Innovative Ways to Retain Talent and to Meet Employees’ changing expectations
A recent survey shows that 76% of employees in India prefer to have control over their working hours and said that they could take a pay cut to guarantee the flexibility of working remotely or have the opportunity to alternate between home and office. When companies are looking to incorporate different ways to keep their talent, HR Policy in India is having a roundtable discussion about the changing expectations in the workplace.
Two recent surveys, Advantage Club survey and ADP Research Institute’s 'People at Work 2022: A Global Workforce View' survey, support that majority Indian employees are looking for more flexibility at work. As a result, employers in India become more creative on rewarding their employees:
Allowing regular breaks to engage in games like pool, table tennis and carrom.
Spot recognition and experience-based offerings
Allowing gifting of leaves to colleagues or donate reward points to social causes through the 'Individual Social Responsibility' programs
A 'Right to Nap' initiative under which every employee's calendar is blocked for 30 minutes every day
A ‘No meeting’ hour given every day to employees, whether working from home or office
HRPI Outlook: We feel that HR teams need to review their R&R programs in 2023 to include more skill-based pay, niche skill bonus, and one-time specific bonus payouts to counter talent attraction/retention issues. Also, they need to look at providing a rich employee value proposition, long-term career growth through better quality of work, frequent role rotations and succession planning for business-critical roles. Annual recognitions now are a thing of the past. In 2023, it appears that organizations are gearing up for efficient cost management, an evolving workforce that values welfare and wellness, and a competitive talent landscape. HR Policy India being well aware of these trends has organized a panel discussion on ‘Managing Employee Expectations in a Rapidly Changing World’, on 8th Feb.
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