HR Bulletin Volume 130

HR BULLETIN

Leading HR in the ‘Age of Uncertainty’:

LinkedIn’s latest research sheds light on critical HR strategies

LinkedIn’s latest research highlights how businesses in India are responding to economic uncertainty, and Linkedin’s Global Talent Trends Report surfaces the talent priorities that remain critical

As we step into what was to be the post-pandemic recovery period for businesses globally, recent news has pointed out otherwise From layoffs to hiring freezes to growing inflation, economic uncertainty seems far from over Many organisations and employers are bracing themselves for an economic downturn LinkedIn’s latest LinkedIn’s Global Talent Trends Report shows the hiring rate in India easing off 18% since this time last year, as we see a slower rate of economic growth across major economies globally The report also indicates candidates’ and employees’ confidence in improving their financial situation has declined by 9 points in India, a similar trend among 8 countries surveyed globally LinkedIn’s C-suite Research also highlights that employers share similar concerns as their employees, with 52% concerned about the financial pressures their employees will face as the cost of living rises.

These findings bring us back to the key lesson the pandemic has taught us: talent is your critical asset, and organisations should continue to prioritise skilling during a time they may be looking at cost-cutting business measures While the economic uncertainty may force companies to wind back progress on critical areas of working life from flexible work arrangements to skills development to employee well-being this is at odds with what employees want. An adaptive leadership approach, which prioritises maintaining workforce connection and trust, as well as taking a focus on skills in hiring and redeploying talent into growth areas will be crucial in navigating the uncertainty ahead.

LinkedIn’s Ashutosh Gupta, India Country Manager, said, “Investing in skills allows businesses to stay nimble amidst changing landscapes, disruption and uncertainty. For example, COVID taught us that businesses with the right talent and necessary skills to support the rapid digitalisation that was taking place managed to survive and thrive This is also reflected in our latest research, which shows that when companies hire for skills, they increase their talent pools by 12x A skills-first approach in today’s landscape therefore becomes critical as businesses actively seek high-impact talent that can champion innovation at the workplace ” Striking a balance between business decisions and employee wants

Crafting strategies for the business and your people at this point in time can get challenging LinkedIn’s latest Csuite research points out that while business leaders wind back on progress in various areas, from flexibility to upskilling to reduce costs, there is a growing disconnect between what professionals want and what employers are now offering, with the balance of power shifting back to employers as hiring slows.

Statistics reveal that 56% of leaders across India are reducing flexible and hybrid working roles, and 62% of business leaders prefer employees to work more frequently from the office. Additionally, 50% of businesses have already cut back on employee benefits. However, the flip side of this picture is that 79% of leaders continue to feel that hybrid working is here to stay for the longer term. 82% of them are also concerned that these cost-cutting measures might have a negative impact on employees

In fact, LinkedIn’s Global Talent Trends report shows that in India, candidates consider compensation and advancement their top priorities, followed by work-life balance They also increasingly want remote work, even as employers scale back on remote job postings With only 11 6% of job postings are remote in India, 20 4% of applications are being filed for remote jobs Moreover, career growth and transformation are important criteria for employee retention. In an uncertain business landscape, upskilling your workforce to keep pace with the evolving skill demand will remain critical from a talent as well as from a business lens. It will help meet the dual needs of talent retention and business growth. “Employees remain clear on their expectations from companies – they want work-life balance, flexible work arrangements, and learning and development opportunities that best work for them. Companies that offer the right mix of flexibility and learning opportunities will have greater chances of tapping into diverse talent pools and retaining key talent for longer tenures,” said Ruchee Anand, India's Senior Director for Talent & Learning solutions

Flexibility and Skilling is the key to Talent Management As the tussle between business-driven decision and employee demands continue in an uncertain economic environment, business leaders cannot afford to overlook flexible working arrangements and upskilling opportunities During challenging times, it is an organisation’s talent that propels them forward, and LinkedIn’s Csuite research does point out that offering flexible work options allows businesses to maintain productivity while scaling back on operating costs. Additionally, employee growth and transformation opportunities continue to be relevant. Even in India, business leaders believe that adopting new skills will be fundamental to navigating this uncertainty as the economic downturn causes skill gaps to widen. According to them, the top three skills would be creative thinking (45%), problem-solving (33%) and communication (31%). But this will vary across economies, grappling with the impact of the uncertain market according to their own unique circumstances

Why you need to rethink employee wellbeing in hybrid work age

A successful and flourishing organisation is one where demonstrating empathy and building resilience go hand-in-hand.

Over the last few years, organisations across the world were compelled to embrace radical changes and adopt practices that prioritise employee wellbeing. Empathy and kindness are not just niceties anymore, but essential to employee welfare. As we embrace a new era of work culture with flexible and hybrid models at the core, it will be extremely critical to build a robust and healthy workforce that is resilient and prepared for the challenges that the world is experiencing today, from economic turbulence to rapid climate change Workforce reductions and a conservative approach to growth are being seen across technology organisations and other sectors, again directly impacting an employee’s sense of security and outlook for the future

While the world may have snapped back into action in full swing, it is important to be mindful of the sensitive and incomprehensible times that human beings have navigated these past few years and its long term impact A successful and flourishing organisation is one where demonstrating empathy and building resilience go hand-inhand. HR teams play a key role in supporting leaders nurture a physically and psychologically safe and supportive work environment. Self care and wellness will become central to any organisation’s employment value proposition, through various business cycles. Education and avenues to further financial, spiritual, physical and mental wellness will help organisations build a resilient workforce for the future. Here are some important things to keep in mind to support employees readjust to the new age work culture…

Chaos in Crypto: Top companies announcing layoffs in 2023

Plunging deposits, layoffs, and lawsuits add to the turmoil of the crypto industry, which is still reeling from the market crash of 2022 and high-profile bankruptcies.

The crypto industry is facing a round of belt-tightening as the bear market enters its second year and major meltdowns continue to damage its outlook.

Leading companies such as Coinbase Global, Blockchain com, and Genesis have announced layoffs in the first two weeks of 2023, in addition to other firms such as Huobi exchange, crypto bank Silvergate Capital, and EtCoinbase announced a job cut of about 950 employees, or 20% of its workforce, on January 10 In a letter to employees, CEO Brian Armstrong acknowledged that the crypto industry could see further contagion and that "in hindsight," the company should have cut deeper last year

“ …I've made the difficult decision to reduce our operating expense (1) by about 25% Q/Q, which includes letting go of about 950 people (2). Brian wrote in a memo to its employees. Blockchain.com, a leading cryptocurrency brokerage, has dealt a devastating blow to its workforce with the announcement of a massive 28% reduction, amounting to 110 employees, as reported by CoinDesk. This news adds to the growing list of job cuts in the struggling crypto industry this year, following a similar reduction of 150 staff last year. Ethereum software company ConsenSys is reportedly laying off a significant number of its staff. The Ethereum studio based in New York City is planning to cut 100 or more employees from its current workforce of 900 The layoffs are said to be in the final stages, but the exact number is not yet confirmed

Employees will stay in cultures that make them feel valued, and not in cultures that make them feel used, says Harish Rajagopalan, Head, Talent and Culture at credit card payment platform CRED.

“Train people well enough so they can leave, treat them well enough so they don't want to” This quote by Virgin Group founder Richard Branson serves as a good reminder for organisations when they think about attrition and retention.

Employees are far from a homogeneous entity and organisations have diverse people density - spanning geographic, socio-economic, demographic, age, mindsets and many more factors. When organisations understand this, their outlook to retention, hiring and policies will also evolve. Harish Rajagopalan, Head, Talent, and Culture at credit card payment platform CRED, says there are different schools of thought when it comes to mechanisms to attract and retain employees. Many of these are geared towards improving employee experience at work. From offering perks like nap pods and an unlimited pantry, to improving internal review and growth practices through OKRs, talent reviews and assessments - how organisations cater to employee needs have changed over the years

“This is where the importance of a ‘people first’ culture comes in Great people and culture are the most foundational inputs in the value chain of any business It is imperative that we work backwards from the needs have chaIn an exclusive interview with People Matters, Rajagopalan shares top four effective employee attraction and retention strategies in startups from 2022 that will continue to influence in 2023.nged over the years.

In an exclusive interview with People Matters, Rajagopalan shares top four effective employee attraction and…

Amazon, Salesforce, Morgan Stanley Layoffs: Just the tip of the iceberg in 2023 job losses?

As the new year begins, the job market remains bleak with tech companies continuing to cut jobs, leaving workers to wonder when the struggles will come to an end, and the job market will see a resurgence.

The employment landscape remains bleak as the new year dawns, with the downturn of the past year showing no signs of abating.

The global economic malaise has unleashed a veritable deluge of job losses, as tech firms large and small have been forced to make harsh cutbacks. In 2022, nearly a thousand companies in the tech sector let go of more than 150,000 employees worldwide, with even industry titans likeAmazon, Microsoft, Meta, Twitter, and Intel feeling the pinch. Tragically, the new year has brought little respite, as the number of workers who have lost their livelihoods in the first week of 2023 has already surpassed 30,000 - a harrowing statistic that nearly doubles the total layoffs from the entirety of December 2022

Top companies driving the layoff race in 2023

As the new year begins, the job market's descent into turmoil persists, with industry titans like Amazon leading the charge in a brutal round of layoffs The e-commerce giant, helmed by Jeff Bezos, has announced plans to cut a staggering 18,000 roles, surpassing even the belt-tightening measures of rivals like Meta, that had previously announced plans to trim 11,000 jobs.

Data from Layoffs Tracker reveals that a staggering 30,611 individuals from 30 different companies have been unceremoniously let go in the first six days of January alone….