Redefining employee well-being: Inclusive leadership, equitable work culture and more

WEEKLY RECAP Sat, Mar 30, 2024 | 06:05 PM IST Hello Reader, Nearly 78% of employees in India experience some form of job burnout , leading to physical and emotional exhaustion, according to a 2024 study conducted by UKG Workforce Institute. About 64% of employees would readily accept a workload reduction for a proportional pay cut, indicating that most employees recognise the importance of a healthy work-life balance and are willing to prioritise it over financial gain. However, surprisingly, the study also shows that nearly 89% of employees in India claim to be highly motivated by challenges and extra responsibility at work. In comparison, 76% believe that their work is more than just a 'job' to them and has a special meaning. The study conducted across 10 countries, including India, surveyed 4,000 plus employees, including managers and C-suite executives. What makes a workplace aspirational? Some traits that make a workplace desirable are trust, open communication, and care policies aimed at employee well-being. Essentially, a great workplace thrives in a conducive work environment, and the study indicates that globally managers have a major impact in fostering a favourable environment, and consequently on employees' productivity and engagement. Furthermore, globally, managers report the highest levels of burnout at work, underlining the critical need for more organisational support at managerial level. In India, about three in four employees (72%) say their manager's support, encouragement, and leadership quality directly motivates them to go above and beyond their designated roles. Additionally, around two-fifths of employees (40%) espouse that having a good manager — one who's accessible but doesn't micromanage — makes them feel the most productive at work. Changing dynamics of workplace culture, combined with managers who prioritise employee engagement and growth, play a pivotal role in nurturing this shift towards a more purpose-driven approach to work. It is important to understand that change starts at the top of an organisation. The supportive role of senior leadership is imperative to steer initiatives and policies that can enable and sustain a positive work culture. Hence, the fact that 85% of employees in India acknowledge their managers' positive influence in achieving work-life balance is a positive indicator towards this shift. This trend illustrates how managers are helping organisations adapt to a more employee-centric idea of 'work'. Warm Regards, Learners Club TOP STORIES Work abroad Excessively high rents are a major burden for immigrants in US cities Study Makeover of business administration: Indian B-schools adapt for tomorrow's challenges AI Employees see AI driving organisations in 4 years; talent shortage stands out despite learning interest, says survey Tech Biggies like Google, Amazon & Microsoft paying undergrads Rs 1 lakh stipends for internships Startups Top Indian unicorns continue to add talent despite funding, growth challenges

ESSENTIAL READS How apprenticeships can serve as a vital vehicle to address low women labour participation in India India has faced significant challenges in women's labour force participation. Apprenticeship emerges as a vital tool in addressing women's labour participation in India. Recently, there has been a surge in demand for female apprenticeships, which signals a transformative shift in attitudes towards gender equality. India stands at a pivotal moment in its history, poised to unlock the potential of its 1.4 billion citizens. As the nation looks towards a future of inclusive growth and economic prosperity, the role of apprenticeships emerges as a transformative force, particularly in empowering women and driving equitable workforce participation. The commendable compensation parity observed between male and female apprentices is central to the paradigm shift in apprenticeship programs. This departure from traditional employment practices underscores a commitment to inclusivity and fairness, setting a positive precedent for gender equality in the workforce. To learn more about how apprenticeships can address low female labour force participation, read the full article here. WHAT TO WATCH March 31 deadline: Here's how you can maximize tax savings using 'Tax Loss Harvesting' Crypto TV | Future of crypto/virtual digital assets redefined Transformations across sectors and demand for niche skills driving attrition trends While hiring is a key metric that is often tracked in career discussions, a flip side that deserves more focus is attrition. There can be multiple reasons for attrition. Employee attrition isn't just about people leaving companies, it is closely tied to business growth. As companies expand, the demand for skilled workers rises, further fuelled by the emergence of new technologies. This is a scenario that we see currently playing out in the Indian market. Sectors with higher attrition in 2024: Megha Deb, Engagement Manager-Total Rewards, Zinnov, says, "We believe that attrition is linked to intra-industry migration with professionals seeking competitive salaries and roles to create a tangible impact across industries." Moderate attrition will persist across industries in 2024, according to Deb. "Software and internet vertical at 12.1% tops the chart, owing to the continued demand for digital expertise to drive transformation plans. This is closely followed by the gaming (12%) and BFSI (11.9%) industries." Read the full article here.

​Quote of the week "Success is a lousy teacher. It seduces smart people into thinking they can't lose" - Bill Gates

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