IIM ROHTAK H U M A N E - R CLUB P re s e n ts
H R BULLETIN VOLUME 70
humane.r@iimrohtak.ac.in
H U M A N E - R | V O L U M E 70
HR BULLETIN
Rewards vs Culture: What’s the preference of Indian Millennials & GenZ? While compensation can help individuals afford the lifestyle they need for a fulfilled life, the marginal utility of money stops after a certain level. According to Maslow’s hierarchy of needs, wages are a part of the ‘deficiency’ demands of an individual. This means that compensation serves as a measure of security, and individuals will feel unfulfilled in their need for safety until they have it. Rewards & bonuses, on the other hand, serve to fulfil the needs for self-esteem. While compensation can help individuals afford the lifestyle they need for a fulfilled life, the marginal utility of money stops after a certain level. For young employees today, monetary rewards in terms of salary hikes and bonuses are strong motivators. However, they also want a supportive and positive workplace, employee engagement, and empowering organizational culture. So, what does the young working generation value more?
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H U M A N E - R | V O L U M E 70
Monetary v/s non-monetary benefits Given the impact of the recent pandemic, Gen Z is most likely to value money over other considerations as they step into entry-level jobs, a sentiment that is closely aligned to older generations. However, while compensation is a primary consideration, it is not the only criteria young employees look for in employers. After compensation, the next questions employees ask today are about employee engagement, morale, flexibility, and work atmosphere conducive to productivity. Most employees, especially those with experience, take a long-term perspective of their career growth and realise the strong interconnectedness between a nurturing workplace, professional growth, and higher compensation in the long run. They understand that learning and growth is not just a function of experiences and skills, but also how much exposure they will receive at work. In fact, a global Gallup poll found that employees rank ‘caring about employee well-being’ as one of their top three criteria, across workforce generations. Diversity and inclusion, equity, and ethical corporate behaviour are important to people - they want a good job, and a life well-lived. Expectations of the workforce across APAC region Workforce diversity in particular is gaining recognition across the globe for the growth benefits it provides. A diverse workforce often leads to improved creativity and the creation of better products and services that lead to an improved customer experience. The thought of working with people from different backgrounds sounds appealing to incumbents because it affords a greater number of perspectives and ultimately, greater team and organisational success. Another key factor that determines the satisfaction quotient of employees in an organisation is the work environment which although it is an intangible incentive but is extremely crucial to consider. According to the 2020 APAC Workforce Insights by Persolkelly, 57% of the responding workforce believes that a pleasant working environment is the top driver of happiness for them. However, the perks and benefits available to the employees also have to be factored in. According to the study, 69% of the respondents want benefits packages that are tailored to their individual needs. This describes that the employee needs and wants have evolved over years and the global pandemic has led to a paradigm shift in the number of employees seeking tangible and intangible benefits. Upskilling of employees for organisational growth In today’s fast-changing world, a major concern of employees is staying up-to-date in their industry and ensuring that their skills are not rendered obsolete. The current workforce is eager to expand knowledge for professional growth by upskilling themselves. It is widely accepted that in most fields – especially tech and data fields – people need to constantly upskill to stay on top of the game. Therefore, they look for organizations that are invested in upskilling their workforce. This not only ensures the implementation of best practices by focusing on the individual development of the employees but also develops a sense of belongingness to the organization. This line of thought is backed by the fact that a PWC study found that millennials in the APAC region are focused on personal as well as professional development. A common misconception among companies is that work-life balance and pay are the only two driving factors for workforce satisfaction. The truth is that the organisational culture has to have a clear focus on employee well-being, and this will reflect in all aspects – pay scale, rewards, flexibility, investment in employees, team culture, and others. Many factors - employee focussed culture, fair compensation, good leadership, etc. work in tandem to deliver the best possible employee experience – and that is exactly what the youth wants today. Cash incentives, as well as non-monetary incentives, can attract talent, promote motivation & increase productivity. However, employee focussed office culture will create loyalty and help to retain talent, engaging them in the way they want. It ensures that employees are not just happy at work, but they are willing to walk that extra mile to give their best shot at the office.
Read more at: https://www.peoplematters.in/article/benefits-andrewards/rewards-vs-culture-whats-the-preference-of-indian-millennials-genz31523
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H U M A N E - R | V O L U M E 70
3 tips to tackle last minute candidate dropouts Every worthy candidate has multiple suitors today, therefore a candidate dropout can happen at any moment. Companies must be clear and articulate on what value proposition is there for prospective employees. Essentially why does a candidate stand to benefit if he/she joins an organisation. One of the biggest challenges that companies are facing today is the high volume of Candidate dropouts. This has emerged as a common woe for talent acquisition and HR heads who are looking to quickly ramp up existing teams with the best available tech talent in the market. Every worthy candidate has multiple suitors today, therefore a candidate dropout can happen at any moment. Companies must be clear and articulate on what value proposition is there for prospective employees. Essentially why does a candidate stand to benefit if he/she joins an organisation. With hiring showing no signs of slowing down, Talent acquisition teams must find a way to tackle last minute Candidate Dropouts. Here are 3 tips to keep in mind1 Attractive Work Content Candidate Dropouts happen because another offer is perceived to be of higher value by the candidate in question. In most cases it has been noticed that this value is monetary. Competing on that dimension alone is neither feasible nor advisable or sustainable. One of the greatest pulls that any organisation can have is the work; superior work content excites all professionals. Good candidates look forward to interesting and challenging assignments…
Read more at: https://www.peoplematters.in/article/talent-acquisition/3-tips-totackle-last-minute-candidate-dropouts-31509
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H U M A N E - R | V O L U M E 70
Learning happens when there’s an ‘aha’ in learners’ minds: AVP - HR, Jindal Stainless, Dr. Rajeev Ranjan An efficient way of fast tracking learning is making the modules digitally savvy, shares Jindal Stainless’ AVP HR Dr. Rajeev Ranjan, in an interaction with People Matters.
The world is changing. Every minute, the new world of work reminds employees that learning is the new earning and for that, it’s important to find the right kind of solutions to learn. In that regard, it’s important to understand what kind of skills are needed to develop and from where the right of resources can be leveraged. In an interaction with People Matters, Jindal Stainless’ AVP HR Dr. Rajeev Ranjan shares some light on how to set up a learning culture in the organisation, delivering skill-development policies, keeping up with technological & learning advancements and more. Skill-building amid the continuing uncertainty comes with a lot of blockades. What are some of the challenges that you foresee in today’s environment? An organisation’s vigour for its people’s skill development is directly proportional to the level of commitment people hold for that organisation. An employee-centric set of policies that empower them to hone their skill set cements a culture that invites fearless idea-sharing and communication. Talking of uncertainties, a skilled workforce is exactly what an organisation can rely on to deliver results while swimming against the flow.
Read more at: https://www.peoplematters.in/article/trainingdevelopment/learning-happens-when-theres-an-aha-in-learners-minds-avp-hrjindal-stainless-dr-rajeev-ranjan-31504
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H U M A N E - R | V O L U M E 70
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Learntech to your rescue in an ambiguous world To empower the growth and career path for employees and to sync their skills with the emerging industry trends, leader sponsorship and investments in L&D play a crucial role. The disruptions in the wake of the COVID-19 pandemic have had a major impact on every aspect of an organisation from hiring strategies to work plans to investments in skill enhancement learning and training. In a world reeling from the after effects of a pandemic, it has become clear that organisations need to be able to understand the changes they need to make to transition to the new world of work quickly. In an exclusive webcast- People Matters L&D Conference 2021, Chief Product Officer, Simplilearn Americas Inc., Anand Narayanan and Vice HR APAC GDCoE at CGI, Ritesh Ranjan shared insights on the significance of learning and development and how it can never take a backseat. Big takeaways to create a resilient learning culture in an organisation Ranjan outlined a few crucial aspects including leader sponsorship, and investments in learning and development as a key differentiator. Organisations are putting much more emphasis on investments to man an empowering growth path for employees and the company. With the retention rates declining and considering the market position in these challenging times, L&D investments cater to a key part of the value proposition. Employers are effectively leveraging training, skill enhancement, and performance management to attract talent. The whole idea is basically persona driven, learning path driven rather than a discrete set of offerings that people themselves pick and learn. Some organisations might tag learning as a discretionary spend and tend to put it off in order to minimize costs. Organisations like CGI have doubled down on investments on learning, and grown by 33 percent over the last 18 months…
Read more at: https://www.peoplematters.in/article/technology/learntech-toyour-rescue-in-an-ambiguous-world-31486
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H U M A N E - R | V O L U M E 70
Are post pandemic work settings ideal for HR Nudge? It is really important for the HR leaders to manage the challenges that come up during this period. Introduction As vaccination rates go up, there is hope in the corridors of India Inc. - hopefully it will be back to business as usual very soon (Economic Times, 2021). As organizations prepare to resume operations -one key consideration will be that all employees should be fully vaccinated so that the office environment is least susceptible to the vagaries of the pandemic. While initially there was a dearth of vaccines, in present times the availability has not been a major issue for established organizations since tie ups (Times of India, 2021) with major hospital chains have managed to cater to the needs. However, conversations with few HR leaders pointed to a very different challenge for organizations. Ground Reality Debesh Bhattacharya (name changed due to request), who heads the Human Resources function for a large manufacturing organization outlines his challenge, “we have been conducting regular vaccination camps for the last few weeks-however the attendance in these camps were far from satisfactory. While some employees did manage to get slots on their own and would have got vaccinated themselves, there are still substantial numbers left to be covered-especially for our factory workers. What puzzles me is that we have been sending regular reminders with a choice of date and time slots using our official emails and using poster campaigns in factories as well - however still we are not getting the desired responses.”…
Read more at: https://www.peoplematters.in/article/strategic-hr/are-postpandemic-work-settings-ideal-for-hr-nudge-31532
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