The biggest challenge for organisations is to retain employees as attrition increases from 10.3 per cent to 12.6 per cent between 2014 and 2015.
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Only 17 per cent of those surveyed by Korn Ferry are confident that their organisations have the right leadership aligned with their strategic priorities.
Even if India’s inflation rate of 6.4 per cent is factored in, the real wage increase will be 4.7 per cent, implying double the growth rate of 2015.
A sizeable part of India Inc. considers ESOPs as a great motivational tool and performance enhancer. While 41 per cent have successfully tested it as a motivational tool, almost 10 per cent confirm its effectiveness as a tool for increasing profitability.
The study forecasts an overall increase of 14.5 per cent in the hiring intent in 2016, as well.
Employers and employees have a different set of beliefs and expectations in the current situation, and this isn’t a healthy trend.
An alarming 31 per cent of new joinees quit their jobs within the first six months —a huge loss of revenue for organisations. How can organisations check this?
Around 38 per cent of participating companies plan to fire managerial-level employees, while there will be only 29 per cent reduction in the workforce in the current quarter. Speed of hiring is expected to go up from 62 to 88 per cent.
New age companies have brought in a change in mindset and forced recruiters to rethink.
Around 29 per cent of the respondents rated the size of the company as the most important factor while joining or switching companies, whereas 27 per cent felt career prospects was the topmost priority.
While hiring volume has remained stagnant, the budget for recruiting solutions has dropped, leading talent acquisition officers to rely on employee referrals and employee retention.
Mid- and senior-level employees at startups are lured by MNCs with better salaries, bigger brand tags and job security.
Increasing workforce participation of older workers is considered to be good for the economy as well as individuals.
Pharma will be biggest gainer with expected average salary hike of 12.1 per cent.
India’s employee health benefit programmes include dependents, which makes them stand apart from other countries’ benefits in the Asia Pacific region
It’s not just about designation and importance within organisations. Indian HR leaders have also showcased their advanced outlook towards critical issues.
India Inc. needs to address the systemic, culturally ingrained issues affecting women’s workplace experiences and career trajectories in order to be fully inclusive.
This makes the role of HR questionable, as maintaining parity and ensuring justice are among its core jobs.
While teachers from higher education institutes opined that 64 per cent of their students were incompetent for employment , school teachers felt only 48 per cent were unemployable.
Around 39 per cent and 26 per cent of respondents participating in a survey, from consumer and services sectors, respectively, opined that their respective companies was best defined as ‘performance oriented’.
According to a study by Nielsen, commissioned by PNB Metlife Insurance, there is a significant gap in the degree of loyalty towards each other, as perceived by employers and employees.
Out of the total occurrences of discrepancies, a huge chunk of them have occurred in the employment component, followed by the address and education components.
CEOs should take a holistic look at their talent pool and develop programmes to grow their talent to meet future requirements.
Never in history has the human brain been asked to track so many data points. This overloading of the brain’s circuits is the primary reason that smart people are underperforming at work. We’re simply expecting more of our brains than they have the energy to handle.
According to a survey, around 69 per cent and 53 per cent of hiring managers face difficulties in finding the right talent for mid-level and senior management levels respectively.
HR is at the epicentre of the changes that are sweeping across the business environment, globally.