A Study on Talent Retention Strategies to Improve the Organizational Productivity in BEML Limited KGF

A Study on Talent Retention Strategies to Improve the Organizational Productivity in BEML Limited KGF

Goutham Raj G

(Student of Department of Management Studies, Sai Vidya Institute of Technology, Bangalore.),

Prof. Manjunatha S

(Assistant professor, Department of Management Studies at Sai Vidya Institute of Technology).

ABSTRACT:

The conducted study at BEML Limited KGF, near Bangarpet, encompasses two key parts. The first section delves into the industry overview, company profile, achievements, SWOT analysis, and financial statements. It also examines competitors, achievements, and awards in sectors like defense and railways. The study's focus then shifts to the conceptual background, literature review, importance, tools, and techniques of talent retention strategies. It explores how these strategies impact organizational productivity at BEML Limited. Addressing the statement of the problem and research needs, the study outlines its objectives and scope. It details the research methodology, including data collection methods, analytical tools, sampling techniques, and questionnaires employed. This project underscores the significance of retaining skilled employees for enhancing productivity. By analyzing data from surveys and interviews, the research identifies key factors influencing talent retention. Notably, a holistic approach involving compensation, growth opportunities, work-life balance, and a supportive culture emerges as pivotal in re]taining talent. The findings underscore certain areas requiring attention. A significant percentage (42.7%) expresses disagreement or neutrality toward the organization's incorporation of employee feedback for designing retention strategies. This highlights the need for improved employee involvement. Moreover, a considerable minority (37.6%) opposes effective communication channels for informing employees about retention programs, indicating potential internal communication issues. Additionally, there's room for improvement in building a healthy and inclusive work culture, as evidenced by the responses. Based on these findings, several recommendations are proposed. Initiatives to promote inclusivity, appreciation, and collaboration through workshops, team-building exercises, and diversity programs are suggested. The alignment of talent attraction and recruitment tactics with the organization's values is advised. Encouraging knowledge exchange through cross- functional projects and mentorship can enhance collaboration. Revising the recognition and rewards system to acknowledge high performance is recommended. Targeted retention strategies for key skill sets and a proactive conflict resolution process can further aid talent retention. In conclusion, the success of talent retention efforts hinges on a multifaceted approach to address identified challenges. Effective communication plans, accountability structures, and KPIs can ensure successful distribution of retention objectives. Actively seeking employee feedback empowers the workforce for targeted measures. Encouraging a positive work culture and refining recruitment tactics attract individuals aligned with the company's values. Sharing information, redesigning rewards, and developing specific retention methods foster a motivated workforce. Ultimately, a proactive conflict resolution approach nurtures a positive environment conducive to talent retention.

Key words:
BEML Limited KGF Talent retention strategies , employee strategies, talent attraction, growth opportunities, collaboration, work culture, workshops.