At 16.4%, Coforge has one of the lowest attrition rates in the IT Services industry. Ruchi Kulhari, EVP, Coforge takes us through a strategic view of how to keep attrition low in companies.
The pandemic has elevated organisations’ respect for individual purposes and values. Workplaces from across the world are witnessing a shift from a static workplace to a more dynamic and flexible working model. In addition, the increasing demand for techies with specialised skills such as cybersecurity, low-code application development, product engineering, artificial intelligence, machine learning, and others are influencing employees to either upskill or miss out on career growth opportunities in these in-demand fields.
It has therefore become crucial for organisations to realign their strategies and focus on business requirements and what employees want. As leaders rethink their workspace strategy for the long term, it is critical to prioritise work-life balance and a sustainable working model for employees. Here are some of the key areas that organisations should focus on, to create an engaging and preferred work environment for the employees:
1. Leverage technology for an all-inclusive employee experience
As the workforce abruptly shifted to a work-from-home regime, organisations began to adopt technological or web-based applications to continue conversations not only about business, but also about health and safety, employee communication, learning and development, and talent recruitment. Therefore, it is critical for IT Services organisations to develop a solution that makes the talent acquisition process more seamless and efficient. The solution should enable the organisation to maintain continuous engagement with talent throughout the hiring process, identify skill-based training and assessments, and aid in the establishment of the right partner ecosystem for recruiting. The software should also employ AL/ML to analyse talent, data, and patterns to identify appropriate recruitment marketing initiatives.
2. Prioritise reskilling, learning & development of employees
Through learning & development programs, organisations can continue to invest in domain-specific skills development of employees, using learning academies that deliver domain-specific learning paths. This not only ensures higher productivity but better retention of people as well. Organisations should also create customised micro e-learning modules with the help of internal subject matter experts. With all these practices, organisations can enable the teams to unlearn, relearn and adapt by making learning intentional, personalised & immersive. Initiatives like these would allow employees to direct their own learning journeys and certifications based on their personal goals, learning styles, and preferences, while also being linked to business imperatives.
3. Focus on employee experience and wellbeing
Employees today are more attracted to perks that support their quality of life, especially millennials. In general, they prefer rewards that are tailored to their circumstances, ages, and lifestyles. Hence it has become crucial that every organisation focusses on the employee experience from a human perspective. To create a sense of security and belonging, it is important that employers create a dedicated employee wellness program that touches upon the various aspects of employees’ physical and mental health. Planning athletic activities, social, and cultural, recognising, and rewarding employees periodically and on time, allowing time off work to balance their personal lives, etc., are some of the ways by which organisations can keep employees motivated.
4. Maximise growth opportunities for employees
Organisations must constantly innovate and evolve to stay on the cutting edge. Offering professional development opportunities often boosts employee engagement and attracts top talent. A robust employee development program should be focused on the long-term facilitation of a strategic workforce that engages employees at each level based on their needs, and the organisational vision like performance Incentive Skills (CTA) program to enhance retention of employees.
5. Diversity and inclusion – the key to global organizational success
In today’s fast-changing IT industry, organisations need to rethink, update, and revamp their diversity and inclusion strategies. There is growing recognition of how critical diversity and inclusion are to business performance. Being more inclusive will make the employees feel appreciated and valued, regardless of their identity and hence, organisations should make a conscious and co-ordinated effort to scout for great talent in communities that are often under-represented in the workforce.
EVP, Coforge
In a nutshell, while attrition can be beneficial for organisations to attract new ideas if it exceeds a certain limit, it indicates a need to re-examine their policies and culture. Moreover, the high number of migrations underscores the availability of a wide range of employment opportunities and hence, the importance of a robust employee engagement program to build long-lasting relationships. While changing jobs is a personal choice, however, as a people-centric employer, it is imperative to invest in measures that foster camaraderie and enrich employee engagement.
