Businesses should use retention strategies to curb layoffs: Adecco

Bengaluru

As the war for tech talent intensifies and layoffs continue to rise in the Indian and global markets, companies must quickly develop retention strategies to reduce employee attrition, said Adecco India, a staffing services firm. “The ‘great resignation’ that has taken place over the past three quarters and more has made it clear that more and more professionals are rethinking what they want from work and which employers they want to stay with,” said Anne Soumya, Director HR, Adecco India . “As the battle for talent in an open labor market escalates, the need for companies to overcome great resignation with ‘great retention’ strategies is more relevant now than ever,” she said.

“It’s time for leaders to infuse the workforce with a purposeful vision, a compelling picture of an attainable future that aligns with individual goals, as for the majority of employees, the real purpose of their existence is tied to their work,” she said. According to Ms. Soumya, hybrid flexi-working models should be an integral part of the “Great Retention” strategy. “As life returns to the new normal around us, the future of work is Hybrid Flexi and these models can deliver great outcomes for businesses and employees,” she added.

However, she agreed that there is unmatched power in people coming together to create ideas, collaborate and achieve outstanding results. At the same time, companies must be willing to embrace flexibility, allow employees to choose where and when they work, and always keep work as the only non-negotiable, she said.

Dealing with the different demands of a multi-generational workforce can also be a challenge. “Employee demographics are at their most complex in the workplace during this time. We literally have three very different generations at work in India. A unit model will therefore no longer fly. What we need instead are tailor-made programs that address everyone’s individual needs,” Ms Soumya said.