Vector Consulting Group has achieved and maintained near-zero attrition since inception. This is unheard of in the management consulting industry, which is infamous for high attrition rates of 15% to 25%.
The near-absent attrition has helped Vector offer high-quality implementation experience to client organizations and to continually build on its depth of expertise. Thanks to this, in the last decade of its existence, Vector has significantly shortened the time required to deliver results to clients.
The enabling factors for maintaining the near-perfect record are the unique HR practices that are unprecedented in the Indian industry.
Infinite Leave Policy: Vector Consultants are allowed to avail as many leaves as they require. This has enabled consultants, who travel extensively, to achieve work-life balance. This policy is a win-win for both the consultants and the organization.
No Appraisal: Vector does not have an appraisal system. Instead, it has an open quarterly feedback system where coaches sit with consultants to give feedback and actionable points to improve on the skill/knowledge gaps. The system is focused on enhancing skills and knowledge of consultants to help them take up varied roles in the organization.
Self-Organization: Vector works on principles of self-organization; decision-making is managed in small groups. No single individual has authority over others. Every decision is taken via buy-in and persuasion.
Management by Tactics: Instead of giving a target and leaving consultants to find a way to reach the numbers, Vector focuses on enabling its employees to reach the goals. Vector believes that such targets usually encourage short cuts and come in the way of sustainable performance. The focus is on active management directed toward removing hurdles to rapid implementation.