In the dynamic financial landscape of India, retaining top-tier talent within the ranks of management has become a formidable challenge. During such uncertain times, a large NBFC company confronted a critical issue: attrition within its middle management was on the rise, diluting institutional knowledge and affecting the morale of the workforce. The company recognized that to sustain its competitive edge, it needed to bolster its leadership capabilities and create a nurturing environment that emphasized employee care and development.
The company partnered with us at Great Manager Institute® to tackle this issue. Together, we created a multifaceted strategy to develop a leadership development journey that delved into the underlying factors contributing to attrition and to develop a robust framework to enhance leadership skills across the board.
- Need Gap Analysis: The initiative began with a need-gap analysis, utilizing tools such as appreciative inquiries, immersion sessions, and 360-degree surveys to gain a deep understanding of the managers’ needs.
- Involving the Leadership Team: Ensuring that the leaders at the top were not just instructing but also participating. The top team engaged as coaches and mentors, fostering a culture of shared growth.
- Skill Building Workshops: These workshops were rolled out, with the end goal of equipping managers with the necessary tools and approaches for effective leadership.
- Rituals and Nudges: Managers were introduced to practical rituals aimed at strengthening different managerial capabilities
- Check-in sessions – Structured check-in sessions to ensure the rituals were being implemented in a timely manner.
- E-Learning Modules: Online content focusing on the ‘How’ of people management was assigned to the managers, based on their profile.
- Behavioral Change: The final component of the approach was an assessment of behavioral changes in managers and the subsequent impact on business operations.
Building on this success, the company has charted a strategic path forward:
- Culture Change: The next set of managers from the same band will undergo the development journey, ensuring that the culture change permeates throughout the organization.
- Sustenance and Consistency: For those managers who have been certified, a sustenance journey will be crafted to maintain consistency in leadership practices.
- Leadership Alignment: A crucial step will be the alignment of the entire leadership team to the practices established in the development journey, creating a unified front in management.
In conclusion, the company has not only addressed its immediate challenge of controlling attrition but has also laid down a sustainable blueprint for nurturing and retaining leadership talent. Their partnership with Great Manager Institute® stands as a testament to the company’s commitment to its employees and its unyielding pursuit of excellence in leadership development.