BRCM COLLAGE OF BUSINESS ADMINISTRATON HRM PROJECT SY BBA SEM 4

SUBMITTED BY: MARIYA MITHAIWALA 134 SRISHTI NARANG 156

SUBMITED TO: PRATIK SIR SUBMITED ON: 18/2/2012

SUMMARY

Fast Growth Inc is one if the leading firm in the IT, it is also among the favoured companies for most students seeking a bright career in IT. The company is also hot favourite with people in their mid career. Fast Growth is known for providing its employees with a challenging and encouraging work atmosphere that is aimed at nurturing their overall development. Among the various aspects that makes FastGrowth the first option among candidates is its employee career management program. FastGrowth offers a comprehensive career management program to all its employees. The company has documented a formal strategy of employee career management that encompasses all aspects of career planning for employees belonging to various levels in the organisation hierarchy. This includes special career counselling sessions for its employees, wherein experts in career planning are invited to help the employees draft their career graph and attain their career objectives. FastGrowth also provides each employee with a career mentor, who is always available to guide employees progress on the career path envisaged by him. The company has designed a reward system that rewards managers who have effectively managed their subordinates career. It also conducts training programs to educate line managers about career planning and career counselling. The mentor also helps the employee to understand the expectations of the organisation and identify the right opportunities. It ensures a constant availability of talented and motivated Human Resource within the organisation. The objective of the FastGrowths career management program is to help its employees to effectively plan their careers and take necessary steps to successfully progress through each phase of their career. The program also provides for changes and modifications, keeping in mind the changing needs of the employees and the demands of the external environment. This results a motivated workforce. So this motivated employees are able to achieve Job-Satisfaction, which encourages them to perform the work effectively, which in turn increases their productivity Therefore career management program helps FastGrowth not only in attracting the top talent in the industry, but also developing and retaining them to gain a strategic advantage over its competitors. Fast Growth thus gains the advantage of accomplishing the organisational objectives through the achievement of the personal goals of employees.

1) FastGrowth has drafted career plans for its employees that guide them through all the stages in their careers. Discuss the various stages of career planning that an individual is likely to undergo.

Most people go through 5 stages of their career. The main stages in a career cycle include: development stage, exploration stage, establishment stage, ageing stage and declination stage.
1)EXPLORATION: Very early in life of a person, parents begin to explore career choices. The exploration period ends for most of us in mid-twenties as we make the transition from college to work. . Identify values, interests, personality traits, abilities, aptitudes and lifestyle preferences. Identify majors and occupations that relate to values, etc. Test major and occupational prospects through courses, volunteer work, student activities and employment This stage involves self-analysis and exploration of different types of available jobs 2)ESTABLISHMENT : This stage begins with search for work and includes the first job, learning it and being accepted by peers. It is also marked by mistakes, and good performance. Employment sought in this stage is guided by what was learnt during exploration. This stage is from the age of 25 to 44. This is the main stage in the career of a person. In the beginning of the stage, some people have found their suitable jobs and these helped them have long and settled standings in their career lines. As usual, people pursue their original career choices, but there are still many people considering that this stage is only a trial period to continually test their skills and incentives for advancement in career. Establishment stage includes 3 periods: Trial period: From the age of 25 to about 30, in this period, people work primarily to find out whether the career choice they made is suitable or not. Stable period: Normally from the age of 30 to 35, in this period, people often have identified their own career goals and have specific plans to decide what should continually be done to reach those goals. There are two tendencies, continuing the path chosen or turning to another job career.

3)MID CAREER: At this point in the career people may move up or reassess career priorities. This period lasts from mid thirties to mid forties. During this period, people often compare what they have tried to pursue, the difficulties in career they have, what they have to sacrifice, the loss they have endured to follow their career path as well as their career ambitions with the achievements they have got in career such as position, salary and so on. 4)LATE CAREER: Those who continue to grow through the mid career stage, this career is pleasant. One can enjoy success and respect from younger employees. Those who have stagnated, they realise that they cannot change the world. One starts looking forward to retirement, due to career plateauing. This period continues from the age of 45 to 60. There are many people who jump directly from stable period to this stage without having experienced all the difficulties and failures in mid career crisis period. 5)DECLINE: The final stage is difficult for everyone. After several decades of continuous achievements, the time has come for retirements. Declination stage is the final stage when people are old, less healthy and clairvoyant. In this period, the sense of responsibilities toward the job has decreased and they must accept the new role of the young generation. 2) Briefly explain how the career management program at FastGrowth helps the company gain a competitive edge over its rivals in the industry.

The objective of the FastGrowths career management program is to help its employees to effectively plan their careers and take necessary steps to successfully progress through each phase of their career. This avoids a career drift in the employees and guides them through a plan growth in the organisation. The program also provides for changes and modifications, keeping in mind the changing needs of the employees and the demands of the external environment. This results a motivated workforce. So this motivated employees are able to achieve Job-Satisfaction, which encourages them to perform the work effectively, which in turn increases their productivity. As a result of this, they remain loyal towards the organisation and thus reducing employee turn over and absentism rate, which is otherwise very difficult in todays world. Therefore career management program helps FastGrowth not only in attracting the top talent in the industry, but also developing and retaining them to gain a strategic advantage over its competitors. FastGrowth, thus gains the advantage of accomplishing the organisation objectives through the achievement of the personal goals of the employees. In a way, it ensures a constant availability of talented and motivated human resources within the organisation.