NMO S4 SPRINT ONE | BUSINESS CASE SCENARIO - 02
Submission BCS
Hiring, Training, & Retention Plan for our Startup Company
Submission Date & Time: 2021-11-24 01:07:20
Event Name: NMO S4 Sprint One - I Business Institute
Solution Submitted By: Shivani Tewari
Assignment Taken
Prepare a Hiring, Training & Retention Plan for 2021-22.Case Understanding
The case study is all about scope of renewable energy in India. India’s total market share in vehicles is near about 230 million. Automobile sector is moving towards renewable source of energy that’s why they moved towards electric vehicle rather than petrol or diesel vehicles. India’s market of electric vehicles is still in infant stage and has very good growth opportunities. Government of India is also planning to cover total market of electric vehicle near about 30% by the end of 2030. This target is achieved by launching of electric two wheelers, three wheelers or commercial vehicles. According to the above case, giants players like Tesla, Tata, Toyota and many more took several steps in this direction and they are in growth stage. But Indian market is still in infant stage and it still has many more things to be achieved. Peoples of India are still in dilemma that whether we should adopt the electric vehicles or not because of several reasons which may be: • More habitual of petrol/ diesel vehicles • More innovation are still required in electric vehicles segments • Not having resources like charging station, poor body of vehicle and many more As mentioned above that there is still very high growth potential in Indian market for electric vehicle, so we as an Indian electric vehicle producer have a growth opportunities and we have to develop a business related to electric vehicle because this is the future. Also in the case it is mentioned that we are a team of 8 budding entrepreneurs and we have 40 lakhs of corpus fund and we can raise 60 lakh loans from the bank if needed at the rate of 16% p.a. If our partners wants to work with us at work from office se we have to pay 3000/ workstation and average financial expense for our staff members can be maximum 50000 which is all up to us like we want to pay now or later. One of our team members is also having experience in making electric vehicle prototype as a college project so we have to prepare our plan and will have to choose a perfect business in electric vehicle because electric vehicle is future.BCS Solution Summary
This Project deals with the vast number of candidates who deals in Technical and Learning objectives, therefore our organization is focusing on steps of hiring which will meet the skill gap of an position required, after hiring we are planning for training and development program and focuses on internal training development program, this will help in increasing the skillset of an organization. we have made retention strategy plan for the reduction of employment turnover ratio.Solution
Hiring, Training and Retention Strategy
Budget -20 Lakhs
Hiring Plan
Determining the budget for payroll
Identify the man audit resource
Create Job description
Sourcing of a candidate
Screening Process
Interviewing the candidate
References
Offer letter for selection of candidate
Onboarding
Will be focusing on following factors:
- Positions and Departments
- Timings of payroll
- Annual salary
- Starting date
Training and Development Strategy
Training is a continuous learning process for improvement and modification of the organization.
Our Organization will be focus on following steps of training:
- Orientation
- Analyze your needs and goals
- Identify the skill gaps
- Planning and Delivery of training
Our Organization will be focusing on Internal Training.
Internal Training: It involves strategies that involves the own resources of an organization.
- It will be cost effective
- Company Specific Goals
- Encourages team building
- Increased Productivity and economical beneficial
For the effective training, we will be focusing on various training methods:
- Internship: It will provide the situation for learning approach and understand the working behavior of an employee.
- Mentoring: It will focus on grooming people for growth and development opportunities.
- Team Training: It will help to establish the relationship and connect with teams.
Retention Plan
It will help to reduce the turnover ratio of an employee, prevent attrition and increase the employ engagement.
- Helps in lowering hiring cost
- Stronger work relationship
Conclusion
This Project deals with the vast number of candidates who deals in Technical and Learning objectives, therefore our organization is focusing on steps of hiring which will meet the skill gap of an position required, after hiring we are planning for training and development program and focuses on internal training development program, this will help in increasing the skillset of an organization. we have made retention strategy plan for the reduction of employment turnover ratio.Attached File Details
Comments
Article Type: Business Case Scenario, Case Study Solution Submission
Business Case Detail
Title: NMO S4 SPRINT ONE | BUSINESS CASE SCENARIO - 02
Type: Case Study
Stream: Management
I Business Institute
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