Hari Krishna Diamond Cutting: Retaining Talent in Times of Crisis
(7 pages of text)
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.
This case is suitable at the graduate level in business and management courses. The case outlines human resource management, organizational coherence through effective leadership, and the importance of effective organizational communication. After completion of the case, students will be able to
- understand the correlation between the successful financial performance of a company and management practices that treat employees fairly;
- exemplify human resource and people-friendly policies that drive organizational performance and reduce attrition;
- assess leadership values, competencies, and commitments associated with good leaders; and
- understand the important role that organizational communication plays in the implementation of policies.
India, Large, 2014-15
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