India Inc is currently facing its biggest ‘MOMENT OF TRUTH’ in the last 20 years with RECORD ATTRITION on one hand and PLANS TO RE-OPEN WORKPLACES on the other. The great resignation continues and continues in a big way with a few reports suggesting that it will further intensify in the next six months of 2022. If we were to look at the recent quarterly results of some of the big IT giants, looks like that’s where we are heading.
There has been a fundamental shift in the way we view work today and most likely, this shift in perspective is not going to change in the long term. We have ‘safely’ (whichever way we want to read it) arrived at the ‘new normal’. At a time when employees are re-evaluating their career choices, top priorities, core human needs and the very nature of ‘looking at work-life’ mix, it is important for organisations to not look for ‘one-size fits all approach’ while addressing this conundrum.
Companies need to look beyond the usual aspects like optimised onboarding process, investment in development, culture of respect, coaching, employee wellness and recognition.
Some of the innovative ways of retaining talent in the newer context would be:
FORMALISING ALTERNATE WORK MODELS
While a lot has been said around hybrid future or a permanent remote model, it is important for every organisation to formalise various work models applicable to different roles. A clear stand on it greatly helps employees pick what works for them as well as for the organisation vis-à-vis their nature of role. In the post-pandemic world, it is one of the key decision drivers for employees.
PERSONALISATION IN COMPENSATION AND REWARD STRUCTURES BASIS LIFE STAGES
It is just not about increasing compensation packages; companies will need to restructure compensation packages in ways that will attract and retain disillusioned employees, keeping in view different life stages and personas. It is high time HR practitioners start understanding different employee segments and design rewards appropriately.
UNDERSTANDING THE DEEP UNDERLYING NEEDS AND TRIGGER POINTS
In the world of big data, it is extremely crucial to capture data and derive meaningful insights out of the exit process. It is often the unsaid things at the time of exit where the true reason of resignation lies. The output of this would be the most important input of every important process in the organisation, more so on the employee experience aspect.
ENCOURAGING WORKPLACE SOCIALISATION
We tend to spend a larger part of our life at the workplace/working than with our own families. So, encouraging employees to build meaningful workplace friendships helps in building deeply connected, fulfilling and thriving associations. Re-look at the workplace design and make space for collaboration and connection because in future, workplaces would be used for collaborating or socialising rather than doing siloed work in cubicles
ENCOURAGE, ENTERTAIN AND ACTION FEEDBACK
Research says that companies that implement employee feedback systems have lower attrition rates. This goes beyond performance feedback, but rather more around making employees express their views around company interests, policies, direction or key decisions. Remember, you do not
want check-in guests, rather owners who want to speak up on important issues. That’s the only way employees can identify with the organisation.
PRACTISING DEEP LISTENING ON A DAY-TO-DAY BASIS
One of the most basic human needs for times immemorial is ‘being heard and valued’. For employees, their daily port of call is their manager. Goes without saying that the quality of experience an employee has with his/her manager sums up their experience with the organisation. Now is the time for managers to not only lead but to ‘lean in’, with empathy and authenticity – the key criterion for which is practising deep and generative listening in daily conversations.
VISUALISING CAREER PATHS
Millennials and more particularly, Gen-Z are all about ‘seeing is believing’. It would be a worthwhile endeavour to explore new age tools and platforms to provide real world visualisation of career
paths. It’s somewhat at a nascent stage. There are one or two companies using ‘metaverse’ to visualisation of career paths using digital avatars. Internal talent marketplaces need to
shift their form and structure, keeping in view the newer context of
virtual reality and immersive experiences.
REDESIGNING EMPLOYEE EXPERIENCE KEEPING IN VIEW SOCIAL, WORK AND PHYSICAL SPHERES
During a typical workday, an employee’s interactions often overlap between social, work and physical spheres. Hence, it is important to invest in key touchpoints across all these three spheres. Again, redesigning employee experience would entail rapid, iterative, design principles.
To summarise, companies must invest in building ‘sticky’
workplaces by listening to employees, addressing their concerns, fostering a culture of psychological safety, communicating new-age work models, measuring outcomes, providing a meaningful employee experience and cultivating a deep sense of community using some of the innovative ways shared above to retain talent.
