It is evident that the company has been able to retain employees. They have been able to sustain in the competition for more than a century. The company has a number of advantages. Some of the processes of the company can be improved to increase the efficiency of the processes. The plausible recommendation for the company to improve the processes is discussed in the following.
The hiring of the employees must be done at a faster rate. The current system of taking more than 4 or 5 months to hire a person can lead to loss of important talents for the company. For this, the number of hierarchy levels must be reduced in the company.
The next factor is that the current method of appraisal needs to be changed. It does tend to overlook many of the efforts of the employees in the middle management levels. These causes frustration and turnover. These turnovers are very costly for the company. They will lose their competitive edge of the future .
The normal distribution rating system for the reward processes needs to be changed in the company. More intangible method of recognition needs to be added to the current system to improve the processes of the company . The company needs to find innovative methods of recognition and retention of the talents. The intangible method of recognizing and rewarding the employees need to factor in the local culture and values of the place. These would enable the company to gain more loyalty.