Attracting & retaining talent...

Companies have expectations from their employees. Everyone knows that. But, what about employees? In post-covid era, expectations from the employees are also soaring high which makes it difficult to #ATTRACT as well as #RETAIN talent.

Firstly, let’s look at some of the benefits that attract an employee to a potential employer.

1. Flexibility – Let’s say, you are supposed to drop your child at school in the morning or pick-up from day-care early in the afternoon. Does your company consider these chores as part of a normal adult life? Companies have started providing employees with flexible hours, different shift timings to choose from and part-time work options. Part-time work is especially useful for new mothers who would want to get back on track but cannot work full-time.
2. Hybrid work – Hybrid work arrangements are gaining popularity after Covid. With hybrid work, unnecessary work commute is reduced to some extent and employees can complete their work more effectively and efficiently from the comforts of their home.
3. Professional memberships – Companies are offering to pay professional fees of institutions where employees are members. It’s a win-win situation where employees can up-skill or network better and the companies are also reaping benefits in terms of well-trained employees and business leads.
4. Study assistance – Studying when coupled with a full-time work is always hectic. To cope up with such situations, companies are coming up with strategies like paid study leaves, sponsoring certifications and the like.
5. Knowledge – From helping to perform day-to-day work to upgrading knowledge in the long-term, companies are providing employees with access to various platforms such as online libraries, knowledge banks, and other repository of reference materials.
6. Health – Nowadays, there are very conscious efforts from companies to ensure that their employees are healthy and stress-free. For this, companies are coming up with access to gym facilities at work or paying for gym memberships, yoga sessions, free health checkups and vaccinations.
7. Time away from work – Companies are introducing the concept of long service leave i.e., employees who are with the company for more than (say) five years get additional leaves over and above the normal annual leave period.
8. Purchasing annual leave – In addition, companies are also giving tenured employees with an option to purchase annual leaves in excess of what they can normally avail. Off course, this comes with added responsibilities of work planning, availability of other resources and the like.
9. Diversity – Nowadays, companies are increasingly respecting gender differences and being more inclusive. Many global companies have announced menstrual leaves, extended maternity leaves, paternal leaves etc.
10. Corporate social responsibility – Employees are keen on corporate social initiatives taken by companies i.e., how the companies are contributing to the community and society that we live in.
11. Other benefits – At reasonable rates, companies are providing employees with leasing options for cars, mobile plans for business circle calling as well as return air tickets to home countries.

Now, let's look at some of the benefits that make employees stay with an organization for long-term.

1. Onboarding and training – A well-structured onboarding programme often creates the first impression of a company in the minds of a new employee. Regardless of how experienced an employee is, he/she would still want a corporate induction (departments, service lines, key persons, etc.), facilities induction (what and where various facilities are located) as well as policies and procedures (overall company policies and procedures as well as for the specific department for which the employee is hired).
2. Governance framework – The importance of having a well-defined governance framework (Policies and Procedures, Delegation of Authority (DOA) matrix, etc.) cannot be stressed enough. The framework brings clarity and consistency, always helps with training new employees, and for continued guidance and reference.
3. Respecting boundaries – Respecting the boundaries of work is always lauded by employees. Employees do not want to be contacted after work hours or on public holidays and weekends to do ad-hoc tasks. It also contributes to having a better work-life balance for the employees.
4. Transparent and unbiased performance appraisal system – Clearly defined job descriptions, setting and communicating goals and Key Performance Indicators (KPIs) pave way to an unbiased performance appraisal. Periodically assessing performance against the goals gives employees a sense of direction and belonging towards the company and its vision.
5. Progression and promotion path – If nothing material comes of periodic performance assessments, then it’s of no use to the employees. An employee should be clearly communicated about his/her career path within the company.
6. Bonus – While considering bonus payouts, it is important to include every employee who is contributing towards profitability and not just the top management. These days, companies are paying employees with a bonus which is tied to their performance.
7. Rewards and Recognitions – Regarding rewards and recognitions, it's not just the monetary benefits that count, but also a 'pat on the back' of deserving employees. Companies that created a culture of appreciating their employees have less employee turnover and better productivity.
8. Social and fun activities?– Organizing events where employees can interact with each other outside of their work and share topics of personal interests can positively impact work relationships and culture.

These are some of the benefits / factors that I felt are valuable in attracting and retaining talent based on my experience of doing #internalaudits as well as interacting with employees of various companies. The emphasis is really shifting from 'a job that pays bills' to 'a career that is fulfilling in all respects'. It is really time for the companies to take cue from 'unspoken words' in exit interviews.