Comments
SMEs face a major challenge of finding the right talent and then retaining it. Most entrepreneurs are unable to offer compensation packages that larger firms with greater resources provide.
Also, many find that the trained staff, after cutting their teeth and gaining experience in these smaller companies, leave for organisations that offer them options for career growth.
One of the ways to circumvent this problem is to look for talent outside of cities, Sunil Kode, head, Human Resource, Mather and Platt Pumps, said.
Speaking at the panel discussion he said, “It is often difficult for SMEs to attract talent. So, they should go to rural or semi-urban areas. Youth from these areas are ready to adjust and put in hard work. They are willing to take on challenges. Again, they don’t want everything (in remuneration terms) on day 1.”
To retain people, he suggested putting in a plan for incentives. “You could give them a bonus after, say, five years,” he said.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.