Employers of Choice

These are interesting times as far as the employer-employee equation is concerned. The Covid-19 pandemic—and the consequent changes it has brought about at the workplace— has led to new models being adopted, such as remote and hybrid working. Equally, a new-generation workforce across sectors has become more demanding and aspirational, and expects much more from its employers. This often leads to shorter tenures and higher attrition, where employees quit jobs because they either want a higher salary, better growth prospects or a greater opportunity to learn more on the job. On the other hand, employers are getting used to newer forms of employment like gig working, contractual staff or consultants. All this requires an overhaul of how companies view their workforce, and people managers across sectors are bracing for an entirely new reality on the ground.

This year’s Business Today-Taggd Best Companies to Work For in India listing comes against this major shift in the corporate landscape. Companies on the much-awaited listing, despite the various sectors they represent, have a few things in common. All of them believe that diversity, inclusion and overall people-centricity are key to achieving the best results for the company. Companies that care for their employees, invest in their learning, upskilling and general well-being, and are embracing of diversity, are the employers of choice in today’s times. Take, for instance, this year’s No. 1 company on the list, Tata Consultancy Services. It has made deep investments in reskilling employees and focusses on creating an inclusive and diverse workforce. It has more than 200,000 women in its ranks, has LGBTQ+-friendly policies, and a programme to help women professionals rejoin the workforce. Accenture in India, second on the list this year, has a programme to build a skilled talent pool of transgender employees and has a platform to enable employees to build personalised career journeys. All these efforts aren’t just goodto-do things anymore. Companies must focus on these, and a lot more, to be employers of choice for the workforce of today.

Even as these far-reaching changes are sweeping the workplace, the jobs scenario in India paints an interesting picture, as the opening essay by Vidya S. and Aakanksha Chaturvedi shows. While global recessionary fears have hit export-oriented sectors such as IT/ITeS, the growth prospects of the Indian economy are making sectors dependent on the domestic economy bullish. So, despite the worrying signs in global markets, hiring activity in December was up more than 4 per cent compared to a year ago. On the other hand, while voluntary attrition rose to 17.5 per cent at the end of 2022 compared to 15.7 per cent in 2021, there was a slew of layoffs by the start-ups and IT/ITeS sectors in 2022, which were clamouring for talent for the better part of 2021, offering huge salaries and massive joining bonuses. The key takeaway, however, remains simple: employees, employers and people managers must adjust to a new reality. The workplace has changed. Irrevocably.