In a highly competitive and ever-evolving business world, attracting and retaining top talent is no longer just about offering a competitive compensation and benefits package. It’s about
driving business success through effective transformations, talent management, inclusive cultures, enhanced HR functions, and differentiated employee experiences to keep workers engaged, motivated, and committed to the company’s success.
The stakes are high and the pressure, intense.
According to Kincentric’s Best Employers 2022 study in India, organizations that prioritize employee caring and well-being, foster a strong company culture, promote diversity and inclusion, and build powerful employer brands tend to outperform their peers.
This 23-year-old study has evaluated data from over 5,000 companies across 70+ industries over the last five years. The results clearly indicate that to succeed in today's competitive market, companies must prioritize their people strategy, be able to align it with their business objectives and execute it consistently.
The Kincentric Best Employers study puts organizations through a robust vetting process that gathers data from multiple sources such as employee opinion, people processes in place and CEO perspective on business and talent strategy for the firm. This is followed by a rigorous audit process and independent blind jury round that dive deep into looking at the alignment between employee experiences and business intent as well as the maturity of the firm’s people processes before identifying the best in class.
Here are the 2022 Kincentric Best Employers in India:
Kincentric Best Employers focus on employee caring, inclusive cultures, and strong leadership
As the world continues to adapt to the pandemic, employees are still seeking new ways to find meaning and purpose in their work. In this new era, workplaces must strive to foster a sense of community and shared purpose, while demonstrating a commitment to shaping a better future for all.
Prioritizing Employee Well-being and Fulfilment
Today's employees seek more than just a job. They want:
a) To find purpose and meaning at work
b) A community that shares their values
c) A healthy work-life balance
d) Authentic and inclusive leadership
e) To contribute to a greater sense of purpose
To attract and retain top talent, employers must prioritize their culture, be employee-centric and provide opportunities for growth, both personally and professionally.
Culture, a competitive edge
Kincentric Best Employers continually demonstrate the importance of creating a positive and consistent employee experience as a foundation for future success and for attracting and retaining top talent. By intentionally owning their organizational cultures, these companies cultivated a unique culture best representing their identity. The table below further substantiates the benefits gleaned from following such best practices:
Embracing diversity and inclusion
In today's rapidly changing business world, companies that prioritize diversity and inclusion are better equipped to navigate new challenges and outperform their competitors.
In this example, Kincentric Best Employers again lead the way with 11% points higher on valuing diversity and have created a genuinely open and accepting work environment.
By doing so, they not only gained access to a wider range of talent and perspectives, but are better equipped to drive innovation and creativity - a strategic advantage for driving business success.
Building a Strong Brand
On brand building, Kincentric Best Employers have also created and maintained a positive brand image for both internal and external talent. Furthermore, they are more capable of expressing a distinct employee value proposition and providing effective guidance to maintain the delivery of satisfactory employee experiences.
Leaders as catalysts for Success
Leaders have a critical role in defining employee experiences and in shaping priorities and programs that reflect how employees conduct themselves at work. Our research demonstrates that higher engagement levels are often associated with leaders who communicate the firm's vision and strategic direction effectively. When leaders are able to prioritize employee-centric programs and processes, it demonstrates a commitment to the well-being and satisfaction of their workforce. This in turn creates a culture of trust, respect, and collaboration that leads to a more diverse and inclusive workforce, a stronger brand image, and ultimately, better business performance.
In conclusion, creating an exceptional employee experience is key to attracting and retaining top talent. This requires making work meaningful and enjoyable, fostering a culture of trust, respect, and collaboration, and prioritizing employee-centric programs and processes. By doing so, organizations can build a strong employer brand, promote diversity and inclusion, and drive better business performance.
Kincentric's Best Employers in India serve as prime examples of how these practices can lead to success in today's competitive business landscape and we’re proud to be able to associate with some of the best high class, high character organizations, and induct them into our Best Employer Club for their commitment to building differentiated experiences for employees consistently over the last three years.
Here are the 2023 Kincentric India Best Employers Club Members:
Kincentric, a Spencer Stuart company, helps organizations unlock the power of people and teams to ignite change and drive better business results. With decades of experience and specialist expertise in areas such as culture, employee engagement, leadership assessment and development, HR and talent advisory, and diversity, equity and inclusion, we use data-driven insights to architect solutions that add value, enhance agility and increase organizational effectiveness. For more information, visit kincentric.com.