Abstract:
The industry today continues to face complex challenges: - Increasing production to meet surging demands. - Accessing newer and sustainable markets. - Managing decline of saturating products in some areas. - Talent Management : Hiring and retaining talents. - Accelerating the development of existing technical professionals. - Operating in increasingly remote and challenging areas. - Exploiting new technologies available to the industry. CHALLENGES during the tumultuous times : - Financial Crisis. - Business downturn. - Political turmoil & instability. - Resource Shortage. - Industrial inaction, Social unrest, etc. - To create employment opportunities, working environment, learning & growth avenues, compensation and retention strategies. The Solutions for success could be to follow the entrepreneurial way : - Cost control measures to be continued. - Key Groups (Task forces) of Employees to be formed. - Process Efficiency to be emphasised by technological upgradation. - Providing honest information to the employees to keep them engaged. - Management consulting to be encouraged for subject expertise. - Maintaining fine balance of commitment, conjecture, cost-efficiency, communication and competition in the culture. Of all the challenges of Post-tumultuous times, the talent of acquisition, assimilation, as well as management of Talent has emerged to be the most difficult to tackle. There are insufficient professionals with the entrepreneurial experience to make autonomous decisions on critical projects across the key areas of our business, across all sectors. This fact slows the potential for a safe increase in output considerably.
