Young talent exiting experienced companies to join startups is a trend that has fast caught up in India.
With the startup industry at the peak of its growth, India has been witnessing a surge in the number of startups. Ranging from products to services, eCommerce to traditional sales, startups are mushrooming all over the country at a rapid speed.
In this scenario, it is becoming increasingly difficult for established companies to retain talent that their human resources teams have found with much effort.
The new generation, popularly called the millenials, is looking at quicker and faster learning and development process.
Pramlesh Machama, the MD of Career Builder told Entrepreneur India that is it is paramount millenials are given a platform where they can learn and develop.
If they are helped such that they grow fast then the brain drain from established to startups will not happen according to Machama.
“Millenials do understand that moving to startups involves a lot of risk. However, they are ready to take the risk of joining startups at the cost of getting better environment to learn, contribute and grow faster. If matured organizations are able to give that environment, then the trend is likely to reverse,” Machama said.
Prithvi Shergill, the Chief Resources Officer of HCL Technologies believes retention is a big challenge in any hot market.
According to Shergill, people are truly looking for three things – they are looking for autonomy where they have the freedom to ideate, the freedom to decide and the freedom to act and that needs to be created in the system.
“It depends on the companies’ ability to ensure millenials are doing exciting work; interesting work with interesting clients, providing millenials with learning opportunities that give them the exposure to build their experience and expertise,” Shergill said.
Shergill said companies need to be careful that they provide the culture and practices that can create the kind of environment, which will make millenials be more sticky.
Machama believes companies need to see how can they bring more agility within their organizations which can make them more learning and development-friendly and subsequently more pro-growth for millenials.
Whether millenials should rely their careers on a distinctive experience or take the road most taken is a question many are still answering.