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H U M A N E - R | V O L U M E 95
HR BULLETIN
Building future-ready wellness programs
In a series of Virtual Roundtable discussions curated by People Matters and MediBuddy, top HR leaders across different industries share their wellness agendas for 2022 and how they are aiming to create future-proof wellness programs. The employee wellness landscape has seen significant shifts in the last two years. With the global pandemic transforming health and wellness priorities, HR leaders across industries are witnessing greater demand for on-time wellness programs and initiatives. In addition, a recent report by Deloitte notes how the call for equitable access to holistic wellness programs has intensified in the past year. Thus, companies can no longer consider wellness as a 'good-to-have' component of their benefits but rather a 'musthave' one. While the pandemic accelerated the need for robust wellness programs, we take a look at some of the wellness priorities for HR leaders in 2022.
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Care is the new currency A discussion led by Dr Vineet Sikka, VP Corporate Growth & Success MediBuddy, explored how tech platforms are becoming a crucial component of how organizations want to develop their wellness program this year. 'Health-tech platforms have become the next big thing that companies demand today,' noted Vineet. 'And this is not without due cause. Not only does it help companies address the problems of today, but it also prepares them to face future challenges better. Explaining how the correct use of digital tools can help companies address many gaps in their wellness program, he explained how the "current healthcare ecosystem is fraught with challenges. Tier 2 &3 cities face a lack of access to a lack of centralized medical history which helps with the proper diagnosis, the entire healthcare experience is broken. Safety preferences and convenience were some of the top requirements of a wellness program. They will remain core to how successful wellness programs are." HR leaders participating in the conversations also highlighted the need for healthcare analytics for better measurements and assessments when it comes to digital tools. Different well-being services should talk to each other, and for this, integrated platforms are necessary. Everything from health checks and consultations to lab tests, teleconsultations, and dental bookings must happen on one platform. Companies that can provide holistic services but in an integrated manner would see better results. Shalu Manan, VP of HR Transformation at Genpact, explained how it was necessary to link their wellness agenda to the overall business purpose for HR leaders. "To make wellness effective," she noted, "programs need to be with the right context. It's not just about awareness but also about showcasing the right impact and planning for the future. Care has to be authentic and central to formulating wellness programs." Others reflected how their agenda in the coming year is to enable their employees to deal with burnout. Many agreed that employees have to be at the center of the conversation to make wellness programs forward-looking and impactful. "We have to follow a strategy of different strokes for different folks to make wellness more impactful. But it should come from the folks," noted Rakesh Prasad, Director - HR at Indigo Expanding the ambit of wellness offerings Another primary focus for companies is to widen the scope of their wellness offerings. In other words, wellness programs must address physical healthcare needs while also tackling emotional, social, and financial well-being. Covid created a transition in the last few years to accelerate the digitalization of healthcare. Today, companies can provide real-time health and well-being options and expand the scope of such offerings. Where earlier, the focus was solely on physical health, today, companies aim to focus on other dimensions of wellness. Sharayu Narayanan, VP Corporate Growth & Success MediBuddy, noted that while wellness is slowly becoming the cornerstone of productivity, it can only be successfully implemented if holistic well-being needs are addressed. Especially with the rise of hybrid work. “Hybrid workplace is a reality," noted Anurag Bhatnagar, Senior VP & Business Head of MediBuddy. Explaining how "organizations require the right offerings that address employee concerns. Emotional well-being. You might be seeing positive physical health indicators among your employees," he said, "but if there isn't a focus on emotional well-being, your employees might soon begin to face burnout of emotional disconnect from work. Jyotsna Malhotra, Head of Employee Engagement, Culture, Diversity & Inclusion at TVS, reflected a similar sentiment in the discussion, noting that as "wellness offerings get more mature, emotional health becomes an important consideration. How we help our employees address mental health concerns is a critical component of we shape the wellness plan in the coming year." Personalization and raising employee participation A crucial part of raising engagement and participation levels across wellness programs is providing employees with the right set of well-being options. HR leaders highlighted how building engagement through your wellness products is a key priority moving ahead. With wellness becoming critical to bottom-line performance, many reflected on how to design the right program have to be considered. To build an impactful wellness program, it is imperative to have the right data and ways to use it to fine-tune programs. Many suggested using employee surveys, benchmarking studies, and best practices in your industry to create the right wellness program…
Read more at: https://www.peoplematters.in/article/wellness/building-futureready-wellness-programs-33843
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Finance, HR, and IT leaders reveal top barriers to digital transformation postpandemic Business leaders are prioritising data accessibility and employee experience to accelerate digital transformation progress to keep pace with the shifting business needs, according to a study. The digital acceleration gap is widening with 55% of senior business leaders surveyed in a study say their digital strategy is outpaced by business demands, according to a study. While finance, HR, and IT leaders recognise the importance of digital transformation, digital strategy is always or often outpaced by the demands of the business, finds the study conducted by enterprise cloud applications company Workday. As a result, the digital acceleration gap is widening, where business needs are changing faster than the technology, processes, and culture required to keep pace. “In response, leaders are adopting a more sustained approach to transformation by prioritising access to data and employee experience.” To help close the acceleration gap, business leaders across the three functions are focusing on unified data, employee experience and breaking down data silos to drive automation. “Digital transformation is no longer a choice – it’s necessary to keep pace in today’s changing world. Yet, as the study shows, there’s an acceleration gap organisations need to address to help ensure their digital journeys keep pace with the growing and evolving demands of their business,” said Pete Schlampp, chief strategy officer, Workday. More than half of finance leaders (51%) say that one of the most important elements to accelerating planning, execution, and analysis cycles is new technologies that can help integrate data between disparate systems and break down internal data silos. Yet, 61% say that technology that unifies financial, people, and operational data is their most pressing need, with 64% admitting that it takes weeks — or more — to get results at the end of a reporting period…
Read more at: https://www.peoplematters.in/article/strategic-hr/finance-hr-andit-leaders-reveal-top-barriers-to-digital-transformation-post-pandemic-33879
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H U M A N E - R | V O L U M E 95
New-age employee value propositions to attract talent With the right kind of EVPs, employers can standout in the marketplace to attract the best talent. The talent marketplace in India is teeming with untapped expertise. But how do you, as a business, ensure that your brand stands out to potential talent? And what can you do to attract and retain the best talent in your domain? The answer lies in new-age employee value propositions (EVPs). The right combination of rewards and benefits for performing well in their roles can be a compelling reason for the best individuals in the business to choose your company. A recent report by Gartner revealed that organizations with strong value propositions for their employees have the potential to increase the commitment of new hires by around 30%. Furthermore, these organisations could also reduce the annual employee turnover by nearly 70%. So, with the right EVPs, you can make your employer brand stand out in the marketplace. Here are some new-age employee value propositions that can help your organisation in this endeavour. Balanced work-life proposition Although work-life balance has always been on the priority list for most employees, it was a hard find before 2020. In fact, a pre-pandemic survey by Monster.com showed that nearly 60% of working Indians had an average to terrible work-life balance. However, in a post-COVID world, this proposition has earned greater prominence because of a noticeable shift in people’s priorities…
Read more at: https://www.peoplematters.in/article/strategic-hr/new-ageemployee-value-propositions-to-attract-talent-33825
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H U M A N E - R | V O L U M E 95
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recorded 38% hiring : AIndia gender bias may be Y-o-Y creeping intogrowth artificial NaukriWhat JobSpeak Report intelligence. role can men play? A steady hiring trend was observed across cities and experience bands along with some sectors registering a whopping triple-digit growth in Apr’22 vs last year. As employees are getting back to the offices and people are back on track, businesses have opened hiring for the positions that were left vacant as an effect of the pandemic. This has drawn a positive graph in the context of latest hiring index. According to Naukri JobSpeak Apr’22 Index, hiring activity in India recorded 38% Y-o-Y growth and the index stood at 2863 at the beginning of the new financial year. Travel & Hospitality and Retail It is known that travel & hospitality and retail sectors were hit the hardest by the pandemic registering extremely high rate of attrition throughout the pandemic period. However, as per the report, Travel & Hospitality (+169%) and Retail (+112%) witnessed a triple-digital Y-O-Y growth rate. The freshers band of 0-3 years saw the highest growth of 214% in Travel & Hospitality sector in Apr’22 vs Apr’21. Following a similar trend, the Education sector (+108%) also grew at a phenomenal pace indicating a strong demand for talent. Other sectors such as Real Estate (+89%), Insurance (+83%), and BFSI (+77%) registered a significant jump in hiring activity in comparison to the last year. Furthermore, industries like Auto/Auto Ancillary (+37%), Telecom/ISP (+36%), and FMCG (+34%) also observed a positive hiring growth…
Read more at: https://www.peoplematters.in/news/recruitment/india-recorded38-yo-y-hiring-growth-naukri-jobspeak-report-33907
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H U M A N E - R | V O L U M E 95
The Great Revival: What's in store for India's talent economy? Demystifying the notion of The Great Resignation requires a concerted effort among talent leaders to pinpoint their employees' struggles Where some might see a crisis looming in the form of The Great Resignation, others see a massive opportunity to acquire great talent. This is the story of the top employers of India – a story of resilience after a period of challenges from the pandemic; of recovery backed by an intelligent talent acquisition, retention and development strategy. Beyond eye-catching headlines of workers quitting en masse, in regions like North America and parts of Europe, there are underlying factors to the high levels of churn which are often ignored. These factors could help employers uncover why some workers are heading for the exit – and what their organizations can do to keep great talent before it's too late. For example, one study from Qualtrics showed that, while 85% of workers in India feel engaged at work, two in five are also purportedly exploring new opportunities elsewhere. Demystifying the notion of The Great Resignation requires a concerted effort among talent leaders to pinpoint their employees' struggles; and, with that, understand how a period of tumult, such as the COVID pandemic, is now prompting even the best and the brightest to rethink the meaning of their career. It's for this very reason that Indeed and People Matters partnered in launching the inaugural Recruitment Outlook 2022, an annual report that asks the questions that matter to HR and talent leaders. The report examines the trends that shaped hiring efforts in the previous 12 months and how companies are revitalizing efforts in the year ahead…
Read more at: https://www.peoplematters.in/article/recruitment/the-greatrevival-whats-in-store-for-indias-talent-economy-33889
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