Top Employment Retention Strategy 2023!

Top Employment Retention Strategy 2023!

We are in the middle of WORK REVOLUTION! The way we look at work today has changed drastically all thanks to globalization, the buzz of the internet, artificial intelligence, machine learning, and of course COVID!

The impact of COVID-19 has affected almost every sector. Over that the Great Resignation is in full swing, impacting 120 million Indians who lost their means of bread.

The result? The highly competitive Indian job market is struggling to attract and retain fresh talent. The trend of resignations which started in 2020 amidst the emergency of Covid 19, isn’t slowing down yet after the recession.

No doubt that employee retention is an ongoing hot topic in the business world. And in the coming years, its significance will only increase.

This might lead you to ask:  How can I retain employees and reduce employee turnover?

To navigate the losses inflicted by high turnover rates, most companies look at HR Consultancies for effective retention strategies. Also, temporary staffing services can be a way for simplifying the hiring procedure without having to take care of any HR formalities.

Here are the top employee retention strategies for 2023:

  1. Allowing a flexible work-life balance: 

With 89% of the employees desiring flexibility, work-life balance and remote or hybrid work environments now top the list of strategies to retain the employees. Since the pandemic, working in a hybrid or remote environment has become the new normal. The 9-to-5 norm is slowly vanishing. The office has become a more occasional meeting place. The possibility of a better work-life balance enables effective employee retention as employees have the flexibility to work from home since it allows them to navigate between family commitments and work. Creating a flexible work environment where employees feel productive, connected, and valued gives them purpose and drives them to give their all.

  1. Offering competitive packages: 

One of the easiest ways to retail your employees is by offering them competitive salary packages. It does not necessarily mean rewarding in the monetary form. It also includes flexible benefits like medical care and employee perks. Today’s employees not only work for the money but also place equal emphasis on other aspects also. Adequately compensated employees feel more motivated to come to work. Their morale remains high, and their job satisfaction levels increase.

  1. Open to employees’ skill development commitments outside the work:

Your top employees want to learn and develop continuously, thus it is important. And when they’re given the opportunity to develop their skills, learn more about their jobs, and become professionals, they feel valued and wanted.  This will help them keep on board as employees look to encounter new challenges and opportunities at the company. Not only does this approach communicate that employees are valued, but it gives them charge over their career and over their time at your company. Particularly during such recessionary times, empowered personnel are more engaged, and productive and have a reduced turnover rate.

  1. Making Training a Priority:

Training should continue to be a priority in 2023.

It goes beyond simply just telling individuals to work for you to achieve a certain goal. You are motivating them, moulding them, and mentoring them to work more effectively. Just as a coach builds a player, you need to build your workforce. As the saying goes, ” One man might win the battle by himself, but cannot win the war alone. Therefore, training your employees is vital. Training employees to become better informed and more motivated to progress in their careers, thereby improving employee retention.

  1. Stay connected on a weekly basis:

Having Weekly 1-On-1 Manager & Team member meetings instead of annual reports. During these weekly and biweekly Meetings, the Manager can discuss key issues, ongoing projects, important questions, and the employee’s and the company’s next course of action. This constant communication and culture of sharing perspectives will make employees feel more valued and connected to the company and their contribution matters.

As we move into the new year, seeing the current situation it’s important to look into employee retention strategies. With the right mix of training, opportunities, staffing services, and compensation you can keep your best employees happy and involved in the organization.

It is challenging to determine which strategy or combination of strategies will be successful for each organisation given its unique set of employee demands. In such a dynamic environment, outsourcing HR can help you with all the HR services to help you manage your business efficiently. Prompt Personnel can help you find the right solution for your organization. Prompt Personnel is one of the best HR outsourcing companies in Hyderabad that helps businesses focus more on their core and delivers the best workforce to ramp up your team in no time.

Occupational Safety, Health and Working Conditions Code

Occupational Safety, Health and Working Conditions Code

Introduction

Occupational Safety, Health and Working Conditions Code, 2020 emphasizes on health, safety and welfare of the workers employed in various sectors like industry, trade, business, manufacturing, factory, motor transport undertaking, building and other construction work, newspaper establishments, audio-video production, plantation, mine and dock-work and service sectors.

The Code makes mandatory provisions for the employers to provide a safe working environment and trying to cover the risk of unfortunate incidents arising in the course of employment.

Key Highlights

  • The Code aims at lessening the burden of the employers as it would replace multiple registrations under various enactments to one common registration, one licence and one return which will ultimately create a consolidated database centrally and will be helpful under ease of doing business.
  • The workplace should be kept free from hazards that cause or likely to cause injury or occupational disease to the employees
  • Employers are required to conduct free annual health check-up for their employees.
  • Issuance of appointment letter to every employee on their appointment in the establishment
  • Workers / Employees are entitled to receive overtime amount at the rate of twice the wage.
  • Employers or Contractors are responsible to provide welfare facilities to inter-state migrant workers.
  • Employers are required to provide facilities such as ventilation, humidification, potable drinking water, adequate lighting, creche, washing facilities, bathing places, locker rooms etc.
  • The licence issued by the appropriate authority for inter-state migrant workers shall be made electronically.
  • Contractor operating in more than one state will have one licence from the Central Government and the validity of Licence will be 5 years and may be renewed thereafter.
  • The contractor shall apply for amendment of licence along with security deposit in case if there is increase in number of the contract labour.
  • Workers employed in Transport, Sales Promotion and Journalism have special work hour and leave requirements specified.
  • Employer in construction business cannot hire workers with defective vision, deafness, or a tendency for giddiness, if there’s risk of accident.
  • The employer to pay yearly journey allowances to every inter-state migrant worker a lump-sum amount of fare for to-and-fro journey to his native place from the place of his employment.
  • Employer in plantation to make provisions for necessary housing accommodation including drinking water, kitchen and toilet, health and recreational facilities, to every worker employed in the plantation (including his family), crèches facilities for plantations having more than 50 workers (including workers employed by any contractor), educational facilities for children of workers between six to twelve years of age.
Occupational Safety, Health and Working Conditions Code

Industrial Relations Code, 2020

Introduction

Industrial Relations Code, 2020 consolidates and amends the laws relating to Trade Unions, conditions of employment in industrial establishment or undertaking, investigation and settlement of industrial disputes. The code combines and simplifies 3 Central Labour Laws – The Trade Unions Act, 1926, The Industrial Employment (Standing Orders) Act,1946 and The Industrial Disputes Act, 1947.

The legislation provides for a broader framework to protect the rights of workers to form unions, to minimise the friction between the employers and workers and to provide provisions for investigation and settlement of industrial disputes.

Key Highlights

  • Provision for Gratuity has been made for ‘Fixed Term Employee’ if employee render service under the contract for a period of one year.
  • The code provides that the fixed term employee will get all (Social Security) statutory benefits like ESI, EPF, bonus, wages, hours of work, etc at par with regular employees who are doing work of same or similar nature.
  • The termination of the service of a worker as a result of completion of tenure of fixed term employment would not be a retrenchment.
  • Definitions modified  under the code i.e. Industrial Dispute, Railway, Employee, Employer and Industry etc.
  • Trade union to give notice of 14 days before going on strike
  • Arrangement for going to the Tribunal has been made for resolving disputes arising between Trade Unions. 
  • It raises the threshold for the requirement of a standing order from 100 to 300 workers.
  • Efforts made by the Government for quickly resolving disputes of the workers :
  • Introduced provision to refer the matter straight to the Tribunal in case the dispute is not resolved at conciliation stage.
  • Provision for the Worker RE-Skilling fund has been made in the law to re-skill those workers who have been fired from their jobs. Employer to give additional 15 days salary to such employee.
  • Employee of an Industrial raise dispute with the employer within the time limit of only 2 years instead of 3 years.
  • The definition of worker will be based on the basis of wages being drawn by him and Worker/Employees with salary upto Rs 18,000 p.m.
  • Industrial Relations Code Bill allows companies with up to 300 workers to lay off people without the state government’s approval.
  • if over 50% of a company’s workers take concerted casual leave, it will be treated as a strike.
  • A fine of  INR 1,00,000, which may extend upto INR 10,00,000, is leviable on any person who contravenes this provision.
Occupational Safety, Health and Working Conditions Code

The Code On Social Security, 2020

Introduction

 

The Code on Social Security, 2020 is a code to amend and consolidate the laws relating to social security with the goal to extend social security to all employees and workers either in the organised or unorganised or any other sectors. 

The Social Security Code, 2020 brings unorganised sector, gig workers and platform workers under the ambit of social security schemes, including life insurance and disability insurance, health and maternity benefits, provident fund, etc. The Act amalgamates nine central labour enactments relating to social security. 

Key Highlights

  • New Category of workers have been included under this code ( i.e. Gig workers, Platform work and Unorganized worker) and discussed on their social security benefits.
  • The Code on Social Security Bill extends social security funds to workers for app-based firms.
  • Renamed the designation of Inspector as Inspector cum Facilitator who is expected to supply information and give advice to employers and  workers concerning the most effective means of complying with the provisions of the proposed Code.
  • Modified the definition of ‘wages’ and divided definition in three parts for easy calculation.
  • Effort have been made to provide right to health security under ESIC to maximum possible workers.
  • Establishments working in hazardous sectors would mandatorily be linked with ESIC, even if there is only one worker working in it.
  • If any employer fails to pay ESI contributions, even then ESI has to pass on the benefits to the employee which ESIC can recover it from the employer to the extent of the capitalised value of the benefit net of any payment of contribution amount, interest and damages payable by the employer.
  • No Exemption under EPFO and the coverage would be applicable on ALL establishments having 20 and above number of workers.
  • Increase in penalty and term of imprisonment under EPFO.
  • Provision for Gratuity has been made for ‘Fixed Term Employee’ and there would not be any condition for minimum service period to avail the benefits.
  • The threshold Gratuity period for working journalists reduces from five years to three years.
  • it has been made mandatory for all establishments with 20 or more workers to report the vacancy position in their establishments. This information would be given on online portal.
  • Every woman is entitled for Medical Bonus of up to Rs 3,500/- where pre-natal confinement and post-natal care is not provided by employer whose upper limit can be amend by the Central government upto Rs 20000/-, this upper limit of Rs 20000/- has been removed under the code.
Silver Lining

Silver Lining

“Don’t be scared to see up the darkening clouds

There is always, a ray of the Sun, smiling beyond.” 

-Kaji Najrul Islam, Poet

These are dark times since last many months now everyone is only talking about the Covid-19 Pandemic. Talking about deaths, about rising numbers, about depression, about unemployment and much more negativity which is for no good. Therefore, it is better to think POSITIVE, of course, from the perspective of life, and to engage ourselves such a manner so that, we can at least try to get something good from this turbulent situation.

Since last 4 months, being a part of Prompt Personnel Permanent recruitment team, I have been working from home. At first, for a couple of weeks it felt so boring to settle and then I started to adjust myself in the new system and actually found it much better in a productive way. Not only officially as well as from a personal point of view also. I went through a lot of motivational videos, had attended few webinars by motivational speakers, and what I felt and understood, that we all have to learn and live in this situation as a new NORMAL as everything will never be the same as earlier it used to be.

Therefore, I want to share few views, might or might not be agreed by everyone, but sounds and feels effective for me.

STAY AWAY FROM COVID NEWS: 

Obviously, it’s natural and a matter of worry, therefore we are sticking to the COVID news and discussing the situation 24/7, making life scary for ourselves and also for our close ones. Therefore, it’s better to stay away from the News, particularly from Covid related news. I am doing so, and it feels better and safe, you know, sometimes, in some cases as they say, IGNORANCE IS BLISS. At least, Covid can’t kill you daily, minutes after minutes, seconds after seconds…

DO SOME SELF GOOD

As all our outside activities are barred due to the lockdown and all, of course, there will be a bit of more time outside your work hours, which we can use to develop ourselves doing some activities that will develop our creativity, maybe it is drawing, writing, cooking, painting, gardening or anything of your choice. The main thing is to engage yourself, don’t give your time thinking about Covid and Panic.

PHYSICAL AND MENTAL EXERCISES:

Working from home, of course, makes you sit hours at one place without walking and going out and moving much. Rather, foodies like me tend to eat a lot of delicious foods,  to add to that No Gyms and health clubs are open during lockdown, so there is little chance to get away from your extra calories. Therefore, only one thing can keep you fit that is freehand exercises, and who can afford fitness devices at home, the point is, to let your extra calories burn, otherwise of course we will be less immune to fight Covid or other diseases as well. Doing Yoga, Meditation will keep your mind calm and delete your worries for at least sometime, it puts a great effect on our minds.

 TALK TO INNER SELF:

Being human beings of the modern age, we are always busy with the outside world and find no time to talk to our own self amidst the fast paces of life. Thinking and nurturing our own mind, self–check, giving yourself a little bit more space, for a reality check, modifying mistakes, and giving a bit time to understand our own self better may bring a huge change in fact, that extra time has been provided to all of us, due to the lockdown, make the most of it. Maybe we will not find time, if, of course hoping that everything becomes as it used to be. Isn’t it a blessing in disguise! Think.

TAKE CARE: 

Reading the above, one might think, it is easier said than done. And they are not wrong if they say so. So of course, if we need to stay in a better place than others, we have to try these at least, and we will see the effect by ourselves. But of course not to forget all the instructions given by the Government to keep yourself safe from Covid Pandemic. Take care of self, take care of the others. Be Sympathetic and Empathetic towards the Infected.

GOD BLESS

Author: Mr. Ratul Ganguly
Senior Executive Recruitment.

RELAX-ACTIVITY-MEDITATE (RAM)

RELAX-ACTIVITY-MEDITATE (RAM)

We all know that we are in Lockdown phase and maximum people are working from home.

The two common concerns which I came across while talking to any of my friends, colleagues, relatives and even clients is gaining weight since there is no physical activity& stress as WFH has broken the barrier of time limit of working hours and therefore many a times urgent calls/work at odd hours needs to be attended at that very moment.

What can we do to overcome this, as gaining excess weight& taking stress, both are injurious to Health.

I BELIEVE IN “HEALTH IS WEALTH,” and hence for me “HEALTH IS MY FIRST PRIORITY”

I read somewhere that “OUR BEST FRIEND IS OUR OWN BODY” and hence keeping self-healthy is very important. As I guess nobody of us would like to have SPIRIT/SOUL as a BEST FRIEND, right 😊

I know gym has been closed & we are restricted to morning, evening walks, jogs etc. But we have to live with it and have to find an option to overcome this, as nobody knows when things will be settled as normal.

We all have accepted the life which is now called as the “New Normal”. So, let’s add “me time” in this new normal life…

Let us have “ME TIME” for 1 hour every day for Self.

Divide this 1 hour of me time into 3 phases – I have named is “Ram”

  1. 15 Mins – Relax
  2. 30 Mins – Activity
  3. 15 Mins – Meditation

1st Phase – 15 Minutes – Relax

Calm yourself – Do not think about any of your pending work both Professional & personal, No TV, No Social Media just close your eyes and breathe. You may also listen to your favourite song which will lift your mood. Once you are in your “ME ZONE”, we will go to PHASE 2.

2nd Phase – 30 Minutes – Activity (It is time to get on the floor)

Get up and choose the activity you love to do (Please note Sleeping is not an activity, so you do not have this option during “ME TIME”)

  • Put Loud Music and do Stretching and Basic Exercise,
  • Dance, if you love to Dance
  • Stretching with Basic Yoga
  • Skipping, if you have space
  • Any other Indoor activity which requires physical effort
  • You have nothing in your mind, do some sit-ups, Squats, Lunges.

3rd Phase – 15 Minutes – Meditation

Calm yourself Down – Be seated in a meditation position and just concentrate on your breath. 

Believe me, just follow the above Plan for 6 days as Sunday is cheat day. It works wonders!!

Physical Activity will help you to remain fit & meditation will reduce your stress and yes don’t forget to smile 😊

Author: Mrs. Poonam Gupta
Manager – Client Service (HR Services & LLC)

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