The threat of poaching is very real for India Inc as the economy shows signs of recovery. With the economic recovery, India Inc is on a hiring spree again. Of course, this makes the threat of poaching very real for most organisations. Companies are therefore, now trying to put in succession plans to safeguard the employees and the talent that they have built up over the years.
The succession plans of most companies are targeted towards the top and the middle management. The potential leadership blueprint is being prepared in companies like LG, Dabur, Maruti Suzuki, Indian Oil and more. This way, they will be able to offer more lucrative offers to existing employees, thereby preventing attrition.
LG has already formed a five year career plan for all their employees. Structured trainings and initiatives of development will be forwarded to not only the critical talent but to the entire workforce. This will not only help them nurture their talent but also allow them to build loyalties.
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