Navigating Talent Landscape Through Unprecedented Times
Tough times don't last but tough people (a.k.a business’s) do! The grapevine has it that there is yet another economic slump looming in the near future. If the global economy goes through a rough patch yet again then businesses will find themselves in difficult times again. Through the 2 years of the pandemic too the economy had seen a slump and just as it was about to recover back on its feet the news of another wave of recession is surely going to be a spoiler for companies! The economic downturn will ring in another wave of uncertainty which is expected to bring along a plethora of other issues like financial instability, cash crunch, and market fluctuations. Business leaders will have to pull up their socks to sail through these turbulent times for businesses to stay afloat. As an SOS most companies freeze hiring, ask employees to take pay cuts or even opt for lay-off. Talent acquisition experts say that such a grave step can work antagonistically to the growth of an organization. Instead, steadfast hiring and retaining existing talent would be a game changer and help businesses to recover from the economic lull.
What does all this mean to the workforce and labor class? The downswing creates ripples that can be felt amongst the labor force, who are subjected to salary cuts, loss in compensation benefits, cut down on bonuses and out-of-pocket expenses. The wounds infiltrated by the tremors and hardships of the COVID - led downturn are still fresh. But this time, the workforce has been on guard. The millennial workforce has begun to don their thinking hats and reflect on their existing roles. No longer do plush jobs lure the workforce. Today's workforce has many more pointers on their wish list for that perfect job. They are unstoppable and undeterred. The mindful worker of today knows exactly what he wants and wants to work on his terms. Appealing propositions, remote work options, and flexi timings have caught the eye of the Gen-next workforce. Businesses have been caught in the eye of the storm, but it would be tactful for them to work around the employee psyche and delve into what they actually want to be able to survive in the race and to prevent brain drain.
The Human resource personnel has realized that there is a burgeoning need to etch out a road map to recession-proof their business. It has dawned on businesses today that if they need to tide through the negative impact of the downturn, they will have to revamp their strategies. A Microsoft-based study has come up with some alarming numbers that say that nearly 41 per cent of the workforce is estimated to call it quits this year. The job market is flooded with plenty of lucrative offers to entice the workforce. In the present scenario if businesses want to pull it off, then they will need to prioritize retaining their most valued employees.
Post -pandemic the trend of remote working or WFH(work from home ) had caught up well with the workforce. But in today's scenario where everything has bounced back to normal, companies mainly in the IT sector are getting their employees to report to work on certain designated days, while others have made the WFO (work from office) a norm that existed during the pre-pandemic times. But during such troubled times, organizations are well aware that they might lose out on their prized employees if they tend to become pushy about the mandatory punch-in at work. In a bid to retain their employees’ companies have sought for a more hybrid setup or an asynchronous work culture. The likes of Google, Microsoft and Facebook have opted for calling over their employees on fixed days of the week. On the other hand, a few companies have had a completely forward outlook, they have ditched the typical 9 to 5 office reporting strategy and instead swapped it for flexible work timings and benefits so that their employees can balance and juggle both work and the personal front. Organizations like American Express and Dell have been one of the forerunners in adopting this strategy. KPMG, one of the top audit firms in the country have also adopted the ‘work from anywhere ‘policy, they strongly believe that at the end of the day as long as work gets executed and productivity of the employee is not hampered, location is just secondary. Companies today are making many such reforms in their policies to suit the needs of the workforce. While a few like Microsoft and Infosys provide bus shuttle service and cab pick and drop systems for their employees, there are others like Coca - Cola who have tweaked around their work timings in order to avert peak traffic hours.
In such times of the economic slump, organizations are embracing change, especially with respect to workplace culture. Businesses do realize that if they need to thrive, they will have to change gears to instill a more positive work culture. Success of an organization rests solely on the shoulders of happy employees and a fulfilling and satisfying working environment can drive employees to give their best at work .HR Professionals of businesses are going all out to axe down the negative and toxic culture and instead promote a more positive and happier working environment for their workers. Millennials are no more on the lookout for fat pay packages and none of the perks and benefits lure them anymore. They are instead looking for great company or organizational culture in terms of their principles, ethos and values, vision and mission.
On similar lines to inculcate a positive work culture, strategies to keep all lines of communication open has attained utmost importance especially in recent times. Communication beyond the confines of boardrooms had begun gaining momentum. Focus / huddle groups, one -on- one meetings and a tete’ a tete’ with the senior management, are being conducted to help employees to voice out their experiences, difficulties and other qualms. Brown-bag sessions are gaining popularity and momentum at such organizations which gives employees space to vent out and be more vocal of the challenges faced.
Twitter, the leading social network company, is one such organization that has pioneered in the great place to work culture where employees rave about friendly co -workers and a team- oriented environment.
Ushering a change in workplace scenario and dumping the stereotypical outlook is a pressing priority during such adversities as the economic downturn. Employee value proposition (EVP) in terms of employee experience and wellbeing seems to have taken center stage in organizations in this race to retain talent. Organizations are beginning to invest time and resources in order to reduce brain drain of their existing talent and also to become talent magnets and improve hiring. In other words, employee engagement is the cornerstone of every HR’s strategy. Companies known to deliver EVP’s as part of their principles , have shown to have a decrease in annual employee attrition rates of under 70 per cent and increase in hiring by 30 per cent.
An alluring EVP should be potpourri of compensations, benefits, work-life balance, incentives and perks. An appealing EVP will surely help companies to stand out in the hiring market which in turn will reflect in the plummeting quit rates.
Nike, a major sport brand globally, has nailed their EVP. The list of benefits are mind-boggling from competitive pay packages, relocation benefits, fitness discounts and retirement plans as well. So much to safeguard even the future of their employees!
LinkedIn too has an array of diverse benefits and perks for their employees which have been categorized into family, health and even passion! Their holistic compensation package offers everything from childcare, geriatric care, education subsidies, life insurance to even a paid year end -off!
Today organizations are using an integrated approach for better employee engagement. Apart from employee wellbeing, career growth of the workforce is also being given prime importance. Skill sets of the workforce are being mapped closely, employers are helping employees to hone their skills by completing certified courses and guiding them to the right mentors. Nike and PwC are pioneers in heralding the advanced learning opportunities programme for their employees. PwC even offers a student loan paydown program to ensure that the learning curve keeps growing exponentially.
Largely, companies are adopting various approaches to take care of the physical, mental, emotional and financial wellbeing of every employee. Not just this, organizations and businesses have become more receptive to the mental health and wellbeing of their employees. From setting up a grievance redressal cell at the workplace, free counseling sessions with top psychologists as well as many other wellness resources are at the disposal of the workforce, employers have indeed gone all out to pamper their employees in a bid to retain their talent pool.
Pricewaterhousecoopers (PwC) has launched the “Be well, work well” initiative that embodies the company’s core priority i.e., the wellbeing of their employees. Access to mental health coaching, discounted gym memberships and caregiver support are some of the many perks offered by PwC.
Based on the findings of Randstad Employee Brand Research (REBR) companies, impressive EVP’s like attractive salary and benefits, work-life balance policies, sick leaves , and health insurance programmes have put companies like technology giant Google,Amazon,Godrej , TCS and Infosys on the podium for the ‘ most attractive employer brand ‘. This is testimonial enough to show that EVP is indeed an asset and a powerful tool for an organization's growth.
DEI(Diversity ,Equity ,Inclusion) had taken a backstage during the pandemic but businesses today are marching towards including such policies as this will put them on the radar for talent hiring. In such fluid times, it has dawned on the big players in the industry that they are being closely watched by the workforce for their equitable practices in terms of equal opportunity and growth and gender parity at workplace. The women workforce has specially taken a hit due to their dual roles as a caregiver and leader /staff at their workplace. Studies claim that leadership roles held by women have plunged to as low as 20 per cent. With the gender gap widening, this surely rings an alarm for companies to create robust policies and practices for women empowerment. Myntra a top online clothing brand has set a stark example for paving the way for gender diversity at the workplace, such as reserved parking for expectant mothers and even an in house creche! Zomato, a food delivery brand in the country has left no stone unturned by announcing paid maternity as well as paternity leaves for their employees, this even applies for non -birthing parents (parents who have adopted children). The ‘first day of period leave’ / menstrual leave which was initially criticized by skeptics has now gained popularity with a lot of companies like Zomato, Swiggy, Byju’s and Culture machine. Gender equality and inclusivity has become a prime mandate at most companies. This initiative will help to garner faith and trust of the marginalized employees which in turn will help ferry businesses through the economic lull.
The employer- employee equation has gone through a paradigm shift which has been catalyzed by such unprecedented times. To tip the scales in their favor, businesses will have to revamp the whole system of policies and principles to suit the needs of the skilled workforce. Subtle changes and adaptability to the changing scenario can surely help improve employee turnover rates. In the wake of a potential recession, companies have already initiated a gamut of appealing policies to stand out in the hiring market.
The onus is now on organisation leaders and HR leaders to create a win-win situation in the best interests of the growth of the organization.
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