Tag Archives: Talent Strategy

Why and how should you promote Diversity & Inclusion at your workplace?

While Women’s Equality Day was being observed on August 26 to commemorate the voting rights being conferred on women in US in 1920, somewhere in France a controversy was playing out over women wearing burkini or burqini. These unrelated events reflect a wide range of public conscience around diversity & inclusion around gender, ethnicity, race in our society.

Diversity & inclusion are not just restricted to our society at large as we see these occurring in our workplaces too. Having said that, according to research published in American Sociological Review, workplace diversity is among the most important contributing factors of a business’ sales revenue, customer numbers and profitability.

In his outlook on HR Trends for 2016, Josh Bersin talks about Building an inclusive culture is now the No. 1 predictive strategy for global financial performance, bringing this topic into the focus on CEOs and senior execs. Further, management consulting firm, McK

insey reported that companies in the top quartile for diversity financially outperform those in the bottom quartile. “Gender-diverse companies are 15 percent more likely to outperform” their industry average, “while ethnically diverse companies are 35 percent more likely to outperform” the industry average. And diversity is probably “a competitive differentiator that shifts market share toward more diverse companies over time.”

Diversity & Inclusion in the workplace are important for bottomline
Diversity matters

 Despite all the data and the awareness around the significance of Diversity & Inclusion available with us,   upward of 95 percent of large corporate diversity recruiting efforts routinely fail to meet their modest diversity goals. In fact, the EEOC (US Equal Employment Opportunity Commission) reports that diversity employee representation percentages at corporations have barely budged since 1985.

There are multiple ways through which Diversity & Inclusion can be built and sustained in the workplace.  I am listing out a few which you can choose from depending on your organization’s context and policies:

Create internal awareness

Create an internal marketing program for people to know about Diversity & Inclusion, the benefits of it and the various initiatives your organization is taking for it. Right information leads to right decisions being taken by managers and employees of your organization.

Diversity is important for company's bottomline
Diversity is important for bottomline

 Focus on data-driven Diversity hiring

It is important to use data while hiring for diversity. You can look at what programs are attracting candidates more, what kind of social is more effective, what is the right choice of words when advertising for jobs to promote diversity. Data based decisions can then be tracked to focus on the one yielding better results in diversity recruitment ratio.

Engage them gainfully

Give new hires a reason to stay. Devote an equal amount of time and effort in retaining new employees. Familiarize them with the new job and company culture. The first few weeks can be the most difficult time for any employee. It’s important to show they have a future in the company. Clearly communicate opportunities for advancement. Set up mentoring programs to build close working relationships. Finding mentors that share personal interests can foster new friendships.

Customize initiatives in line with your workforce

From setting up day care to extended leave for mothers with new-borns, listen in to what your workforce is asking for. Fine tuning your initiatives to meet your workforce requirements is one of the best ways to create diversity in the workplace.

Above all, constant monitoring of all Diversity & Inclusion initiatives need to be done by concerned business leaders to ensure any course correction required to sustain the multiple benefits of a workplace Diversity & Inclusion strategy for the organization.

Have Startups Got Their People Strategy Right?

Digital-startups

In the last few weeks there has been an interminable spate of news around Indian startups and their people. Amongst the high-profile exits were Punit Soni the Chief Product Officer of Flipkart left who left after a year at the Indian ecommerce giant, Anand Radhakrishnan CPO of Snapdeal, Manish Dugar, CFO and Samuel John Director, Operations for North America who left InMobi.

In another string of events around people, Flipkart, Stayzilla, Babajobs, Nearbuy and a few other startups delayed joining dates at premier B-school and engineering campus thereby inciting nationwide uproar against these brands and inviting the ire of the management of these prestigious schools.

A sea of opinions from industry experts and HR gurus started floating around on the mainstream and social media about why they shouldn’t have reneged on their offers or not postponed the joining dates. Like many others I also enjoyed reading these opinions and posts.

However, at this juncture, I want to take a step back and reflect on something deeper. Isn’t it time for us to take a pause and ponder what’s going wrong? Will it not be far more constructive to figure out what could be done to set it right rather than pass judgment on their decisions as wrong or right?

Here are a few thoughts and suggestions that I think startups should consider tackling some of these issues:

People Are The Biggest Brand Ambassadors of A Company

And I mean to include those who have worked in the past and those who didn’t get selected in the interview round. Every potential hire does a lot of research about the company before joining as career is one of the most important decisions of life. They find out about the company from their friends who are working in these companies. Also, as work is a significant part of our lives, employees (and former employees) talk often about the company with their friends and family.

So what do you do to meaningfully engage them? It has been observed that money and perks beyond a point are not sufficient motivators.

In 2010, Timothy Judge and others carried out a meta-analysis of research literature that covered over 15,000 individuals and found that the overlap between pay and job satisfaction is less than 2%!

A startup has a lot of business challenges and every employee goes through the same. Startups need to engage their workforce as they try to navigate through these challenges. Do employees have a sounding board in another employee who can help them with some clues? Do they have the ear of an industry veteran inside the company who can help them acquire the required skills to navigate? If the answers to these questions are in affirmative, then employees and alumni of startups will become the biggest PR machinery for your startup.

Talent Engagement Needs to Happen At All Levels

Even senior people need to feel engaged and they can do so by giving away from the veritable storehouse of knowledge and skills that they have because of their varied experiences and years of work across multiple companies and geographies. Established companies like Intel, Sun Microsystems and IBM have understood this very well and have designed Mentoring Programs to not only engage the junior and middle level employees but also gainfully engage their leadership cadres. Across all these levels, these have been able to grow people faster and have been able to retain them longer.

People Strategy Is A Part of Business Strategy

People Strategy is the cornerstone for a startup’s success.

Designing and implementing a sound People Strategy should not be interpreted as having stylish workspaces with candy colored work-pods, cutting-edge fitness equipment and coffee machines brewing beans sourced from Kenya, Sumatra and Brazil.

It’s also not definitely about astronomical salaries that are doled out as a trade off to the employee for the risk he’s taken of joining a startup. All of these are good to have provided there is a well thought out People Strategy to nurture and grow them.

A solid People Strategy should have a well meaning Mentoring Program which has the buy-in of the leadership team can address a lot of people issues and create effective engagement.

Startups should have a strong engagement process during On-boarding too, apart from the orientation. By mentoring the employees during On-boarding period, they get completely aligned with the culture and are able to find a sure footing, thus contributing to the organization sooner than expected.

Startups usually suffer from a deficit in leadership pipeline and a Mentoring Program can develop that by leveraging internal talent available in senior employees to groom high potential people for future leadership roles. This creates a huge engagement point for the senior employees as well as they contribute to the growth of the company and tend to stay around longer.

People Strategy should be a part of the Business Strategy of the startups and should have the leadership of the company completely involved in its drafting and implementation, without which Indian startups are bound to go through difficult times with their people.

Employees Don’t Leave Because of Bosses Alone

In today’s competitive scenario, retention of high quality talent is the key to business success and growth. Organizations amply well understand this, as a recent survey of across organizations demonstrates.

A number of studies show that Milennials are not leaving organizations because of their Bosses or Managers alone. They look at the culture of the organization, growth opportunities, job satisfaction and freedom to use their creativity at work. One of the most important factors of attrition, often overlooked, is when the employee can’t see a future for himself.  A career development plan that gives a sense to the employee that the organization cares for her and that there is a future in the organization becomes the cornerstone for the employee to have a long and successful career in the organization.

Talent Development Solution (TDS) holds the key to build and sustain a career development plan for the employees. The capabilities of a TDS are myriad but sadly not many organizations have implemented a TDS or have a half-baked one at best as the below info-graphic depicts.

A comprehensive TDS can enable the organization to:

  • co-create short-term, medium term and long term goals for its employees thus creating a sense of ownership and engagement amongst employees
  • build milestones and periodically review them with mentors / managers
  • have advanced features using analytics can suggest career paths within the organization; recommend training and certifications and schedule assessments
  • create dashboards that the business leaders could use to craft strategies based on the talent pool available
  • feed exhaustive real time inputs into the performance appraisal process
  • guide the HR using the dashboards to track talent progression and check the cost efficacy of training programs

A comprehensive TDS builds on existing HR data making it easy to implement. Considering that the cost of replacement can be anywhere from 40% for junior level employees to as high as 400% for employees in senior level or in specialist roles, the ROI for TDS can be achieved within a very short time.

The case for a well-crafted and implemented TDS is a strong one and it’s time every organization built it in their organizational strategy to stay competitive, stay relevant.