The success of any organisation lies in its ability to provide a positive employee experience. A study has shown that companies with engaged employees outperform others by 202%!
But what are the HR strategies and practices needed to create a culture of engagement, satisfaction and productivity?
Discover the game-changing HR strategies and practices recommended by Ashutosh Srivastava, Head of India Human Resources, CLSA. Here are the excerpts from this exclusive Parichay Webinar Series.
Employee experience has become even more important post-pandemic as employees' priorities have changed. Surveys show that employees believe that the most important thing about an organisation is the employee experience it offers. Customised initiatives aligned with their needs and experiences are necessary, as one size does not fit all. Flexibility in compensation is also becoming more important.
Organisations often fall short of providing sufficient opportunities for employees to share their thoughts and feedback. As a result, employees feel disengaged and undervalued. It is essential to establish visible channels where employees have the freedom to speak and share their perspectives.
Many organisations often fail to follow through on employee feedback. This leads to anxiety and distrust among employees. Hence it is crucial to have clear intentions and be prepared to act on feedback.
These organisations may also lack transparency and trust. Direct communication from leaders is vital in improving transparency and trust. Leaders should encourage employees to have faith in the system and foster a more transparent and trustworthy environment.
HR departments should focus on culture building, driving meritocracy and professional development for employees to contribute to better employee engagement.
A culture of trust and transparency is crucial in building a robust employer-employee relationship and fostering teamwork.
HR should ensure a fair assessment system and provide more platforms for reward and recognition to motivate and engage employees.
HR leaders should focus on employee development and well-being to improve employee performance in 2023. They should emphasise meritocracy and transparency in the organisation to create virtual but real participation. It is important to reward responsibility and ensure a fair assessment system to gauge employee performance accurately.
The challenges in implementing employee engagement initiatives are threefold.
Firstly, it's difficult to measure the tangible benefits of employee development and culture-building initiatives, making it challenging to justify the associated costs.
Secondly, with the shift in the mindset of the workforce, change management is required to implement new initiatives effectively. Lastly, the increasing diversity of the workforce creates a bigger challenge for middle and senior management to vet the initiatives as they belong to a different generation.
All organisations don't provide enough opportunities for employees to share feedback.
Even when they do, they often fail to deliver on promises, creating distrust. Transparent communication from leaders is essential to build trust and a transparent environment. HR leaders in 2023 should focus on employee development and well-being, meritocracy and inclusivity. Challenges in implementing employee engagement initiatives include mindset change, diversity and cost. Organisational leaders can help overcome these challenges by being approachable, communicating more, asking the right questions and practising what they preach.
L&D initiatives are essential for employee development and growth. It helps create a culture of constant learning in the organisation. The attention span of employees has reduced, so traditional learning programs don't appeal to them. Bite-sized learning and gamification can help in employee engagement.
Diversity and inclusivity are crucial for creating a strong work culture. It goes beyond gender diversity and includes cross-generational and cross-cultural diversity. Respecting and including diverse thoughts and ideas is crucial. A diverse work culture can improve employee experience and create a more positive work environment.
In 2023, HR leaders can analyse employee performance using tailored HR tools that match the organisation's requirements.
The most effective technology provider is one that prioritises flexibility rather than popularity.
Open-source tools can enable the creation of a predictive attrition model that can identify areas for improvement and enhance engagement. These tools can also identify at-risk employees and factors that cause attrition.
Therefore, selecting the right tools for the exact requirements has become the need of the hour.
Watch the recording of the entire webinar