were to remain configured as it is today in many companies, I would have to answer the question above with a resounding “Yes—abolish the thing!”

In the light of the economic crises in the corporate world in the last few years and the changes that have also been precipitated by emerging start-ups, HR has to become future forward to stay relevant. HR professionals can help turn aspirations into actions by focusing on three things:  talent, culture and leadership.

HR professionals should then be the architects of talent, culture, and leadership as they help line managers deliver what they promise.

In the course of NxtSpark’s work on Talent Development, I work closely with organizations on challenges faced by them with their people – ranging from change management, competency development, leadership building, mentoring, etc.  Most of the times, our clients approach us not with the problem per se but with the manifestation of the problem. During our conversations, on how the interventions designed and deployed by us is going to help them, I have realized that their focus is usually on the episodes where the business manager has faced the challenges with his people in executing and implementing and they want overnight solutions. As is the case with any behavioral change, it takes time, a process and an environment that sustains the change.

Basis experience of working with the clients, I have sifted the crucial observations and parameters of making HR interventions work. Here are the top pointers on how to get the best out of such HR interventions:

Solve the problem, not the manifestation: Getting to the root of the problem is important. Most of the times the attempt is to address the manifestation rather than the problem itself. One of our clients had a challenge around their managers not being able to do ‘Next Level Thinking’. The workshop was then designed on what’s causing this challenge, providing conceptual frameworks for the participants to get equipped on the skills to overcome this challenge and simulating case situations to enable them overcome that problem in the workshop.

Align the intervention outcomes with the business objectives: This is perhaps the most important criteria to ensure success of any HR intervention. Without linking the outcomes with the business objectives the training becomes an ‘offsite’ to relax, network with other colleagues in the organizations and only to go back to their work with no clarity on what has been learnt and how to use in the workplace. E.g. if a communication skill improvement has been planned through a workshop, it should be linked to in what sphere the communication needs to improve – whether it is with the customers or internally with other colleagues of the team or another department. Having clarity around this ensure that the workshop has enough activities and modules to simulate the real situations in which those skills will be tested.

Don’t look for quick fixes: Business managers want overnight solutions to problems that have persisted for ages. When dealing with HR interventions, one has to realize that people base their world views based on their background and that has been built over years of experience. Once the change has been set into motion in a workshop, it takes a little bit of time and constant encouragement to reinforce and continue the process of change in the individual.

Ensure follow-through happens: After the training or the workshop, it’s imperative that the business manager provides necessary projects and assignments to the people who have gone through the workshop. These projects allow the people to implement the concepts that they have learnt and receive feedback on how they can improve.

Identify and track post intervention metrics: Metrics for measuring the success of workshops need to be identified in advance and then tracked at regular intervals. Feedback from peers, managers and customers can be taken to track the progress on the identified metrics. These metrics can then be processed further through Analytics tools to give insights on what can be done to improve performance, achieve business objectives, have sharply-focused training programs, design better compensation structures etc.

Creating Shared Journeys In The Workplace

mentoring coaching onboarding

In Homer’s “The Odyssey,” before leaving for the Trojan War Odysseus had left a wise and trusted fellow named Mentor to be the guardian and teacher of his son, Telemachus, during his absence. While this provides a root metaphor to Mentoring, the book entitled Seasons of a Man’s Life by Levinson, et al aroused the interest in modern day study of Mentoring and Developmental Relationships. Kathy E Kram’s seminal Mentoring at Work: Developmental Relationships in Organizational Life has provided the core concepts of Mentoring.

Modern day employees need mentors as much as Telemachus, especially in these times of corporate upheaval.

Shared Journeys Are Vital For All

Sachin is a graduate of the Harvard Business School and is a Senior Vice President for Sales at a Leading Pharmaceuticals Company. He has more than 20 years of experience behind him. At work, he is mentoring two people who have around 8 years of experience. They are neither in the same department as Sachin nor are in the same function. They are in operations department of the organization. He meets them atleast once in a month and shares his insights into the pharmaceuticals industry, the company and its hierarchy, its values and norms, the people in the company they should know, etc. The sessions are either initiated by Sachin or by the other two people. Sachin believes that this is not a one way road and he has himself learnt a lot in this ‘give-and-take’ relationship with his mentees.

Sankalp is one of the members of the core team at a thriving Start-up in India. He often realizes that people in the organization, while talented and driven, needs skills to manage their ever increasing teams in a dynamically changing start-up environment. He is currently mentoring 3 people, who don’t report to him, on important leadership facets. Sankalp had to build his leadership competencies all by himself and often struggled with a lot of dilemmas with no one to reach out to when the startup was a fledgling one. Sankalp believes that people in his organization should not have the same situation and has taken to mentoring with all the sincerity and commitment to groom leadership talent in the organization. In the process, Sankalp gets important insights into what drives younger, junior people, what are their challenges and what are their aspirations.

This has helped shape Sankalp into a better leader and has also helped the organization hold on to talented yet restless younger people.

Organizations Need To Adopt Mentoring As “Team Science”

Mentoring has been often referred to as “team science” that delivers the goods to all the stakeholders – the mentors, the mentees and the organization.  By adopting Mentoring, organizations have been able to develop emerging leaders, engage them productively and retain them for a longer term. It’s time organizations take to creating meaningful shared journeys a mantra for success in the workplace.

Setting Goals is Not Enough for Success of Mentoring Program

Mentoring Coaching Onboarding Software

What are SMART Goals?

The concept of SMART Goal appeared first in 1981 in Management Review and is now widely used for setting career, business, financial and health goals. SMART Goal helps in setting goals that are relevant and realistic.

While SMART method is a great way of setting a Goal, it per se doesn’t guarantee achievement of the Goal. What is required is a Process to achieving that goal.

Process for achieving SMART Goals

Scott Adams, the famous creator of Dilbert, in his book ‘How to Almost Fail At Everything and Still Win Big’ describes that the Process is more important than the Goal when it comes to achieving success.

The Process has all the steps built in that ensure incremental progress towards the goal. When the process is followed, one can work towards the seemingly  far goal and achieve it ultimately. Without the Process, one may just lose track especially when encountered with obstacles or distractions.

While setting Career Goals, a similar scenario may crop up. With so many distractions at work and demands on one’s time, it is possible to lose sight of the goal one is working towards. The Process ensures one can pick up the chips and start from where one left.

Further, with disruption happening all the time and all around us, the Process helps in ensuring goal achievement through a step-by-step approach of revisiting some of the inbuilt steps and modify them if necessary.

Process of Breaking down SMART Goals

The Process breaks down Goals into two sub-levels – the first level is near term which could be achieved over 3-6 months e.g. a certification required for achieving the Goal – and the second level is what could be done on a daily or a regular basis at workplace to achieve the first level objectives.

This Process ensures visibility of progress and enabling one to do course correction or bringing one upto speed on Goal achievement.

NxtSpark’s online Mentoring software is based on the underlying Process of Goals and breaking them down to two sub-levels to ensure maximum Goal achievement by mentees, because the primary purpose of the Mentoring Program of an organization is to achieve Goal achievement as many mentees as possible. The Mentoring software also has a way to record and indicate progress at each of the three levels.

NxtSpark’s intuitive, online Mentoring software is a combined effort of understanding Mentoring as a science and using latest technology, to bring the benefits to organizations and its workforce when conducting Mentoring, Coaching and New-hire Onboarding Programs. NxtSpark’s Mentoring software has been appreciated by industry leaders at CXO level and Mentoring Experts like Prof. Kathy Kram of Boston University.

Battling The Talent Crisis

Mentoring Software

In the new organizational era, it appears we have a new buzz term: “talent crisis.” On September 19, 2008, BusinessWeek reported in an article called “The Global Talent Crisis” that, “Companies and countries will need more than 4 billion people by 2020 to fill knowledge worker positions. Projections indicate that there will be shortages between 32 million and 39 million people to fill these positions. The U.S. will have the biggest shortfall—needing as many as an additional 14 million people.”

To add to the bleak picture, consider this: A 2008 study by Deloitte Research found that one in three new hires leave a company within the first year of employment. The first-year turnover rate grew to 31.7 percent in 2007. In addition, according to Business Performance Management (BPM) Forum and Success Factors, which conducted a survey of over 700 human resource professionals (in cooperation with the Human Capital Institute), 98% of respondents said competition for talent is increasing in their industry, and 65% said it’s increasing to a “high” or “very high” degree.

As you can see, attracting, developing, and retaining top talent is likely to remain a challenge. What companies need is a proactive and viable solution to this challenge. Luckily, that solution exists: mentoring programs. Mentoring programs involve matching talented, experienced employees (mentors) with promising, less experienced employees (mentees). Over time, working one-on-one, the mentor and mentoree—and the organization—reap real rewards.

A successful mentoring program benefits your organization by:

  • Enhancing strategic business initiatives
  • Encouraging retention
  • Improving productivity
  • Engender collaboration across departments
  • Linking employees with valuable knowledge and information to other employees in need of such information
  • Using your own employees, instead of outside consultants, as internal experts for professional development

In this article, I would like to share how Mentoring can benefit your organization:

Attract the Best & Brightest

Your organization’s reputation is a huge incentive for eager and skilled prospects to join your organization. However, with ‘talent crisis’ this scenario changes. Think of it like this: if a prospective employee is deciding between a company with an outstanding reputation but a notoriously brutal work environment and an organization with an outstanding reputation and a proven mentoring program that grows and nurtures its top talent, which company will the person likely choose? A planned approach to a person’s career development, such as a mentoring program, has become a “must-have” for organizations that want to attract top talent. When marketing to prospective employees, advertising that your company has a professional and effective mentoring program can be a significant differentiator between you and your competitors.

Develop Your Employees into Tomorrow’s Leaders

Developing your company’s junior employees can be a daunting challenge. Where does a new employee go if he or she wishes to gain from the experience and wisdom of a more seasoned manager? Yes, new employees can always turn to their immediate supervisors and HR directors, but there is an inherent hesitation to do this because the new employee doesn’t want to appear “incompetent” or “weak.” Mentoring can provide not only the experiential wisdom, but also a supportive environment whereby the newer employee can share the real issues affecting success. During the mentoring relationship, mentees and mentors will discuss important issues, such as how to interact and work effectively with your top clients; how to get along and communicate with peers and upper management; how to understand and fit in better with your organization’s “corporate culture”; and how to deal with increased scrutiny; plus so much more. While baptism by fire often remains a popular strategy for getting new employees up to speed, it still makes sense to provide a safe haven—the mentoring relationship—where the associate can relax and let down his or her guard.

Retain Top Talent & See High ROI

According to the Deloitte Research study, “Research suggests that a company’s ‘HiPos’ are the first to be poached and are less likely to stay. Also, a study of investment banks found that when imported from elsewhere, stars rarely sustain their performance in the new organization.” The last thing you want to see is your HiPos walk across the street to one of your competitors. Talent retention affects the bottom line not only by reducing costs, but also by building an effective workforce. Companies often invest hundreds of thousands of dollars in recruiting talent but then stop there and miss the opportunity to get the best return on their hiring investment. Mentoring is a strategic tool that has multiple outcomes for your organization:

  • Demonstrate to new employees the company’s investment in their future with the organization
  • Create a more effective contributor to the company’s overall goals
  • Engender a sense of loyalty in employees

Succeed in Succession Planning

Mentoring is an ideal strategy for enriching your succession-planning program. In succession planning, you’re targeting individual talent to take on increasingly more responsible positions and eventually assume a major position within your organization. This requires solid experience and solid advice from seasoned employees. Adding mentoring as a method of pairing such individuals with your talent pool ensures that the right expertise will complement your succession-planning goals. Mentoring also ensures that your senior managers’ expertise will not be lost once they retire or leave the company. Rather, the expertise will be retained by having been shared with those who are poised to take their place.

It’s evident by now that mentoring programs can achieve many positive results when implemented in the most effective way. Also, read How DHL & Sun Nailed IT With Mentoring to know how you can implement a successful Mentoring Program.

Have Startups Got Their People Strategy Right?

Digital-startups

In the last few weeks there has been an interminable spate of news around Indian startups and their people. Amongst the high-profile exits were Punit Soni the Chief Product Officer of Flipkart left who left after a year at the Indian ecommerce giant, Anand Radhakrishnan CPO of Snapdeal, Manish Dugar, CFO and Samuel John Director, Operations for North America who left InMobi.

In another string of events around people, Flipkart, Stayzilla, Babajobs, Nearbuy and a few other startups delayed joining dates at premier B-school and engineering campus thereby inciting nationwide uproar against these brands and inviting the ire of the management of these prestigious schools.

A sea of opinions from industry experts and HR gurus started floating around on the mainstream and social media about why they shouldn’t have reneged on their offers or not postponed the joining dates. Like many others I also enjoyed reading these opinions and posts.

However, at this juncture, I want to take a step back and reflect on something deeper. Isn’t it time for us to take a pause and ponder what’s going wrong? Will it not be far more constructive to figure out what could be done to set it right rather than pass judgment on their decisions as wrong or right?

Here are a few thoughts and suggestions that I think startups should consider tackling some of these issues:

People Are The Biggest Brand Ambassadors of A Company

And I mean to include those who have worked in the past and those who didn’t get selected in the interview round. Every potential hire does a lot of research about the company before joining as career is one of the most important decisions of life. They find out about the company from their friends who are working in these companies. Also, as work is a significant part of our lives, employees (and former employees) talk often about the company with their friends and family.

So what do you do to meaningfully engage them? It has been observed that money and perks beyond a point are not sufficient motivators.

In 2010, Timothy Judge and others carried out a meta-analysis of research literature that covered over 15,000 individuals and found that the overlap between pay and job satisfaction is less than 2%!

A startup has a lot of business challenges and every employee goes through the same. Startups need to engage their workforce as they try to navigate through these challenges. Do employees have a sounding board in another employee who can help them with some clues? Do they have the ear of an industry veteran inside the company who can help them acquire the required skills to navigate? If the answers to these questions are in affirmative, then employees and alumni of startups will become the biggest PR machinery for your startup.

Talent Engagement Needs to Happen At All Levels

Even senior people need to feel engaged and they can do so by giving away from the veritable storehouse of knowledge and skills that they have because of their varied experiences and years of work across multiple companies and geographies. Established companies like Intel, Sun Microsystems and IBM have understood this very well and have designed Mentoring Programs to not only engage the junior and middle level employees but also gainfully engage their leadership cadres. Across all these levels, these have been able to grow people faster and have been able to retain them longer.

People Strategy Is A Part of Business Strategy

People Strategy is the cornerstone for a startup’s success.

Designing and implementing a sound People Strategy should not be interpreted as having stylish workspaces with candy colored work-pods, cutting-edge fitness equipment and coffee machines brewing beans sourced from Kenya, Sumatra and Brazil.

It’s also not definitely about astronomical salaries that are doled out as a trade off to the employee for the risk he’s taken of joining a startup. All of these are good to have provided there is a well thought out People Strategy to nurture and grow them.

A solid People Strategy should have a well meaning Mentoring Program which has the buy-in of the leadership team can address a lot of people issues and create effective engagement.

Startups should have a strong engagement process during On-boarding too, apart from the orientation. By mentoring the employees during On-boarding period, they get completely aligned with the culture and are able to find a sure footing, thus contributing to the organization sooner than expected.

Startups usually suffer from a deficit in leadership pipeline and a Mentoring Program can develop that by leveraging internal talent available in senior employees to groom high potential people for future leadership roles. This creates a huge engagement point for the senior employees as well as they contribute to the growth of the company and tend to stay around longer.

People Strategy should be a part of the Business Strategy of the startups and should have the leadership of the company completely involved in its drafting and implementation, without which Indian startups are bound to go through difficult times with their people.

Outcomes Of Mentoring in the Workplace

 

Mentoring

According to a recent study by US-based HR Consulting firm Manpower Group, employers need to check with millennials regularly about their career path and development. Rather than annual reviews, focus on near-term objectives. Frequent conversations will enhance their career prospects and long-term employability.

The importance of Mentoring couldn’t be stressed more, especially with an increasing number of organizations doing away with their Annual Performance Appraisals as now it calls for regular connects and conversations around career progress and development.

Mentoring has several positive outcomes for the employee as well as the organizations and can be classified into the following:

1.   Behavioral

a.    Increase in Performance e.g. business success, sales performance

b.    Decrease in Withdrawal behavior e.g. organizational turnover, absence from work

c.    Decrease in Withdrawal intentions e.g. intent to leave organization

d.   An increased tendency to help fellow employees e.g., mentoring others

2.   Attitudinal

a.    An increase in situational satisfaction & attachment e.g., job satisfaction, organizational commitment

b.    An improvement in career attitudes e.g., career satisfaction, career expectations, career expectations, perceived employment opportunity

3.   Health-related

a. Reduced psychological stress & strain e.g. anxiety, pessimistic world view, work stress, role conflict

b. Improvement in self-perceptions e.g., self-esteem, self-efficacy

4. Relational

a. Improvement in interpersonal relations e.g., positive peer relations, peer intimacy, satisfaction with coworkers, peer support, supervisor support, relationship quality

5. Motivational

a. Increase in motivation and a higher involvement in work e.g., hours worked, career planning, job involvement, motivation, aspiration, career commitment

6. Career

a. Improvement in career recognition & success parameters e.g. pay, promotion rate, prestige of job

b. Competence development e.g. communication skills, problem-solving skills, work knowledge, goal setting ability

To know more about how your organization could benefit from Mentoring Solutions, write to us at soumen@nxtspark.com or info@nxtspark.com