Firms fight to find and retain suitable talent
Mr Hirji Shah from the Chandaria Foundation presents Kenya Institute of Management Chief Executive David Muturi (centre) and Nation Media Group Chief Operating Officer Tom Mshindi with a Sh500,000 sponsorship cheque during the launch of the 2014 Company of the Year Awards at Nation Centre, Nairobi, on November 5, 2014. The gala night will be on November 21. PHOTO | MARTIN MUKANGU |
What you need to know:
- Talent search and retention are among the greatest challenges faced by organisations in the country due to the stiff competition.
- Companies are now squeezing results out of the limited talent they attract.
Talent search and retention are among the greatest challenges faced by organisations in the country due to the stiff competition.
Consequently, it has become “very expensive” to hire and retain a person with the right skills as every firm battles to retain or attract the best in the market.
Companies are now squeezing results out of the limited talent they attract, Nation Media Group Chief Operating Officer Tom Mshindi told a sponsorship function for this year’s Company of the Year Awards (Coya) at Nation Centre in Nairobi on Wednesday.
GOOD TIME
“This year’s awards come at a very good time — a time when many companies are grappling with significant challenges around talent and talent management partly because it is facing stiff competition from within the country and outside the country,” Mr Mshindi said.
The Nation Media Group is the media partner for the Coya awards gala that is now in its 14th year.
This year’s edition received a Sh1 million boost in sponsorship for the event set to be held on November 21.
The shot in the arm came from the Association of Chattered Certified Accountants and the Kenya Institute of Management.
Each donated Sh500,000.
The award ceremony will feature 24 finalists who will be feted for meeting the threshold that benchmarks them against global standards.
More businesses are increasingly showing interest in the rating process, with the majority implementing the recommendations from the rating, the event's organiser, Kenya Institute of Management, said.
ANNUAL TURNOVER
“It is a very rigorous and helpful process whose mission is to help companies both small and big to adopt global best practices in the way of conducting their business,” Kenya Institute of Management chief executive officer David Muturi said.
The Coya survey uses an assessment tool called Organisational Performance Index to rate companies against global business best values, which are listed as categories.
Last year, 25 large companies participated in the evaluation while 15 small and medium enterprises — businesses with annual turnover of below Sh1 billion — also contested.
