What companies of the future must do vis a vis employees
A new paradigm for tech-based companies, and in particular companies of the future, is to build scalable and sustainable talent acquisition, development and retention programs.
A new paradigm for tech-based companies, and in particular companies of the future, is to build scalable and sustainable talent acquisition, development and retention programs. As easy as it sounds, keeping employees content and happy while striking a balance with the organisation’s interests is a cumbersome task.
As per the recent Glassdoor survey of 50,000 companies, 57% of the job seekers held benefits and perks as one of their top considerations when looking for a new job. Also, 80% of employees, as per the recent PayScale Survey, advocated added benefits and perks over a meagre wage increase.
Clearly, benefits and perks are important for attracting talent. With organisations competing to recruit top-most candidates, it is imperative to have a robust, comprehensive-rewards and recognition framework in place to achieve:
Offering an array of benefits to employees, where they have an option to choose benefits that suits them, results in increased loyalty and employees’ willingness to continue working.
Focus and productivity
Lack of focus and productivity due to employees’ divided attention to problems such as childcare, finances and parental health also impacts the performance of the organisation. Relieving employees of their stress by providing daycare facilities, comprehensive family health cover amongst others, organisations can help employees focus more on work.
Better benefits and perks are as important as a fat pay cheque to job seekers. As per a survey by a leading HR firm, 55% employees are likely to accept a job with a lower pay but better benefits & perks.
Employees are brand ambassadors for their organisations. A happy employee will always spread the positive word about their organisation, resulting in higher employee retention and a strong foundation for hiring new talent.
Providing benefits & perks helps the organisation inculcate the feeling of belongingness among their employees. Employees feel valued, their mental health improves and that leads to a cohesive work environment. At the same time, organisations must be cognizant about the needs and expectations of its employee and design benefits and perks accordingly.
Flexible work timings, work from home, fitness options and re-skilling employees are some of the mainstream benefits provided by organisations, giving more ownership and responsibility to the employees.
In addition to providing these benefits and perks, a ‘culture of innovation’ should be built right from hiring, staffing, performance evaluation to talent development. More than the adoption of emerging technologies, it is the application which is a differentiator defined by the employees in an organisation. The most essential pillar of this strategy is human capital. There should be a clear focus on creating a ‘technology first’ mindset in the organisation through:
1. Team-smart teams: Creating a ‘tech-smart’ workforce, companies should create a dedicated team of technology enthusiasts within the organisation to form the core of this technology revolution. It should include business and technology experts from the field of machine learning, AI, data sciences and stack development.
2. Revitalising current workforce: With technology now at the core of the organisation, organisations should focus on equipping more employees with future-ready skills helping them use technology as an enabler to improve the work environment.
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3. Technology as an enabler for employee engagement: As part of building greater technology salience within the workforce, companies should use future technologies as a key enabler for employee interactions and learning.
By: Deodutta Kurane
(The writer is group president, human capital management, YES Bank)
Source: DNA Money
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