As businesses face the impact of the recession, Human Resource departments are realizing the need to develop strategies to recession-proof their operations.
According to a Microsoft study, about 41% of the workforce is expected to leave their jobs this year, which is alarming. Companies need to prioritize retaining their most valued employees to overcome the downturn’s negative impact.
Although remote working or Work From Home has been a popular trend, many companies in the IT sector are now asking their employees to report to work on designated days, while others have made Work From Office mandatory. However, companies are aware that they might lose their prized employees if they become too pushy about mandatory office attendance. To retain their employees, companies are adopting hybrid setups or asynchronous work cultures.
Some companies like Google, Microsoft, and Facebook have fixed days of the week for office attendance, while others have flexible work timings and benefits to balance work and personal life, like American Express and Dell. KPMG has adopted the ‘work from anywhere‘ policy, believing that location is secondary as long as productivity is not hampered. Companies are making policy changes to suit the needs of their employees, such as providing shuttle services, cab pick and drop systems, tweaking work timings to avoid peak traffic hours, etc.
According to research, nearly all individuals (98%) would prefer to work remotely at least part-time for the rest of their careers, with more than half of them (53%) feeling less stressed and 56% reporting increased productivity while working from home.
Communication outside of traditional boardrooms has become increasingly popular. Employees are engaging in focus or huddle groups, one-on-one meetings, and direct discussions with senior management to express their experiences, difficulties, and concerns. Many organizations are also adopting brown-bag sessions, which provide a space for employees to vent their challenges and be more vocal about their struggles. This approach is gaining momentum and becoming more popular.
During times of economic downturn, it is crucial to prioritize the need for change in the workplace and abandon stereotypical mindsets.
Nike, a major sport brand globally, has nailed their Employee Value Proposition. The list of benefits are mind-boggling from competitive pay packages, relocation benefits, fitness discounts and retirement plans as well. So much to safeguard even the future of their employees!
The menstrual leave which was initially criticized by skeptics has now gained popularity with a lot of companies like Zomato, Swiggy, Byju’s and Culture machine.
In such a scenario, it is essential for companies to prioritize authenticity. They should aim to establish an appealing, encouraging, and forward-thinking atmosphere for their workforce and align their branding accordingly.
