Innovative Hr Practices by Organisation Across Different Sectors

Innovative HR Practices by Organisation across Different Sectors Introduction Companies are taking up people-related initiatives as there is a need to manage human resources advantageously, so as not to lose the competitive edge in talent that they have built. In managing their human resources, companies have time and again focused on values, invested in personnel, emphasized on meritocracy and consequently attaining excellence in HR processes. Innovative Practices of Recruitment and Selection * Second career Internship Program: Tata SCIP was launched in March 2008 on International Women’s Day . It is a career transition management programme for women professionals who have taken a break of 1-8 years for any reason, and wish to re-enter the professional space. * Holding on to the employees Quatrro BPO Solutions has nurtured a concept of keeping in touch with high performers who leave the concern and hone in them, whenever they want to come back. * Making use of pre hiring Process: Genpact, the BPO pioneer, uses a pre-hiring process to aid in arresting attrition. The organisation brings people before they join, and have them look at the workplace. If the people choose to join, that reduces potential attrition. * Checking the Profile on Social Networking Sites: Organisations are pursing the candidate’s profile on sites such as Face book and LinkedIn. Once a candidate applies, his social behavior is traced. The persons social Skills decide if he fits the job. This practice has also started in India. Innovative practices of Reward and Recognition In today’s competitive world, rewards and recognition plays an important role in motivating and retaining employees. Rewards and recognition is an important part in every HR plan these days. Rewarding the high performing and motivating others to become such is becoming mandatory in IT & BPO industry. 1. Giving Store Vouchers like Shoppers stop, life style etc. 2. Giving cash prizes. 3. Giving articles (wide range of durables as per the level of performance). 4. Organizing holiday trips. 5. Article Gifting Innovative Practices of Motivation Giving Freebies Every weekend, people working at Coco-Cola India’s Gurgan Head quarters received for liters of company beverages free in a program called weekend funda * Providing Dependent Insurance The biggest employee benefit, HSBC provided to its employees was 100% hospitalization benefit for employees Spouse and children. * Offering Stock Options iGate is among a few firms, that has continued to offer stock options to its employe es. There are longterm investment measures for weeding, families, even retirement. Making use of Music Raymond Limited Hosted Music events to its employees. Dream Circle is a group of people with different skill set who play percussion instrument in freestyle but produce a harmonized rhythm in the end. * Treating as Guest: At Marriot Hotels India, The employee usually join the hotel in the batches. The hotel grates six off days every month, something uncommon for the hotel industry and there is also excellent system of compensatory off, * Launching Employee Assistance Program HSBC initiated the Employee Assistant Program(EAP) to assist in coping with trauma and stress post 26/11. Innovative Practices of cost Cutting * Offering Sabbatiacal Package * Offering VRS * Compulsory Leaves Innovative Practices of Traning * Providing Classroom Curriculam * Empowering Young Executives * Encouraging a culture of Innovation * Watching Film Conclusion To conclude, it can be said that those companies that have invested considerable time and resource in building a solid human capital management foundation are better positioned to weather the strom.