Winning talent with the exponential power of EX: What are those critical people strategies for SMEs?
Decoding employee experience and unlocking business growth is a critical priority for fast-growing companies such as startups, unicorns and MSMEs. But given that 52% of GenZ and Millennials are expected to change employers this year, attrition continues to be a burning challenge in achieving this.
It is time to reimagine the HR processes and operations across the value chain and revise them to make them more people-centric. This becomes more important in the new era of work where the great reshuffle is far from over. With shifting priorities of employees and candidates combined with a new generation entering the job market, young businesses need to mine the opportunities to turn the wave of attrition into an opportunity to attract and retain talent with impactful strategies.
With insightful conversations, ground-breaking keynotes, and market-leading case studies, we found several important lessons on approaching the talent market with renewed focus and vigour. Some of these key takeaways include:
Build an attractive employer brand
Fast-growing organisations must prioritise building an attractive EVP and employer brand. When sharing the key talent trends of the latest research led by People Matters and Keka, Vijay Yalamanchili, CEO at Keka, zeroed in on the vital role played by digitisation in unleashing the potential of your people. Upskilling, leading cultural transformation and taking care of employee experience across the overall employee lifecycle are equally important. An attractive employer brand will not only invite the best of talent but will also ensure that your people are in it for the long haul.
Empower your HR by mentoring your employees
According to Chandrakant Salunkhe, President, SME Chamber of India, the key areas to keep in mind for entrepreneurs focusing on better productivity, improved quality, and exponential growth are manpower, finance, raw materials, market, and level-playing field and advanced technologies. But if he had to advise founders and leaders in the SME sector, he would emphasise empowering HR by educating/mentoring employees, assigning tasks to test their skills, listening and building solid relationships, delegating power, understanding the personal values of employees, involving them in decision-making and leveraging leadership training.
L&D is a catalyst for performance and productivity
Debashree Lad, CPO at Credable.in and Gracy Tavamani, Executive VP-HCM at Kinara Capital, highlight the importance of curating innovative learning journeys as a key ingredient in designing an engaging, growth-driven employee experience. With employees increasingly seeking organisations that offer them opportunities for career growth, it is not surprising that learning strategies are the bedrock of talent retention. Moreover, it directly impacts employee performance and productivity because, at the end of the day, employees who are given opportunities to excel are the ones who’ll unlock their potential.
Articulate purpose and build the right culture
“Career growth, meaningful work, and communication are central to making employees your brand ambassadors,” believes Megha Gupta, Director at Fiserv. As a result, startups need to articulate purpose and impact and map it to the job. They also need to build the right culture along the way. Employees and potential candidates increasingly want to find meaning in the work they do, and they want to thrive in a culture that has the right values. They want to belong, feel included and collaborate easily. Employers can never overlook how culture is a key ingredient to growth.
Leveraging digital innovations to lead the future of work
Mohammad Hannay, Head COE and HRBP, Meesho and Uma Sankar Das, AVP HR - IT, Godrej Group, shed light on how we are looking at the new world of work in the Metaverse and the way it is set to change HR functions, including talent attraction, learning and development and collaboration among employees. These digital innovations can become an enabler for long-term sustainable growth if fast-growing companies keep up with these dynamic trends and are updated on how it will impact their people.
Employer branding, opportunities for mentoring, learning, culture-building and digitisation are critical facets of an impactful employee experience strategy. As the world of people and work transforms at unprecedented speed, it is your talent that will empower you to be one step ahead of the competition. Therefore, it is high time you decode the unique terrain of employee experience at your business, create pathways for the growth of your people and unlock business success.