People Management, the Mantra for Success: the Case of Singhania and Partners
PEOPLE MANAGEMENT, THE MANTRA FOR SUCCESS: THE CASE OF SINGHANIA AND PARTNERS
PEOPLE MANAGEMENT, THE MANTRA FOR SUCCESS: THE CASE OF SINGHANIA AND PARTNERS
PROBLEM STATEMENT
Singhania Partners need to structure such a people management system such that not only they can overcome the high attrition rate but also tackle the situation of increasing competitors due to liberalization of economy.
PEST ANALYSIS
Political Factors
Under Indian Advocates Act of 1961, foreign law firms were not allowed to open offices in India and were prohibited from giving any legal advice that could constitute practicing Indian law. This prevented foreign lawyers and law firms from establishing offices in India.
Economic Factors
With the liberalization of Indian economy, together with the continued shortage of good quality lawyers in many areas of law meant that the industry faced an acute shortage of legal professionals. Global spending on legal services in 2005 was over US$390 billion, and was forecast to grow over US$480 billion by 2010, with USA accounting for around 49% of the global value.
Social Factors
The people were more into good pay and had the habit of switching jobs for more money
Technological Factors
To serve clients effectively, systems and processes needed to be streamlined and technology needed to be provided to provide state-of-the-art infrastructure.
SWOT ANALYSIS OF THE PEOPLE MANAGEMENT AT SINGHANIA
Strengths:
* Good work environment * Considering people as their core assets * Giving people preference over processes * Motivation to people via rewards and promotions * Performance review on the basis of need and not annually
Weaknesses: * Allowing people to take the company for granted as people expect to come back with ease * Too much expenditure on resources * High attrition rate of people
Opportunities: * An opportunity to expand beyond United States. * An opportunity to reduce overall
PEOPLE MANAGEMENT, THE MANTRA FOR SUCCESS: THE CASE OF SINGHANIA AND PARTNERS
PROBLEM STATEMENT
Singhania Partners need to structure such a people management system such that not only they can overcome the high attrition rate but also tackle the situation of increasing competitors due to liberalization of economy.
PEST ANALYSIS
Political Factors
Under Indian Advocates Act of 1961, foreign law firms were not allowed to open offices in India and were prohibited from giving any legal advice that could constitute practicing Indian law. This prevented foreign lawyers and law firms from establishing offices in India.
Economic Factors
With the liberalization of Indian economy, together with the continued shortage of good quality lawyers in many areas of law meant that the industry faced an acute shortage of legal professionals. Global spending on legal services in 2005 was over US$390 billion, and was forecast to grow over US$480 billion by 2010, with USA accounting for around 49% of the global value.
Social Factors
The people were more into good pay and had the habit of switching jobs for more money
Technological Factors
To serve clients effectively, systems and processes needed to be streamlined and technology needed to be provided to provide state-of-the-art infrastructure.
SWOT ANALYSIS OF THE PEOPLE MANAGEMENT AT SINGHANIA
Strengths:
* Good work environment * Considering people as their core assets * Giving people preference over processes * Motivation to people via rewards and promotions * Performance review on the basis of need and not annually
Weaknesses: * Allowing people to take the company for granted as people expect to come back with ease * Too much expenditure on resources * High attrition rate of people
Opportunities: * An opportunity to expand beyond United States. * An opportunity to reduce overall