STRIKE THE RIGHT BALANCE

Key factors that make a company an ideal place to work

the job landscape  has witnessed two seminal moments—mass layoffs and the Great Resignation—in the past two years that have changed the way employees’ perceive their jobs. While India weathered both relatively well, uncertainty about jobs soared. The mass layoffs took a psychological toll on the workforce, making them rethink their expectations from a job. A pattern that emerged is that employees no longer want to be treated as mere resources. They want greater visibility into their future at the workplace, better job security, a more balanced work-life equation, and to be treated as a part of the firm.

For more than two decades, Taggd, in association with Business Today, conducts an annual survey to understand employee aspirations and what they expect from an ideal workplace, and use these insights to prepare the list of the Best Companies to Work For. The survey acknowledges the best companies for their proactive employee well-being practices, and provides insights to India Inc. about what policies make companies ideal places to work.

STABILITY THE WAY TO GO

Job-hopping as a macro phenomenon has run its course. Employees are cognizant that frequent job changes are not ideal for their all-round growth. Job stability and security, not considered seriously to evaluate firms until two years ago, have become prime factors to evaluate firms in 2023. The need for stability has shot up so much that the absence of job stability and security is one of the top five reasons for attrition among Indian employees.

BEYOND COMPENSATION

The weight of the pay cheque has conventionally been the biggest factor to evaluate firms and pick jobs. But present day employees want to pursue work that enhances their learning curve and helps in overall professional development. The pay cheque gets 20 per cent weightage, while flexibility to choose work assignments is at 30 per cent and growth opportunities at the firm is at 22 per cent.

GROWTH AND LEARNING OPPORTUNITIES

The ability to offer growth and learning opportunities is what distinguishes the best companies from the rest.

Those with ample growth prospects, well-curated learning programmes and upskilling support opportunities, experience better employee engagement, happier employees, and have better retention rates.

WORK-LIFE BALANCE

Companies can no longer disregard the need to introduce measures to ensure work-life balance. Apart from ensuring that work does not spill over outside office hours, companies must create a workplace environment that emphasises employee wellness. According to a 2023 Gartner report, 82 per cent of employees want their companies to value them as persons and not mere employees, but only 45 per cent feel that their companies actually do so. Creating a positive office environment that promotes diversity and inclusion, spurs innovation, and encourages productivity, should be the target for all HR leaders.

NEW WAYS OF WORKING

In recent years, India Inc. has seen that work can be efficiently done in ways that were previously unconventional, such as work-from-home or hybrid mode. While these ways are now common, in the coming times companies should be prepared to engage employees with terms that might not be so popular until now. For instance, industries like media, entertainment and hospitality are experiencing employees engaging in moonlighting. While such practices seem outright unethical at the beginning, it’s not the case. What it actually hints at is how the future of the job landscape will shape in the coming years. People with multiple skill sets may choose to undertake two different vocations to augment their income. Is that wrong, and are your business interests in any way getting affected by such behaviour? Some food for thought.

As companies set higher growth targets, it is vital for business leaders to keep their workforce happy and motivated. Companies can leverage these insights to tune their policies with employees’ evolving aspirations and ensure a conducive and fulfilling workplace.