All over the world, people are leaving or changing jobs in large numbers, which has led economists to call this phase the “Great Resignation,” modeled on the Great Depression. Therefore, it has become essential for HR managers to design strategies that help them attract, hire and retain the best talent. Vishal Aman Gummadapu, Chief of Staff at OkCredit discussed some vital strategies for new-age startups to help them attract, engage and retain talent, in order to take the respective companies to greater heights
- Why are we seeing a sudden increase in resignations from engineering and IT positions around the world?
The “big resignation” is shaking many companies from different sectors around the world. People, it seems, quit for different reasons – some for better pay and growth, some for flexibility and others for happiness. There are times when people feel overworked and lack limits in working from home. As offices reopen, it’s the lack of flexibility that turns some people off. In India, however, we are seeing a talent shortage in which every employer is trying to hire from a limited pool of people with in-demand skills in industries such as cloud computing, data analytics, machine learning, artificial intelligence, etc. Add to that the startups at the bottom of the funds offer voluminous packages seating quality talent with several offers. According to Nassom, the leading organization in the IT industry, the demand for digital talent jobs in India is currently eight times the size of its talent pool. By 2024, this demand will become 20 times the pool of new talent available.
- How did branding become a successful recruiting strategy? Plus, how did it work wonders for your own brand?
When it comes to hiring, the brand is of the utmost importance. Several surveys have proven that brand is one of the key criteria that employees take into account when joining an organization. While a mainstream brand targets people who can buy your product or service, the employer brand, on the other hand, conveys what your company values as a workplace. It is a promise to employees and potential employees of a set of values and things that a company stands for. It helps attract the best talent and represents the culture of the organization. For existing employees, an employer brand helps create a deep sense of loyalty within the organization. It indicates whether the workplace believes in flexibility, creativity, innovation, diversity of thought and appreciation.
Since our beginnings, we have strived to position ourselves as an attractive employer brand. This was communicated through social media as well as word of mouth by our existing employees. Openness, transparency, curiosity to learn, integrity, empathy and respect are some of the qualities we represent in the workplace. All of this is reflected in the steps we have taken for employees, from a zero attendance policy, improved maternity leave, the freedom to work from anywhere for a particular length of time each. year or our revised ESOP policy. These helped us create an employee-friendly brand, which in turn helped us acquire and retain talent.
- What do you see as the benefits of the flexible / hybrid workplace?
Choosing a flexible workplace layout over a traditional, rigid layout has many benefits, including improved employee morale, increased employee engagement, efficiency and output, and reduced employee absenteeism, to name a few.
With the hybrid work approach, we have seen more work-life integration. Working outside the office requires flexibility and confidence on the part of management. To emerge stronger from the coronavirus crisis, companies, whether physical or virtual offices, have adapted their management styles and workplaces to make a positive difference in their work as well as in their routine. life. In situations like now, when offices take over, companies need to rethink the culture and inspire employee engagement to motivate them.
- How is culture a great driver of talent? what type of culture have you deployed within your organization to attract talent?
It is well known that companies that foster a rewarding work culture, deep employee engagement, a fit between the job and the organization, and great leadership outperform their peers and are more likely to attract top talent than their own. competitors.
At OkCredit, we have an absolutely honest and transparent culture. For starters, our recruitment process is completely digital, from job search to onboarding. One of the things we look for in applicants is customer focus first. Among the benefits in the workplace is a whole host of things we do for our employees to make work enjoyable. We have no questions asked leave and healthcare with Practo. To recognize and appreciate the tremendous efforts made by our employees last year, we announced a mid-year salary increase and even revamped our ESOP policy to make it more appealing than what is available in the industry.
We’ve doubled our focus on employee engagement initiatives, where we engage people through games, fun activities, quizzes, and rewards. Now, even though it is planned to resume the activities of our offices, we are fully committed to supporting our employees, whether in terms of moving or choosing a hybrid working model.
- How to build a corporate culture that attracts and retains the best talents?
Culture is and always has been a great vector of talent. Empathy, learning and openness are some of the qualities that most people look forward to in an organization. Even more empathy, given the different experiences people have during the pandemic. A good culture speaks for itself and is the greatest employer branding tool. When employees take to social media to thank their employers or talk about a particular aspect of the job that they enjoy, it’s marketing at no cost to employers.
Giving employees career development opportunities and the ability to learn new skills in an inspiring company culture can keep them happy and engaged. Engaged employees help grow your talent brand and are a great resource for attracting even more top talent to your organization. Organizations should promote from within whenever possible. It helps employees feel essential to success. Recruit and hire internally to have a significant impact on retention. These are the few ways in which one can build an organization with lasting talents.
- What are the strategies for attracting high level talent to an organization?
One of the great motivations of great talent is the vision and mission of the company. Make sure it resonates with your current and potential employees. In a strong labor market. Employees prefer companies with a good culture, competitive salaries and career opportunities. Founders need to clearly articulate the purpose, impact, and future potential of their startup to inspire new hires.
Some other measures could be-
- Stay up to date with the current employee market
- Discuss career paths and create opportunities / support them in their achievement.
- Offer creative and meaningful work
- Offer learning and development courses and workshops
- Create an environment of trust
- Ensure the workplace is safe, motivated and inspiring
- The recruiting trends that you have seen in the post-pandemic era and that you imagine in the times to come.
The pandemic has changed the way businesses recruit. At the start of the pandemic, many companies were forced into digital recruiting but over time organizations adapted to various remote tools for it. Even though we have emerged from the dangerous waves of the pandemic, there are a few trends that will continue –
- Virtual recruiting processes are here to stay
- Companies will continue to encourage internal hiring
- Geographically extensive recruitment practices
- Remote work
- Recruiters will play a bigger role in DE&I (diversity, equity and inclusion)