Greetings!
The focus of the present issue of Ekagra 8.0 is on employee retention and stabilizing the organization The age-old debate about the desirability of the employee turnover and its effect on the organization is still valid
In the present environment, there is a shortage of skilled and experienced workforce and the employees have multitude of choices. Such choices and the resultant mobility are not restricted to monetary compensation alone but may include several nonmonetary factors as well! Generational differences may also result in the younger generation valuing several non-monetary aspects of work and learning new skills. retention a challenge for organizations.
Opportunities for remote work, shifting expectations regarding work-life balance, learning of new skills, assessment of fit with the organizations, different organizational roles, culture of the organization, diversity and inclusiveness, personal branding, etc , are few of the factors making employee retention a challenge for organizations
The present issue explores many of these topics and analyzes the strategies the companies can follow to minimize the employee attrition by motivating them and creating a vibrant organization which provides opportunities for both personal and professional growth.
Wishing the best, Prof. Nagarajan Ramamoorthy
In today's dynamic business environment, where the War for Talent is fierce, talent retention has become the most critical challenge for organizations. To survive this aggressive war organizations have to constantly evolve themselves by addressing “retention” as not a standalone issue rather look for unique pathways by which this issue could be tackled It is not just about keeping turnover rates low; it's about fostering a culture where employees feel valued, engaged, and aligned with the organization's goals.
One of the fundamental strategies for avoiding any early aborts in the talent acquisition phase and even at matured stages of the talent lifecycle are creating and sustaining an inclusive workplace culture Employees are more likely to stay with an organization where they feel valued, recognized and belonged. This involves not only fair compensation and benefits but also creating an environment where diversity and inclusion are prioritized, and employees feel respected and valued for their unique perspectives.
Another key aspect is opportunities provided for career development and growth Employees today not just look for a mere paycheck but want to look for multiple avenues to grow and devlop their skills.
They are eager to know their career trajectories within the organizations and constantly evaluate to see how the organization provides multiple opportunities for career acceleration.
Organizations that invest in employee development through training programs, mentorship, and clear career pathways are more likely to retain their top talent. Providing opportunities for advancement and recognizing and rewarding achievements can significantly boost employee engagement and loyalty
Effective communication in today’s age has become the most critical component. The employee voice, which can be expressed through various social media platforms has become a more authentic source of information about a particular organization.
K A G R A 8 . 0
Hence, organizations are constantly working on their employer branding and maintaining communication that is open, clear, and consistent with organizational values to ensure trust Instant grievance handling mechanism with pulse feedback surveys, open house sessions and Town halls with senior leaders have become the norm in most organizations.
Today organizations also focus on worklife integration, which is a shift from the elusive work-life balance paradigm. Reprioritizing the rules of work itself, with more balancing avenues available for merging personal life and work Flexible work arrangements, mental health support, and encouraging time off is seen as helping employees avoid burnout. The organizations have realised that just the alluring paychecks will not be enough to hold on to the critical talent, the compensation structures, along with the benefits and rewards mechanisms have to be tethered back to the core mission of providing purposeful EVP.
Leaders that encourage, inspire, and assist their team members foster a positive work environment and have better buy-in and commitment from them towards critical goals. Authentic, empathetic and approachable leaders are pivotal in retaining employees. They create a vision that employees can rally around, fostering a sense of purpose and direction.
Ekagra 8.0 in its true essence, reasserts the fact that employee retention requires a multifaceted approach that addresses the diverse needs and aspirations of employees. The authors who have contributed to this edition are seasoned HR professionals, thought leaders and the B-school students themselves, who constantly struggle to master the art of talent retention and understand the broader nuances of crafting their own careers.
I would like to express my gratitude to the contributors, the editorial team, and the entire HRithvi Club for their dedication to this project. I hope this edition of our magazine provides valuable insights and practical strategies that you can implement in your organizations Let's continue to learn, grow, and lead the way in building workplaces where employees thrive.
Warm regards,
Prof. Vartika Dutta Faculty Mentor- HRithvi Club IIM Amritsar
01 SMOOTH LEADERSHIP TRANSITIONS: CURBING TOP MANAGEMENT TURNOVER
Sandeshsa Jaitapkar, CHRO Artha Group
02 FROM PAYCHECK TO PURPOSE: REWRITING THE RULES OF EMPLOYEE MOTIVATION
Trisha Gulati, VP HR Ajmal Perfumes 03 BOOK REVIEW : “FIRST, BREAK ALL THE RULES: WHAT THE WORLD'S GREATEST MANAGERS DO DIFFERENTLY”
Amit Chincholikar, GLOBAL CHRO
Yokohama Tire, Visting Faculty IIM Amritsar 04 CRAFTING A COMPELLING EMPLOYER IDENTITY: THE POWER OF BRANDING AND CULTURE IN REDUCING EMPLOYEE TURNOVER
TAILORING RETENTION STRATEGIES FOR A DIVERSE MULTIGENERATIONAL WORKFORCE
Anagha S Menon , VGSOM MBA Batch 23-25 IIT Kharagpur
08 HARNESSING DATA FOR PROACTIVE RETENTION: THE ALCHEMY OF PREDICTIVE ANALYTICS
Rishabh Sharma, MBAHR03 IIM Amritsar 09 INTERNSHIP EXPERIENCE (AJMAL PERFUMES)
Manvendra Singh Devatwal, MBAHR03 IIM Amritsar 10 INTERNSHIP EXPERIENCE (GAIL)
Raj Shekhar, MBAHR03 IIM Amritsar 11 INTERNSHIP EXPERIENCE (TATA MOTORS )
Sudhir Kumar, MBAHR03 IIM Amritsar
Abhishek Bharti , MBAO9 IIM Amritsar
Mithila Harish, EMBA03 IIM Amritsar 05 THE ROLE OF LEADERSHIP IN FOSTERING A CULTURE OF RETENTION
Farheen Kausar, Alumni Batch 22-24 IIM Amritsar
Leadership transitions are critical junctures in any organization’s lifecycle. The departure of top management often creates a ripple effect, impacting organizational stability, employee morale, and overall productivity
Therefore, structured onboarding and transition plans for new leaders are imperative. These plans ensure seamless integration, support retention, and align new leaders with company goals, fostering continuity and success. As Peter Drucker aptly said, “Management is doing things right; leadership is doing the right things.”
Structured onboarding is the bedrock of a smooth leadership transition
According to a study by the Harvard Business Review, companies with robust onboarding processes improve new hire retention by 82% and productivity by over 70% This is particularly crucial for leaders who must quickly understand the organizational culture, establish relationships, and begin making strategic decisions.
A well-structured onboarding process involves comprehensive orientation, introducing new leaders to the company’s mission, vision, values, and strategic goals. This helps in aligning their objectives with the broader organizational agenda
Clearly defined roles and responsibilities ensure that new leaders understand their scope of work, authority, and accountability, reducing ambiguity and potential conflicts Providing access to necessary tools, resources, and support systems enables new leaders to perform their duties effectively from the outset.
Transition plans are equally vital in curbing top management turnover. These plans serve as blueprints for the initial months of a new leader’s tenure, outlining critical milestones and expected outcomes.
Effective transition plans often include mentorship and coaching, assigning mentors or coaches to new leaders to facilitate knowledge transfer and offer guidance through the initial challenges
Scheduled meetings with key stakeholders help new leaders stay on track and receive timely feedback. Regular assessments of performance against predefined goals ensure that new leaders are progressing as expected and can adjust their strategies accordingly. The Center for Creative Leadership found that 40% of new executives fail within the first 18 months, primarily due to a lack of alignment and support.
Transition plans address these issues by providing a structured approach to acclimatization and performance monitoring By promoting early integration and providing essential support, structured onboarding and transition plans significantly enhance leader retention
A study by the Aberdeen Group revealed that companies with formal onboarding processes enjoy 50% greater new hire retention
Moreover, these plans foster alignment with company goals. New leaders who understand the strategic direction of the organization and their role within it are more likely to make decisions that advance those goals.
This alignment is crucial for ensuring that leadership changes do not disrupt the company’s trajectory. Furthermore, it is essential that leaders prioritize the organization’s best interests over personal emotions or biases. Effective leadership demands making decisions that benefit the business, even if they are challenging or unpopular This objectivity is vital for maintaining credibility and driving the company forward.
As John Quincy Adams said, “If your actions inspire others to dream more, learn more, do more and become more, you are a leader.” By investing in these processes, organizations can ensure that their leaders are not only doing things right but also doing the right things, thereby fostering a culture of excellence and continuity.
When onboarding new leaders, it is crucial to understand that the process goes beyond merely explaining procedures and imparting the necessary skills. New leaders must be prepared to embrace the organization’s unique leadership style. Every organization has a distinct approach to leading its teams, and new leaders often bring their own perspectives on what leadership means.
It is essential to smoothly integrate these perspectives with the organization’s established leadership philosophy. While it is important for new leaders to retain some of their personal style, they must also imbibe the organization’s way of leading to ensure a unified leadership team This means aligning their leadership approach with the company’s goals and values, even if their communication styles or methods differ.
The ultimate goal is for the leadership team to function as a cohesive unit, guided by the same objectives. To achieve this, regular check-ins with leaders are crucial to ensure they understand and embody the organization’s ethos. Providing reading materials, timely feedback, and closely observing their leadership style helps in maintaining alignment.
This meticulous approach ensures that leaders are not straying from the desired path and are effectively conveying the organization’s vision to their teams Leadership turnover can be destabilizing, often leading to a loss of institutional knowledge and disrupting team dynamics. Structured onboarding and transition plans mitigate these risks by ensuring that new leaders are wellprepared to take on their roles and responsibilities
This preparation fosters confidence among team members and maintains continuity. Ultimately, successful leadership transitions hinge on the
organization’s ability to support new leaders while keeping the business’s best interests at heart. Leaders must navigate the complexities of their roles with a clear, strategic focus, ensuring that personal emotions do not cloud their judgment.
By emphasizing structured onboarding and transition plans, organizations can achieve stability, reduce turnover, and promote long-term success In conclusion, smooth leadership transitions are essential for maintaining organizational stability and achieving long-term success. Structured onboarding and transition plans play a critical role in curbing top management turnover by promoting early integration, providing essential support, and aligning new leaders with company goals By investing in these processes, organizations can ensure that their leaders are well-equipped to navigate their roles effectively, make objective decisions, and drive the company towards sustained success
The war for talent is real!
In today's competitive landscape, a fat paycheck just isn't enough While competitive salaries remain crucial, but it's not the only love language spoken in today's job market. Top performers crave a workplace wonderland –something that goes beyond the cold hard cash. It's time to ditch the onesize-fits-all approach and craft compensation packages that make hearts sing and careers soar.
Think of it as building a dream team retention toolkit Here's your cheat sheet:
1. Level Up Like a Boss: Forget the dusty textbooks – learning is an adventure! Invest in people with programs that fuel their skills:
Tuition with a Twist: Reimburse fees for relevant courses, plus give them paid time off to actually attend! Don't just offer a generic program –curate a list of online and in-person courses aligned with industry trends and employee interests Partner with local universities or online learning platforms to offer exclusive discounts.
VICE PRESIDENT HR AJMAL PERFUMES
Micro-credential Mania: Help them snag in-demand skills with bitesized, industry-recognized certifications. Think of it as bitesized career boosters.
2. Work-Life Harmony: A Symphony of Success: Life isn't just about spreadsheets (although a killer one might impress the boss)
Wellness Warriors: Offer on-site fitness classes, stress-busting workshops, and subscriptions to awesome wellness apps. Think zen gardens and mindfulness meditations, not just gym memberships. Consider offering healthy meal options in the cafeteria or partnerships with local fitness studios for discounted memberships.
Flexible Fantastic: Empower your team with flexible schedules, remote work options, and compressed workweeks. Happy employees are productive employees, after all. Conduct surveys and team meetings to understand individual preferences and create flexible working models that suit different roles and responsibilities.
Unplug & Recharge Days: Institute company-wide "digital detox" days to encourage complete relaxation Think no emails, no deadlines, just pure rejuvenation. Encourage team leaders to schedule important meetings outside these designated days and promote a culture of respecting boundaries.
3. Meaningful Recognition & Appreciation: A simple "Thank you" is gold, but let's make recognition legendary:
Peer Power: Create a platform for employees to celebrate each other's wins. Create a virtual high-five board or a "shout-out" section in the company newsletter. Develop a system where employees can nominate colleagues for outstanding work, with recognition displayed publicly or privately depending on preference
Experiences over Envelopes: Skip the gift card rut! Offer unique experiences like concert tickets, weekend getaways, or even a private chef for a team lunch
Public Praise & Recognition: Feature employee contributions on social media, internal newsletters, or a "Wall of Fame." Let their achievements shine! Interview highperforming employees about their work and share their success stories to inspire others.
4. From Employee to Owner: Team Spirit on Steroids: Make your team feel like they're not just working for the company, but invested in its success:
Stock Options & Profit Sharing: Give them a piece of the pie with stock options or profit-sharing plans. Now they'll truly be rooting for the company's success. Ensure transparent communication about company performance and financial results so employees understand the impact of their work.
Idea Incubator: Create a platform for employees to submit and develop innovative ideas Initiate "Think Tanks" for brainstorming session, with the potential to see their ideas come to life.
Develop a clear process for submitting, evaluating, and implementing employee ideas Provide resources and mentorship to help employees refine and present their ideas.
Dragon's Den on Deck: Organize company-wide innovation contests where employees pitch their ideas to leadership and win funding. Let their creativity fuel the company's future Promote the contests across all departments and encourage participation from everyone, regardless of seniority.
5. Community Champions: Making a Difference Together: People crave purpose. Connect your company's mission to a larger cause:
Volunteer Time Off: Offer paid time off for employees to volunteer at their favorite charities. Let them use their skills for good
Skill-Based Volunteering: Match employee expertise with volunteer opportunities. Imagine a data whiz helping a non-profit with their website.
Charity Challenge Accepted: Organize fundraising events and team-building activities for worthy causes Make work and giving back go hand-in-hand.
Food for Thought:
Compensation is just one piece of the puzzle Focus on building a culture of open communication, trust, and a sense of belonging Invest in building strong relationships with the team, and actively listen to their needs and dreams
One of the most important things I personally and strongly believe in is that -The only reward is within you. You have to be so stimulated by the work itself that the consequence is not what excites you.
While the topic of employee reten always a challenging one, a cou aspects have shaped my think this interesting area. The b challenge that we do experienc often is what I like to call the “cha of excess” – what this means is t cite too many factors in the ret game which means that addressi very critical subject remains generic and lacks focus. The r that we examine and attrition ret (and attrition as well since the two sides of the same coin!) i organizational culture, leadership organization strategy, career g compensation, relevant be immediate manager, recog growth opportunities, intern exposure – this list is e Somewhat like going to a rest that offers you too many choi cuisines and too many dishes each cuisine that makes the final a complete nightmare!
In the spirit of equating employees with customers, I believe that what is the most important aspect of retention is the employee experience. We are all victims of our experiences and if you look back at what makes you frustrated and what makes you smile – it is likely the quality of experience that you had in a particular transaction that makes all the difference to how you view a brand, a product or a service. It’s the same with employees. And the single point of contact that can influence employee experience – and hence retention – is the MANAGER!
Clearly, there are some things that exceptional managers do differently that enable string retention and loyalty In that context, one book that has truly inspired me is called – “First, Break All the Rules: What the World's Greatest Managers Do Differently”. This interesting read, authored by Marcus Buckingham and Curt Coffman is a result of extensive research that was conducted by the Gallup Organization.
The insights in the book are based on feedback from nearly 80,000 managers across different industries and organizations worldwide which makes it extensive, relevant and a very engaging read. Replete with examples and stories, here are some of the key takeaways for me from reading this book:
Key Themes:
Establishing a baseline on engagement:
Employee engagement plays a key role in driving performance and retention. The introduction of Gallup's Q12 survey, which measures twelve key elements of engagement that are crucial for organizational success, is an example of establishing a metric-based baseline that enables good managers to take stock of where they need to begin. It is also a barometer for openness to receive employee feedback, which is a very important step in the employee retention journey.
Selecting the appropriate team members: Rather than focusing on moulding employees to fit a role, successful managers focus on hiring and promoting individuals who not only possess relevant skills but also show a great attitude at the workplace. They recognize the importance of selecting the right people to inspire and drive high performance and retention.
Focusing on strengths: Most managers focus on trying to just fix weaknesses they see in their teams. But great managers focus on leveraging and maximizing what their employees’ and their teams are good at.
Using the principle of n=1, they understand that everyone is unique and when pointed in the right direction that leverages their strengths, delivers outstanding both individual and organizational success. Getting well defined and well communicated expectations: Strong managers ensure that their team members understand what is expected from them and how their work matters to the organization Clear expectations help in aligning efforts with specific outcomes.
Maintain ongoing dialogue: Most managers tend to fail at giving timely and objective feedback. Great managers follow the concept of “tough love” – they give continuous feedback and recognition for achievements and also provide timely feedback for development and improvement Research shows this as a big factor for employee performance and retention.
Creating a positive work environment: Nothing works best like creating an environment where employees feel like giving their very best every single day. Strong and committed managers excel at creating an environment where employees feel valued, supported, and challenged They foster a culture of trust, open communication, and teamwork They provide flexibility and seek accountability all whilst engaging and developing their teams always. I loved this book because it challenges conventional wisdom about management practices and encourages managers to think out of the box to focus on building trust rather than demanding it. I particularly like its focus on practical strategies that can be implemented to improve employee engagement and retention
In today's dynamic job market, where skilled talent is a prized commodity, employee turnover represents a significant cost and a major roadblock to organizational success. Attracting top performers is just the first hurdle; retaining them requires a compelling employer identity that fosters loyalty and engagement Here's where the strategic power of employer branding and a thriving organizational culture come into play.
Forget flashy websites and catchy slogans. Employer branding is about crafting a comprehensive narrative that resonates with potential recruits. It's the story your organization tells the world about what it means to be part of your team. A robust employer brand attracts high-caliber individuals who share your aspirations and values. But the real power lies in its ability to retain talent. When employees feel a sense of pride and fulfilment in their daily work, they become invested in the organization's success and less likely to seek opportunities elsewhere
An organization's culture is its beating heart. It's the invisible force shaping daily interactions, behaviours, and the overall work environment Cultivating a purpose-driven culture is key to attracting and retaining talent in a world where employees seek more than just a paycheck. Sustainability initiatives, social impact programs, and a strong emphasis on work-life balance are all attractive elements to today's workforce. Think of employer branding as the promise you make to potential employees, while organizational culture is the reality, they experience every day. Aligning these two elements ensures a consistent and compelling narrative that keeps your team engaged and motivated.
This fosters a sense of belonging and a shared commitment to achieving the organization's goals.
The modern workplace extends beyond the traditional full-time employee model Equitable workload distribution and access to career growth opportunities are crucial for fostering a sense of fairness and satisfaction among all employees, regardless of their employment type
When contract workers feel valued and invested in, they're more likely to deliver exceptional results and contribute to a positive work environment.
For contract workers who often perform tasks similar to full-time employees, ensuring fair compensation is essential. Regularly analysing and increasing minimum wages demonstrates your organization's commitment to a sustainable workforce strategy. However, India faces the challenge of significant discrepancies in minimum wage across different states
Adapting to a Changing Landscape: Flexibility and Enlightened Insight
The augury by Gartner underlines the agility and employee-centricity of workplace policies. Armed with arcane predictive analytics insights, an organization is empowered to pioneer the creation of adaptive and supportive environments catering to evolving desires Equipped with such predictive visions, businesses will not only steer clear of disaster but also show new vistas of growth and prosperity in the shifting sands of the modern work world
In a nutshell, predictive analytics is the employee retention revolutionary force that can enable the organization to foretell any potential attrition risks and proactively address them with the exactness of a master alchemist. An organization can get an involved, motivated, and loyal workforce by mining deeply into the big data of its workforce and coming up with welltailored strategies to retain them, assuring triumphant success in the qualmy business landscape of 2024 and beyond
In today’s fast-paced business environment, retaining employees is more than just about keeping turnover rates low. It’s about creating a resilient, dynamic organizational culture that thrives on loyalty and engagement. Historically, reasons for employee attrition were often related to dissatisfaction with pay or lack of career advancement. But in the wake of the COVID-19 pandemic, these reasons have evolved Now, with remote work and flexible arrangements becoming the norm, organizations are grappling with new challenges in retaining their talent.
The stakes are high: 47% of HR leaders cite employee turnover as their top concern, and the costs associated with turnover can amount to 33% of an employee's annual salary But beyond these numbers lies a deeper truth: leadership and organizational culture play a critical role in employee retention. As recent research highlights, a whopping 75% of employees leave due to management issues rather than the organizations themselves This shift underscores how crucial leadership is in retaining talent.
Let’s start with some familiar strategies that everyone’s heard about:
Transparent Communication: Keeping employees in the loop with
organizational updates builds trust Salesforce, for instance, excels here with its open communication channels, contributing to a low turnover rate of just 6% in 2022.
Recognition and Rewards: Everyone likes to be appreciated. Google’s Googler-to-Googler (g2g) program is a prime example, where recognizing employee efforts leads to high satisfaction and retention.
Professional Development: Offering growth opportunities is crucial.
LinkedIn’s robust learning programs are a testament to how investing in employees’ skills fosters a positive work environment
Fostering a Sense of Belonging:
Creating an inclusive environment where employees feel respected is essential. Johnson & Johnson’s diversity initiatives are a great example of enhancing employee engagement through inclusivity Work-Life Balance: Flexible work arrangements are no longer a perk; they’re a necessity Many organizations, recognizing this, offer remote work and flexible schedules to help employees balance their personal and professional lives. While these strategies are foundational, recent research by Gartner has highlighted three oftenoverlooked practices that can significantly enhance employee retention: Leader and Manager Development, Promoting Internal Mobility and Career Growth, and Delivering an Exceptional Employee Experience
According to Gartner’s research, organizations with well-developed leaders see a 20% increase in employee retention. Today’s leaders need to adopt a human-centric approach, which includes:
Role-Model Behavior: Leaders should be authentic and respectful to encourage self-expression.
Supporting Teams: Effective leaders manage flexible workflows to meet diverse individual needs.
Delivering Results: Adapting workflows to address varying team member needs is crucial.
Microsoft’s transformation under Satya Nadella’s empathetic leadership demonstrates how developing such leaders can significantly enhance retention. Nadella’s balance of empathy with productivity has created a more supportive environment, fostering longterm employee commitment.
Promoting internal mobility and career growth is vital. Gartner reports that 95% of Talent Management Leaders believe unclear career paths hinder retention. To address this, leaders should:
Focus on Visibility into Career Paths: Clear career progression opportunities are essential for retention.
Prioritize Experience over Visibility: Offer career management support, networking opportunities, success stories, and job rotation programs.
Build Experiences Around ProjectBased Mobility: Internal talent marketplaces can facilitate mobility and adapt to evolving skill needs.
Unilever’s internal mobility programs exemplify these strategies. By allowing employees to explore various functions and geographies, Unilever has successfully built a versatile workforce.
A robust employee experience drives productivity and profitability. Leaders can enhance this by:
Fixing What’s Broken: Ensure managers provide proactive career guidance and manageable workloads.
Developing Human Leaders: Train leaders to be empathetic and supportive.
Selectively Outcompeting: Use talent reviews to identify critical talent segments and update feedback mechanisms for hybrid work.
Humanizing Your EVP: Personalize the employee value proposition through goal setting and ongoing feedback.
Adobe’s personalized approach to career growth and feedback has been key to maintaining high levels of employee satisfaction and retention.
The Power of Leadership in Shaping Culture
Let’s dive deeper into the role of leadership. The culture of an organization is essentially a reflection of its people, and the leaders play a pivotal role in shaping this culture. Leaders set the tone for the work environment, influence team interactions, and establish practices that ripple through the organization.
As Dr John C Maxwell, a renowned leadership expert, puts it, "A leader is one who knows the way, goes the way, and shows the way." Effective leaders not only hire capable managers but also invest in their development This investment ensures that managers, in turn, build high-performing teams The cycle continues: good leaders motivate and support their managers, who then extend this support to their teams. Thus, developing empathetic and skilled leaders is key to cultivating a culture where retention thrives.
Having conducted countless exit interviews, I’ve come to realize that the reasons employees leave often go far beyond pay and job roles Time and again, departing employees share how their experiences are deeply influenced by the culture of the organization and the people they interact with daily. As one former employee confided, "It’s not just about the paycheck; it’s about feeling valued and understood It matters to me if I am able to make an impact, in whatever scale or capacity" These insights underscore the profound impact of interpersonal relationships and management practices on employee retention. In many ways, people truly can make or break the culture of a place.
The Unusual Insight: Job Crafting and Unconventional Career Trajectories
Now, here’s where things get interesting While traditional strategies are crucial, let’s talk about some unconventional approaches that can make a real difference:
Job Crafting: Allowing employees to tailor their roles to fit their skills and interests can boost job satisfaction and loyalty. According to a Harvard Business Review study, employees who engaged in job crafting were 30% more likely to stay with their company.
Non-Linear Career Trajectories:
Today’s employees are increasingly valuing diverse roles within a company rather than a traditional career ladder. IBM’s “Your Learning” platform is a great example
It offers employees a web of interconnected roles and experiences, catering to evolving interests and preparing them for future challenges. Dr Jeffrey Pfeffer, a professor of organizational behavior, emphasizes, “In today’s world, where employees are looking for purpose and growth, providing them with varied experiences can be a game-changer ”
Leadership is central to shaping the work environment and influencing employee retention. While traditional strategies are important, embracing unconventional practices such as job crafting and non-linear career trajectories can provide surprising benefits. Companies like Salesforce, Microsoft, Unilever, and Adobe have demonstrated that innovative approaches can transform retention strategies and drive long-term success. By integrating these advanced strategies and unique insights, organizations can build a more engaged, loyal, and productive workforce, positioning themselves for sustained success in a competitive landscape.
I was reminded of an amusing story about a young school child who could only write about cows. It didn’t matter what the question was, the child’s answer would always bring in the cow. If asked to write about trees, the answer would go “Trees are tall, you can tie cows to them, cows are gentle…”. If the topic was the city, the essay would read “In my city there are many cows, cows are gentle…”
We are little better than this student in our discourses about the gig economy. We have with us a broad set of homilies, a few stock descriptives - such as flexibility, skilling, rotation, value etc . which, by their very generic nature, provide us with ample scope for proselytization or instance, for every challenge relating to gig workers whether it be motivation or reward or recognition or some other dimension Our solution, bewitchingly convenient, appears to lie in picking and choosing from one or more variations of “flexible”
[job /hours / pay /shifts], “skill” [/upskill /reskill /newskill] or “job” [rotate/enrich/enlarge] or “recognise” [contribution / team-work] “or any other combinations of such readymade choices. Bounded by our narrow view of the gig environment, we don’t appear to be much different from the school child’s predilection for cows If we need better solutions to address the demands of the Gig economy, we must first acknowledge that our cognitive tendencies are presumptuous. We see clear evidence of this in our idea of loyalty. Organisations expect loyalty from employees without in the first place knowing what it means in a corporate setting.
A leading US Corporation, in its “Loyalty & Confidentiality agreement” requires that employees “avoid conflict of interest, do not compete or undertake other “disloyal” acts. It is almost as if loyalty is defined as not being disloyal! The trouble is that we seem to be little able to distinguish among the notions of sincerity, honesty, ethics, loyalty and other similar virtues.
The cloud of precarity that shrouds most of the Gig economy’s landscape doesn’t permit superficial attempts of traditional organisations to penetrate it. But, are there non-superficial arrangements in our inventory of readymade solutions that will help improve engagement with the gig sector? There certainly are. We cannot be entirely dismissive of the stock solutions There are also new approaches that are being explored to foster loyalty and engagement. For instance, modified forms of the retail industry’s temporary loyalty programs [TLPs], are suitable for motivating Gig employees . TLPs run for a very short period at the end of which, those who qualify, get rewards that are almost of the nature of give-aways. Enabled by algorithmic evaluation of the milieu in which the gig employees’ services are situated, new solutions are also to be found in the idea of episodic loyalty. Even in the slices of twentyminute engagements that a food delivery executive enters into with a platform, where it doesn’t seem like there is much headroom for demonstrations of loyalty,new forms of relationship enablements are being
tried out both by the gig employees and organisations. It is the combinations of the old and the new solutions that are making this possible TLPs run for a very short period at the end of which, those who qualify, get rewards that are almost of the nature of give-aways. Enabled by algorithmic evaluation of the milieu in which the gig employees’ services are situated, new solutions are also to be found in the idea of episodic loyalty Even in the slices of twenty-minute engagements that a food delivery executive enters into with a platform, where it doesn’t seem like there is much headroom for demonstrations of loyalty,new forms of relationship enablements are being tried out both by the gig employees and organisations. It is the combinations of the old and the new solutions that are making this possible. Needless to say, our search for improved solutions must continue. The disappointment for us with our current range of solutions is not merely that our answers are prosaic, but that our imagination about the gig work is rather fossilised and contrived Going forward, we may find improved solutions to fostering loyalty and engagement between organisations and gig employees, or we may not. It would depend upon how well we are able to decipher the dialectic that, if one excludes the pay and other remuneration components, much of what transpires between gig workers and the firms engaging themfondness, loyalty, respectful engagement etc - are of the nature of gifts.
In today's fast-evolving workplace, retaining a diverse, multigenerational workforce is more critical than ever With employees spanning multiple generations from Baby Boomers and Gen Xers to Millennials and Gen Zers companies face unique challenges and opportunities. Fostering a culture of equality, where everyone is treated with fairness and respect, is essential. This approach enhances employee satisfaction, loyalty, innovation, and business success.
Understanding the Multigenerational Workforce
A multigenerational workforce brings together a rich tapestry of experiences, skills, and perspectives. Each generation has its own values and work preferences:
Baby Boomers (1946-1964): Value job security, loyalty, and a strong work ethic. Appreciate recognition and face-to-face communication
Generation X (1965-1980): Known for independence, resilience, and adaptability. Value work-life balance and direct communication.
Millennials (1981-1996): Digital natives who prioritize flexibility, career development, and a sense of purpose. Prefer collaborative and transparent work environments.
Generation Z (1997-2012): Seek stability, diversity, and rapid career advancement Value inclusivity and frequent feedback
