Submission BCS
Strategy to Hire, train and retention of Employees for our startup
Submission Date & Time: 2021-10-19 04:26:54
Event Name: NMO S4 Sprint One
Solution Submitted By: Narendra Penumarti
Assignment Taken
Prepare a Hiring, Training & Retention Plan for 2021-22Case Understanding
We saw the potential of electric vehicles and felt that it is the future. Also, government of India has a target to convert 30% of current vehicles to Electric by 2030 and for that, they're providing many incentives to encourage people to use electric vehicles and entrepreneurs to start producing electric vehicles. As we decided to launch this startup, we formed a team of 8 divers background members to work together. With the limitations we have as a new company we need to plan the strategy to achieve our dreams together.BCS Solution Summary
Here as a HR head, I need to develop the strategy to hire, train and retent employees. After deep thinking we understood that we need 75 more employees along with our team of 8 members. As a startup company, we cannot afford to hire employees from big firms to work for us. So, we decided to hire committed and dedicated people. We also want to inculcate this sense of belongingness with this company and for that we planned to give them EOPS. Here we're following 4 business principles: 1. Divison of work 2. Unity of command 3. Unity of direction 4. RemunerationSolution
We need a total of 75 new employees to be hired to work for our company along with the existing 8 team members.
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Mechanical Engineer(Design and operations) - 2
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Electrical Engineer(Design) - 1
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Computer Science Engineer(IT Support) - 1
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Marketing & sales - 2
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HR & Finance - 2
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Warehouse workers - 50 (12/13 from 4 different departments fitters, electrical circuit team, welders, and painters)
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Security and Hospitality staff - 10 (5 members each at office and warehouse to maintain them)
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Associates - 15 (3 associates to work under each team and support them)
As we decided to hire disciplined and dedicated employees, we charted out few guidelines which need to be followed by all of us as a team at any point of time. We prepared the below guidelines by keeping the above mentioned 4 principles and the mission & vision of our company in mind.
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Hiring
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Identify the candidates who are willing to associate with the company for a long time
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Communicate the job requirements openly
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Know about their perspectives about the company and industry
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Help the hiree to imagine their growth curve with the company if hired
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Promote and practice ethical work practices and transparency to make sure everyone feels included
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Training
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Effective on-boarding process to let the new joinees know about the company and its objectives and values clearly
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Promote a culture of respect and appreciation right from the beginning
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Ensure overall development of the employees by focusing on their learning maximization along with company’s goals
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Retention
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Provide professional and career development opportunities for each employee depending upon their interests and skills
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Provide Financial Wellness Programs and Medical Insurances
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Keep the competitive spirit at work alive through constant feedback and salary compensations
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Provide monetary benefits
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Initiate Mentor culture for getting honest feedback and help employees to transform into skilled workers
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Maintain regular engagement of the workers with the CXOs and other management personnel so that everyone has a clear picture of what is going on in the company
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Provide ESOPs (Employee Stock Ownership Program)
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Collect feedback from employees’ experience to find ways to improve
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Ensure that employees are not burned out which can sabotage the retention rate
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Offer sabbatical program to pursue their dreams
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Conclusion
As the HR head of a new startup company, we need to be both ethical and economical at the same time. This is a challenging situation for me and to make it in a systematic way we charted out few guidelines to follow. We all knew that retention is more cost-effective than hiring new employees and accordingly we planned the strategy to retain and train the employees in an optimal way. We will make sure that these values and sense of belongingness are embedded in each and every employee of ours and all of us will strive to achieve a common goal of making this startup a successful one.Attached File Details
Comments
Article Type: Business Case Scenario, Case Study Solution Submission
Business Case Detail
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Participant
Indian Institute of Management Shillong I am Narendra Penumarti from Andhra Pradesh. I have 4.5 years of professional work experience in the IT industry. I will always try to take new challenges and learn from those experiences.
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