Textrade International Ltd
We believe in vocational education for entry-level employees, offering room to move upward over time
What salary structure do you follow? Which HR policies are being prioritised? What standards are being maintained to retain talent? What is the average annual increment of employees? Are they given incentives?
Salary structure of employees is based on their competencies and capabilities. We have structured the process to decide the salary package at all levels. There is a process of review of salaries based on performance and market compensation surveys.
With an employee strength of 900 people, we follow certain standards to retain talents in the organisation, such as:
(A) Provide career navigation and personal branding strategies: We Involve employees in talent management and recruitment process as much as possible. By letting potential and current employees know your organisation will help them plan their desired path, set concrete goals, and provide support to help them achieve those goals, you will help attract talent and increase engagement and retention. (B) Hiring the right managers makes all the difference: Managers are often involved in the interview process. Those are one of the first interactions a potential new employee has with the organisation. I believe that 80 per cent of employee turnover results from the environment created by a manager as opposed to the company at large. So it is critical to work closely to make sure there is a consistent open line of communication between potential new employees and those who would be their managers, and that managers are working collaboratively and positively with their employees to reduce turnover. (C) Work to create a culture of trust: An organisation with a culture of trust gets good PR and good PR goes a long way toward increasing employee referrals and reducing talent acquisition costs. Organisations with higher levels of trust and transparency often have higher levels of performance and retention also reducing turnover and talent acquisition costs. An organisation with a culture of distrust is destined to be doomed. To attract good talent and maintain positive employee retention make sure your organisation has a culture of trust, not distrust. (D) Recognise good performance: Be it financially or with some other non-monetary benefits, make sure employees are recognised when they achieve their goals and perform above and beyond. No one wants to work for an organisation where they go ignored. Potential new hires can pick this up fast.
We follow certain standards to train our staff with the latest skills: (1) Identify the skill gap through careful assessment: Pinpointing a skill gap can be complex. Organisations need to establish first which skills are necessary at each level of position-and then rank each skill as being needed on an expert level, proficient level, or "knowledge of" level. Test employees on these skills. (2) Map a plan to fill the gap, step by step: Once the skill gap has been identified, it is critical to construct a realistic and sound plan to address it. (3) Make training a "must have," not a "nice to have": From the top down, training must be a company-wide priority receiving support on all levels. Presented as an essential component to future success, training goes from an option to an imperative where there is urgency and accountability. Senior level management must set and enforce workplace policies that illustrate corporate expectations regarding training. (4) Identify measurable outcomes: Regular evaluations of workforce capabilities and production are key. Marked improvement in workforce performance should be realised.
Between 10-15 per cent is the average annual increment provided to employees. We have framed a rewards and recognition policy to standardise the incentive programme across the organisation. Few of the incentive programmes are target-based bonuses, attendance-based bonuses, commission-based bonuses.
Published on: 15/12/2016
DISCLAIMER: All views and opinions expressed in this column are solely of the interviewee, and they do not reflect in any way the opinion of Fibre2Fashion.com.