Harvard Case - Hari Krishna Diamond Cutting: Retaining Talent in Times of Crisis
"Hari Krishna Diamond Cutting: Retaining Talent in Times of Crisis" Harvard business case study is written by Nitika Sharma, Archana Shrivastava. It deals with the challenges in the field of International Business. The case study is 9 page(s) long and it was first published on : Jul 27, 2017
At Fern Fort University, we recommend a multi-pronged approach to address Hari Krishna Diamond Cutting's (HKDC) talent retention challenges, focusing on bolstering employee morale, enhancing career development opportunities, and implementing strategic initiatives to mitigate the impact of the global financial crisis.
2. Background
This case study focuses on HKDC, a leading diamond cutting company in Surat, India, facing a critical talent retention issue amidst the 2008 global financial crisis. The company's success hinges on its skilled workforce, but the crisis has led to decreased demand, wage cuts, and a surge in skilled workers seeking opportunities abroad. This situation threatens HKDC's competitive advantage and future growth. The main protagonists are the company's management, facing the challenge of retaining their valuable workforce in a turbulent economic environment.
3. Analysis of the Case Study
This case study can be analyzed through the lens of Human Resource Management and Strategic Management frameworks.
Human Resource Management:
- Employee Motivation and Morale: The crisis has negatively impacted employee morale, leading to a decline in productivity and increased attrition.
- Career Development: Limited opportunities for skill development and career progression within the company are driving employees to seek external opportunities.
- Compensation and Benefits: The wage cuts implemented to counter the crisis have further dampened employee morale and created a perception of unfair treatment.
Strategic Management:
- Competitive Advantage: HKDC's competitive advantage lies in its skilled workforce, which is now threatened by the talent drain.
- Growth Strategy: The company's ability to expand and capitalize on future growth opportunities is contingent on retaining its skilled workforce.
- Crisis Management: HKDC's response to the crisis has been reactive, focusing on cost-cutting measures rather than proactive strategies to retain talent.
4. Recommendations
To address HKDC's talent retention challenges, we recommend the following:
1. Enhance Employee Morale and Engagement:
- Open Communication: Implement transparent communication channels to keep employees informed about the company's financial situation and future plans.
- Employee Recognition Programs: Establish programs to recognize and reward employee contributions, fostering a sense of appreciation and belonging.
- Employee Assistance Programs: Provide access to counseling and support services to address employee concerns and anxieties during the crisis.
2. Foster Career Development and Growth:
- Skill Development Programs: Invest in training programs to enhance employee skills and provide opportunities for career advancement within the company.
- Mentorship Programs: Establish mentorship programs to connect experienced employees with junior staff, fostering knowledge transfer and career guidance.
- Internal Mobility Opportunities: Create opportunities for employees to explore different roles and departments within the company, promoting career growth and retention.
3. Strategic Initiatives to Mitigate Crisis Impact:
- Diversification: Explore new markets and product lines to reduce dependence on a single market and mitigate the impact of future economic downturns.
- Innovation: Invest in research and development to introduce new products and technologies, enhancing competitiveness and attracting skilled talent.
- Strategic Alliances: Partner with other companies in the diamond industry to share resources, knowledge, and talent pools, creating a more resilient ecosystem.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: HKDC's core competency lies in its skilled workforce, and retaining this talent is crucial for achieving its mission of producing high-quality diamonds.
- External Customers and Internal Clients: Retaining skilled employees ensures customer satisfaction through consistent product quality and timely delivery. It also fosters a positive work environment for internal clients, promoting collaboration and innovation.
- Competitors: By investing in talent development and retention, HKDC can maintain its competitive edge in a highly competitive industry.
- Attractiveness ' Quantitative Measures: Implementing these recommendations will lead to increased employee retention, reduced recruitment costs, and improved productivity, ultimately contributing to long-term profitability.
6. Conclusion
By implementing these recommendations, HKDC can effectively address its talent retention challenges, mitigate the impact of the global financial crisis, and position itself for future growth. A proactive approach to employee engagement, career development, and strategic diversification will ensure the company's long-term success.
7. Discussion
Alternative solutions include offering competitive salaries and benefits, but this may not be feasible in a crisis. Other options include outsourcing certain operations, but this could compromise quality and control. The key assumption is that employees value career development and growth opportunities, and that HKDC can successfully implement these initiatives.
8. Next Steps
- Develop a comprehensive talent retention strategy: This should include detailed action plans for each recommendation, outlining timelines, responsibilities, and budget allocation.
- Communicate the strategy to employees: Transparency and open communication are crucial to building trust and buy-in.
- Monitor and evaluate progress: Regularly track key performance indicators such as employee retention rates, employee satisfaction, and productivity to assess the effectiveness of the strategy.
By taking these steps, HKDC can navigate the current crisis and emerge stronger, securing its position as a leader in the diamond cutting industry.
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Case Description
In 2014, the production manager at Hari Krishna Exports Pvt. Ltd., a diamond manufacturer and exporter in India, faced the challenge of maintaining his duty towards the company's employees while it experienced low growth and profitability after a downturn in the industry. High attrition among employees was a common problem across the industry; it cost the company heavily and had a significant impact on employees' morale. Recruiting strong employees and retaining them was a challenge, especially during a time of crisis. The production manager wanted to build on the initiatives of the chairman and founder and pursue a performance-based incentive system, value-added incentives, and other employee-friendly human resource policies. Could these strategies keep the attrition rate low and help the company create a high-performance work environment? Success could help Hari Krishna Exports in its plan to grow from a diamond manufacturer to a diamond jewelry retailer with a global reach.
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