1.
It’s high time companies compose
the song of dreams for their employees, suggests Nitin Thakur
As employee engagement becomes the need of the hour, Nitin
Thakur, L&D Head at Jindal Stainless suggests that organisations need to
align their goals with their employees’ personal and professional growth. The
pandemic has shown us the worst situations but it has also brought some of the
strongest epiphanies for leaders. A question for today's community is, how long
can we go without instilling purpose and clarity in employees? Nitin Thakur,
proposes, “Dreams are the most powerful energy. If companies can make their
employees hungry for their goals while aligning it with that of the business’,
it’s going to prosper day in and day out.” viding short-term vocational
training courses with 100% placement opportunities”. One of the greatest
experiences both for the leaders and the HR was this realisation of the
significance of employee well-being. Companies became conscious of the fact
that letting people go is not an easy task. One decision impacts numerous lives
as families bear the repercussions. As they lose people, loss of brand-name
also accompanies. This observation pushed leaders to shoulder a greater
responsibility towards a greater ecosystem. With this realisation settled,
panic was about this one word - redundancy. The solution was - being
future-ready. As we navigate through a world with rising digital
dependence and constant change, it was, now, important for leaders to equip
their employees with needful future skills. Both employees and employers saw
that if they won’t keep up with the pace of time, their jobs will lose their
shine and succumb to redundancy.
2.
Why are companies
investing in training freshers?
The
objective is to obtain business efficiency through the existing workforce,
rather than incurring more costs on hiring more resources. 82
per cent of the learning and development (L&D) budgets by companies is
being spent on training freshers, reveals a recent report by global
ed-tech company Great Learning.
Employee training has
today evolved to become an essential growth engine that drives businesses
forward. Organisations are encouraging employees of all experience levels, from
freshers to CXOs, to upskill and reskill, specifically to improve efficiency in
business.
The objective is to
obtain business efficiency through the existing workforce, rather than
incurring more costs on hiring more resources.
A significant
proportion of the investment is directed towards training of fresh graduates to
equip them with additional skills not covered by college curricula. Initiatives
for mid- and senior-level executives focus on data-driven decision-making and
technical training to help them keep pace with market trends. The Indian
chapter for the second edition of the ‘Upskilling Trends Report
2023’ helps understand the trends that shaped the professional
upskilling landscape in India last year and can guide individuals and
enterprises to chalk out the path forward to stay competitive in 2023 and beyond.
The success of a skill development programme is no longer measured by only the
number of hours the employee spends getting trained. Employers are now more
attentive to other factors that contribute to the ROI, and these include:
·
Reduction in time to make freshers billable
·
Increase in skill capability based on certified employees
·
Greater internal mobility and improved retention
·
Decrease in employees’ time spent on the bench.
3.
Ethics
by design: Steps to building an effective ethics programme
Ethics
in the hybrid world of work is throwing up new challenges for the world of
business. Here’s how to think about bringing about lasting change. In a
marketplace where competition is fierce, businesses that prioritise ethics and
social responsibility stand out from the crowd, earn customer loyalty, and
build long-term success.
Ethically run
businesses are sustainable, impactful and transformative. But ethics should not
be confused with just legal compliance. For many new companies, start-ups and
those on the lower end of the maturity scale, ethics is often conflated with
values and vision statements. But companies today need to go beyond that and
implement tactical measures that will move the needle beyond good intentions.
To better understand
the roadmap that companies need to take, Integrity Matters in partnership with
People Matters conducted a webinar on the topic “Ethics by Design: Steps to
Building an Effective Ethics Programme,” Speaking about the shifting trends in
ethics and business, Yatish Mamniya, Partner, Integrity Matters noted that “the
median ethics report volume for 1000 employees was 7 per cent in 2018. During
the pandemic in 2020, it went down to 2.3 per cent. And now we’re at 5 per
cent.”
The research offers us a glimpse
of how the culture of speaking up may have changed over the past few years, as
businesses navigate new terrains of the modern workplace. While
businesses have faced similar challenges post-pandemic, there’s increased complexity
that the hybrid workplace has brought to the fore.
“The biggest challenge is to do with belongingness,” said Anjali
Raghuvanshi, Chief People Officer, Randstad India. “How do you cascade an
organisation's values and principles to people when you don't see them every
day? Also, in the hybrid workplace, it's the individual or the self that tends
to take precedence in ethical matters,” she added.
The rise of social media, and the ever-present cell phone, which
could also be used to record anything anytime are changing how industries and
customers especially in the services sector are capturing ethical violations.
It is also the cause of tremendous stress and concern.
“Data privacy is emerging as a key focus area even as there’s a
massive technology and social transition. It’s a continuous concern. As a
country that’s traditionally had high power distance, how do you enable
reporting of ethics complaints? ” asked Dr Sajiv Madhavan, Business Excellence
– Head and Chief Risk & Sustainability Officer, Tata Elxsi
As the modern
workforce adapts to changing dynamics such as remote work and societal shifts
towards issues like climate change, gender equality, and diversity, equity, and
inclusion (DEI), it is crucial for companies to proactively reassess their
process and system designs. Failing to do so risks falling behind in a rapidly
evolving business landscape. Dr Sajiv shared a multi-dimensional approach to
designing an ethics framework. “If we look at it from the perspective of human
capital, financial capital, and social capital, it can provide a better
understanding of what needs to be done,” he noted.
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