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Retaining Top Talent in a Competitive Market: Manoj Kumar Chaudhary shares Insights with ObserveNow Media

In the dynamic field of Human Resources, it is important for companies to craft a robust talent strategy and recruitment approach to thrive. As they navigate the complexities of the modern workforce, finding the perfect balance entails considering both the evolving needs of the industry and the aspirations of employees.

Moving forward, organizations must adopt innovative approaches that blend the experience of veterans, fresh perspectives from newcomers, and the valuable contributions of individuals returning to work, with a special emphasis on empowering women. In this regard, ObserveNow interacted with Manoj Kumar Chaudhary, Head – HR at Edelweiss Asset Management Limited (EAML).

Below are a few edited excerpts from the interview:

What’s your organization’s approach to talent strategy and hiring? Is there a perfect recipe to get it all right?

At Edelweiss Mutual Fund (MF), our talent strategy focuses on understanding our talent better and catering to their unique needs. The talent review process aims to identify these needs – understand aspirations, current engagement, and probable reasons that might lead to a disconnect with the organization. Continuous conversations form the core of our culture, which, in turn, helps us have impactful conversations with our talent on various aspects.

On the hiring front, we identify the external talent pool available for various roles well before we start hiring for a position. We refer to it as proactive hiring. There is a process of continuous conversations and engagement with the identified talent pool, which helps us hire quickly once we have a suitable role for them. This has also enabled us to tap into a better talent pool, leading to an increase in our quality of hire scores.

Another element of our strategy involves focused efforts on building a strong employer brand and ensuring that we deliver to our employees as per the defined proposition. Our culture has become our strength over the years, attracting, developing, and retaining talent.

As an HR leader, how do you ensure that the workforce is continuously learning?

Agility is the core of our organization. We excel quickly in identifying the trends and evaluating their potential impact on people and culture across the entire organization. We’ve introduced a culture where learning is embraced at the micro-level by each team and individual. Throughout the year, teams engage in a diverse range of learning methods, including on-the-job training, classroom sessions, and real-time project-based learning interventions.

At Edelweiss MF, we have a robust mechanism for identifying and nurturing leaders, involving them in organization-wide projects to enhance their skills. Learning forums facilitate knowledge sharing, featuring insights from both in-house and external experts on a wide range of topics.

What innovative approaches are businesses adopting to retain top talent in an increasingly competitive market?

We at Edelweiss MF understand that retaining talent is crucial for building successful businesses. The initial step in this process is accurately identifying talent within the organization through a proper talent assessment and identification process. The subsequent phase involves actively engaging with the identified talent to foster their development and retention.

In the first phase, there is a growing reliance on advanced tools to assess and identify the right talent more effectively. The second phase employs a hyper-personalized approach, aiming to understand and cater to individual-specific needs.

How do you approach diversity and inclusion in your hiring practices?

Our emphasis has been on cultivating an organization that values diversity of thought, fostering a culture of innovation and mutual respect for all. An integral aspect of this diversity is the expression of thoughts and ideas. We’ve embedded these principles into our hiring process, where evaluating candidates includes assessing their ability to bring in diverse perspectives and maintain an open mind for differentiated ideas.

Is there any advice you would like to give to the new HR Professionals entering the industry?

It’s important to uphold a mindset focused on serving both employees and the business, prioritizing their needs. Take a forward-thinking approach when developing solutions, considering their long-term impact. Foster a positive atmosphere within the organization, recognizing that happiness among staff members naturally enhances overall business performance.