Leveraging Your Secret Weapon: Using HR Tech to Combat the Great Resignation in India
India is witnessing a high degree of churn in the organized sector, especially in the IT industry. After a few stagnant quarters in 2020, in 2021 we saw the job market opening up again, a trend that has held steady in 2022. This increased demand for skilled manpower has led to the phenomenon of rapid job hopping by employees for ‘better prospects’with 82% of workers considering a job change not just for better prospects financially, but for a better quality of life, often in other sectors or industries. This is the Indian version of the ‘Great Resignation’, which has also been dubbed the ‘Great Reshuffle’.
Organizations have to consider that for everyone person leaving right now, there are several waiting in the wings, considering that very same decision. However, it is possible to retain employees who are undecided and bring them back into the fold. How do you do that? In this era of technology, the answer would always have two elements to it: great policies aligned with great tech.
How HR Tech Can Help Increase Employee Engagement & Retention
There’s an all out war to retain valuable talent right now and companies need to focus on exactly what employees need from their organizations in this time of change and uncertainty. Here are seven ways to reverse the phenomenon of the Great Resignation:
1.Get To Know Your Employees Better: Deploy effective survey and employee satisfaction technologies that use AI and machine learning to provide insights into employee sentiments. You receive actionable insights through analytics about an individual as well as a group.
You can craft an engagement and retention program for departments, teams and specific workers, which can be as targeted and hyper personalized as your strategy warrants. You can also intervene in the exact employee moments that matter to shift the balance of employee loyalty your way.
2.Offer Competitive Compensation & On-Demand Pay:Compensation management software, when deployed along with on-demand pay tools, could be the game changer in a job market where pay is a crucial deciding factor in employees looking for other opportunities. This would enable you to make sure you’re paying employees competitively, while also providing them with the flexibility to access their pay as they need, over the month.
3.Make Employees Feel Seen, Cared For & Appreciated: Culturally, India has a lot of catching up to do with the West, in building a culture of workplace appreciation. This can be remedied by deploying a good rewards and recognition software in combination with a modern performance management system (PMS) that provides realtime assessment through regular check-ins and 360-degree feedback.. Offer Competitive Compensation & On-Demand Pay: Compensation management software, when deployed along with on-demand pay tools, could be the game changer in a job market where pay is a crucial deciding factor in employees looking for other opportunities. This would enable you to make sure you’re paying employees competitively, while also providing them with the flexibility to access their pay as they need, over the month.
4.Enable Increased Agency & Ownership: As India is breaking out of the traditional ways of thinking, employees are no longer comfortable with a top down hierarchical approach to being managed. The HR tech suites on the cutting edge enable the democratization of the HR function by allowing more decision making powers to be transferred to the periphery of an organization to line managers or even individual contributors.
5.Offer A Seamless Remote Working Environment: One of the factors driving resignations is that a significant proportion of employees do not wish to go back to an office driven work life. They seek better worklife balance, they appreciate the lack of a commute, and they like the autonomy and freedom of working from home. A good HR tech suite can help ensure ease in remote working with mobile apps, intuitive interface, seamless integrations, single sign on for all applications, an integrated chatbot, etc.
6.Offer Tailored Learning & Upskilling Opportunities: There is an immense appetite to learn and grow in the working population of India. Tap into this voracious need with a robust learning management system (LMS). Your HR tech suite should be configured to tell you what skills exist in the system and what the skill gaps are. In tandem with healthy training and upskilling opportunities, offer employees the chance to leverage these skills into further mobility within the company through the mechanism of a talent marketplace, fuelled by HR software.
7. Help With Physical & Mental Health For Self And Family: The pandemic has brought the importance of physical and mental health into sharp focus. There is a lot that HR tech can do to help safeguard your employees’ health. The first step is to offer policies and programs that support holistic health management and are easily accessible online. Then comes the process of making a good employee well being tool or a set of tools available and accessible, to enhance and maintain mental, physical and spiritual health.
Taking these steps will help forge a deeper bond between an organization and an employee. Look for HR technology platforms that provide end-to-end solutions that can help HR teams manage an employee through their entire lifecycle in the company. You ideal HRMS solution would also need to be flexible enough to allow smooth integration with other HR tools, so your various HR needs are always met, and your employees have the best possible experience in your organization for a long time to come.
Organizations have to consider that for everyone person leaving right now, there are several waiting in the wings, considering that very same decision. However, it is possible to retain employees who are undecided and bring them back into the fold. How do you do that? In this era of technology, the answer would always have two elements to it: great policies aligned with great tech.
How HR Tech Can Help Increase Employee Engagement & Retention
There’s an all out war to retain valuable talent right now and companies need to focus on exactly what employees need from their organizations in this time of change and uncertainty. Here are seven ways to reverse the phenomenon of the Great Resignation:
1.Get To Know Your Employees Better: Deploy effective survey and employee satisfaction technologies that use AI and machine learning to provide insights into employee sentiments. You receive actionable insights through analytics about an individual as well as a group.
You can craft an engagement and retention program for departments, teams and specific workers, which can be as targeted and hyper personalized as your strategy warrants. You can also intervene in the exact employee moments that matter to shift the balance of employee loyalty your way.
As india is breaking out of the traditional ways of thinking, employees are no longer comfortable with a top-down hierarchical approach to being managed
2.Offer Competitive Compensation & On-Demand Pay:Compensation management software, when deployed along with on-demand pay tools, could be the game changer in a job market where pay is a crucial deciding factor in employees looking for other opportunities. This would enable you to make sure you’re paying employees competitively, while also providing them with the flexibility to access their pay as they need, over the month.
3.Make Employees Feel Seen, Cared For & Appreciated: Culturally, India has a lot of catching up to do with the West, in building a culture of workplace appreciation. This can be remedied by deploying a good rewards and recognition software in combination with a modern performance management system (PMS) that provides realtime assessment through regular check-ins and 360-degree feedback.. Offer Competitive Compensation & On-Demand Pay: Compensation management software, when deployed along with on-demand pay tools, could be the game changer in a job market where pay is a crucial deciding factor in employees looking for other opportunities. This would enable you to make sure you’re paying employees competitively, while also providing them with the flexibility to access their pay as they need, over the month.
4.Enable Increased Agency & Ownership: As India is breaking out of the traditional ways of thinking, employees are no longer comfortable with a top down hierarchical approach to being managed. The HR tech suites on the cutting edge enable the democratization of the HR function by allowing more decision making powers to be transferred to the periphery of an organization to line managers or even individual contributors.
5.Offer A Seamless Remote Working Environment: One of the factors driving resignations is that a significant proportion of employees do not wish to go back to an office driven work life. They seek better worklife balance, they appreciate the lack of a commute, and they like the autonomy and freedom of working from home. A good HR tech suite can help ensure ease in remote working with mobile apps, intuitive interface, seamless integrations, single sign on for all applications, an integrated chatbot, etc.
6.Offer Tailored Learning & Upskilling Opportunities: There is an immense appetite to learn and grow in the working population of India. Tap into this voracious need with a robust learning management system (LMS). Your HR tech suite should be configured to tell you what skills exist in the system and what the skill gaps are. In tandem with healthy training and upskilling opportunities, offer employees the chance to leverage these skills into further mobility within the company through the mechanism of a talent marketplace, fuelled by HR software.
7. Help With Physical & Mental Health For Self And Family: The pandemic has brought the importance of physical and mental health into sharp focus. There is a lot that HR tech can do to help safeguard your employees’ health. The first step is to offer policies and programs that support holistic health management and are easily accessible online. Then comes the process of making a good employee well being tool or a set of tools available and accessible, to enhance and maintain mental, physical and spiritual health.
Taking these steps will help forge a deeper bond between an organization and an employee. Look for HR technology platforms that provide end-to-end solutions that can help HR teams manage an employee through their entire lifecycle in the company. You ideal HRMS solution would also need to be flexible enough to allow smooth integration with other HR tools, so your various HR needs are always met, and your employees have the best possible experience in your organization for a long time to come.
