Motilal Oswal Securities Ltd (MOSL) is one of the leading equity research and broking houses of India. It is known for its strong belief in Value-Investing ideas, which forms the core of its investment philosophy. MOSL provides end-to-end equity solutions to institutional and individual investors.
MOSL as an organization believes that its strength lies with its experienced top management along with the brand name that it has build over the last two decades. Its strong research and sales team and a large and diverse distribution network gives it an edge over it competitors. However, the high brokerage charges as compared to the other market players might be a deterrent but the leadership at MOSL believes it's the price that people pay for the quality of services offered. With the increase in the levels of disposable income and an ever growing financial services industry, the wealth management business today is transforming from mere wealth safeguarding to growing wealth. But with the increase in execution risks, slowdown in global liquidity flows, intense competition from global and local players and unfavorable economic conditions, the cost of failure has become very high.
HR at MOSL
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The human resource department at MOSL has grown at a scorching pace, not only in terms of business but also in terms of its most valuable asset -people. They have an ever-growing employee strength of 2315 associates that operates out of a rapidly expanding company network. HR at MOSL, on the one hand strives to make every employee of the organization its brand ambassador and on the other hand make the Motilal Oswal brand stand for the best people practices.
The 3 pillars of HR strategy are: (1) A clear and relentless focus on leadership development (2) Stringent focus on the identification and development of high potential at all levels (3) Investment in technology to deliver state-of-the-art HR processes across the organization in a time and cost efficient manner.
The key initiatives towards implementation of the strategy have been: 1) Balanced Scorecard and KRA implementation 2) Leadership Development 3) Style and competency - assessment for the top tier management of the Company was carried out and an intensive Executive Coaching programme based on Individual Development Plans has been started for 13 of the top leaders of the organization. 4) Technology - The recruitment process has been enabled and implemented using the existing HR software of MyZone. This has been implemented in Mumbai during the current year and will be rolled out across all regions during this year.
Recruitment is a critical part of effective human resource management as it has become increasingly clear that it directly impacts the bottom line of any company. Recruitment is a set of activities conducted by an organization to find a suitable employee with the implicit goal of improving organizational performance.Recruitment , however, is a lengthy process involving multiple stages.This includes:
1) Identify the job opening
Waiting for an employee to resign before hiring a new one used to be the norm here previously. A major problem with this approach was that it took the company a long time to fill the opening. For instance, it usually took six to eight weeks to notify and screen applicants, and a week or more to make a decision regarding a job offer. After the decision was made, the selected candidate had to give a notice to his or her previous employer. Thus, the job in question would most likely remain vacant for months, even if the process ran smoothly.
Now, MOSL attempts to identify job openings well in advance of an announced resignation. The HRM department plans for future openings in both the short and long term. The projection of future openings provides MOSL with the time needed to plan and implement recruitment strategies so that they do not fall prey to the "must-hire-by-last-week" syndrome. The HR plan answers the following questions:
Are any newly budgeted positions opening soon?
Is a contract under negotiation that may result in the need for additional hires?
What is the amount of expected turnover in the next several months?
2) Decide how to fill the job opening
The first question that is asked after determining that an opening exists is whether MOSL needs a new person to fill it. Sometimes it is unnecessary to staff a vacant position because the company can rely on other alternatives. For instance, it might be more prudent to provide overtime opportunities to current workers to complete the assigned work. Other alternatives include job elimination and job redesign (i.e. incorporating the tasks of the vacant position into currently existing positions). If MOSL chooses to fill the vacancy, it needs to address two issues: (1) whether to outsource, and (2) in the absence of outsourcing, whether to recruit candidates internally or externally.
3) Identify the target population
Always on Time
Marked to Standard
At this stage, MOSL determines what type of individuals it is looking for to fill its vacant positions i.e. it tries to identify its target population. Two issues arise here: (1) specifying worker requirements and (2) deciding whether to target a certain segment of the applicant population.
It identifies specific requirements of the job: the duties, reporting relationships, salary range for hiring, and competencies required of a new worker (e.g., education, experience, knowledge, skills, and abilities). Ideally, much of this information is gathered during a job analysis and is contained in the job description. If not, the recruiter gathers it from the hiring manager.
While recruiting internally, the issues that MOSL faces are these : Should they post the job on their intranet so that all qualified employees can be considered? Or should they select certain high-potential employees and groom them for the position? While recruiting externally, the company must decide whether to inform all potential applicants or target certain types. It may reap advantages when they target members of certain groups. Another strategy is to target graduates of specific schools that have exceptionally strong programs in the functional areas of concern. Additionally, MOSL may target top-performing employees working for other rival companies. Recruitment of such individuals poses some unique problems, however; these individuals may be difficult to reach because they are not actively seeking a new job. Moreover, the practice of pirating employees from other firms raises some serious ethical questions.
Notify the target population
Once the applicant population has been targeted, MOSL determines how to notify these individuals of the vacant position.
When choosing a specific way to notify the target population, different recruitment methods may be used. Some popular options are internal job postings; newspaper, radio, and television advertisements; trade magazine advertisements; Internet job sites; college campus interviews; and current employee referrals. The choice of which to use depends on the number of positions to be filled, the cost of each recruitment method, the characteristics of the target audience, and economic conditions.
The more positions to be filled, the more widely the company chooses to advertise, using a newspaper or radio advertisement. Costs differ for recruitment methods and MOSL's willingness to invest more in recruitment happens when suitable applicants are difficult to find or when poor hiring decisions turn out to be costly. The characteristics of the target audience influence recruitment methods to a great extent; for example, using an Internet posting would be fruitless if most of the applicant pool is unlikely to have access to a computer. Poor economic conditions, where unemployment is high, will result in higher numbers of job applicants and possibly a lower average level of quality of applicants. In this situation, to avoid spending an inordinate amount of time weeding through applications, the company discourages all but the best applicants from applying.
4) Meet with the candidates
Finally, the most qualified candidates are brought in for interviews and other assessment procedures. These serve both selection and recruitment purposes. From a selection perspective, they give MOSL a chance to further assess the candidates' qualifications. From a recruitment perspective, they provide the candidates with an opportunity to learn more about the employment opportunity.
Prospective candidates are provided with information about the company and the job. Failure to provide a sufficient amount of information could be detrimental to the organisation itself. For example, it may be interpreted by the candidate as an attempt to evade discussion of unattractive job attributes, or it may be viewed as an indication of the recruiter's disinterest in them. Without specific information, applicants might accept a job offer without knowing about aspects of it that might affect their long-term job satisfaction, or they may refuse an offer without knowing about some of the job's attractive attributes.
Successful organizations realize by having an effective employee retention plan will help them sustain their leadership and growth in the marketplace. MOSL has made employee retention a core element of its talent management strategy and organizational development process. Those organizations that fail to make employee retention a priority are at a risk of losing their best people to the competition.
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The labor force today is different. Supervisors need to take responsibility for their own employee retention. If they don't, they could be left without good people to work with. A wise employer learns how to attract and keep good employees, because in the long run, this workforce will make or break its company's reputation.
New supervisors at MOSL are trained in a way that prepares them to be collaborative, supportive, and nurturing of their subordinates and peers. The old style of "my-way-or-the-highway" style of management is a thing of the past. Most new supervisors need training to understand what it really takes to retain employees.
Employee retention involves being sensitive to people's needs and demonstrating the various strategies in the five families listed below :
Employee retention takes effort, energy, and resources...and the results are worth it.
This is not an exhaustive list, one can add or delete any of the below mentioned strategies. Secondly, the need of the hour felt at MOSL was to have the "right basics". Every individual is different, his needs are different, and his emotions, his problems are different. So, HR-Professionals at MOSL sit down and concentrate on the basics.
Main retention strategies
Communications - Getting Your People to Care
Communication is the first step toward creating the kind of environment that people care about, and if they care, they are most likely to stay back. People are kept in the loop about what's happening with the company. At any time, all the employees have a pretty good idea of how business has been, and are aware of what issues the company is attempting to address.
That means that MOSL regularly keeps its people up to date with important events affecting the company. If September was good, they know about it, and while you're at it, tell them what you expect to happen in October. Share good news, as well as points of concern. If you've got "issues," talk about them before they bothering people . And if they don't get resolved, figure out whether the problem stems from a couple of individuals or from your system.
The point here is that you want to treat these people as your partners, which they are. They may not have to worry about covering the payroll this week, but they do have worries of their own. Treat them with at least as much respect as they give you. If your salespeople, for instance, enjoy their encounters with you, they are much more likely to greet customers with a positive attitude. They are also much more likely to enjoy their work when they don't have a fire-breathing dragon looking to singe their butts.
At MOSL, the management listens to its employees when they have ideas for improvement. Again, the benefits extend beyond just making people feel appreciated for their contributions. These are, after all, the people who do the work every day. They may have some ideas to improve productivity, and when they do come up with one, let everybody know where it came from. MOSL has made the use of "Thank You" cards for the same and it has had a tremendous response in terms of employee satisfaction. Initially the employees believed their efforts weren't being appreciated .But now since these cards are sent via a centralized database, everyone in the organization gets to know about it and employees have a greater sense of recognition. Also they have posted a "brag board" in the break room, and they circulate an internal newsletter that touts these contributions. The pay-off is a contagious feeling of pride and, perhaps, some new efficiency that saves the company money.
2) Set Clear Expectations
How often do you appraise your employees/team-members?
What are your expectations from your employees/team-members? What are the parameters to measure their performance? Have you communicated to them?
What will be the consequences, if they fail?
What will be the rewards, if they exceed the expected level?
If there are no expectations, how you are going to appraise, your employees? Yes, you are going to be biased, because you don't have set standards.
Setting expectations initiates the process. Managers need to sit down with each employee and clearly define what's expected of them. Because when expectations are not clear, employees may not be in sync with their job's current demands and priorities. Setting expectations is not a once and done activity. Jobs change. Priorities change. Resources change. Managers need to revise and set new expectations throughout the year. Setting expectations revolves around the following three areas:
Key job responsibilities
Performance factors and standards
The three principles that should drive expectations are clarity, relevance, and simplicity.
Clarity. Expectations should focus on outcomes, not activities. In other words, you achieve clarity when you identify the expected results rather than the method for achieving them. Managers often make the mistake of attempting to direct the process that an employee will use rather than being clear about results. The advantage of identifying the outcome is that you, the manager, focus only on the goal; after all, the employee will develop the method for achieving the desired results.
Relevance. The principle of relevance helps define the "why" of the assignment. If your employees have a full understanding of the project's importance, they can make adjustments as unanticipated factors crop up within the process. They probably also will be more committed to the result because they can see more easily how it fits into the big picture and how their efforts impact the company.
Simplicity. Simplicity creates a sense of grounding for employees as they endeavor to carry out assignments. If managers identify the work in simple, straightforward terms, employees will find it much easier to follow through on managers' wishes. To accomplish this, a manager must identify the key message in a fashion that the employee can embrace.
3) Proper Rewarding
A research report within the organization said that in today's scenario,
70% of the employees are less motivated today than they used to be.
80% of the employees could perform significantly better if they wanted to.
50% of the employees only put enough effort into their work to keep their job.
Employee Reward covers how people are rewarded in accordance with their value to an organization. It is about both financial and non-financial rewards and embraces the strategies, policies, structures and processes used to develop and maintain reward systems. The ways in which people are valued can make a considerable impact on the effectiveness of the organization, and is at the heart of the employment relationship.
The aim of employee reward policies and practices at MOSL is to help attract, retain and motivate high-quality people. Getting it wrong can have a significant negative effect on the motivation, commitment and morale of employees. The following parameters were kept in mind, while designing the reward policy:
Build a high degree of recognition value into every reward you offer.
Reduce entitlements and link as many rewards as possible to performance.
Troubleshoot your reward system to make sure that what it is rewarding is what you really want to happen.
Give employees a choice of rewards.
Increase the longevity of your rewards.
Be continually vigilant of demotivators that may undermine your organization's best efforts to provide power rewards, and reduce them promptly.
At the end, we would like to say that at Motilal Oswal Securities Limited, HR professionals are having a big responsibility to hire a best person from the available talent pool. At the same time, one needs to be cost conscious. It is a good practice in recruitment to define the objectivity and seek to identify the candidates' abilities. Judgment needs to be taken on individual merit and the same set of standards should be applicable to all.
One needs to take a look at one's own organization .Is it doing its best to retain one's top talent? Employ the factors mentioned in this report in one's organization to retain your desired employees and attract the best talent, too.
This report is not exhaustive, one can innovate many new strategies to recruit and retain people. These are just the basics and if implemented in a proper way can give good results.