EMPLOYEE RETENTION FOR

HIGHLIGHTof proactive workplace policiesand practices that help attractand retain talent with skillsand competencies necessaryfor growth and sustainability.As more employees have theopportunity to work from home,many are finding they like it andpeople just want to be their fullselves at work because work ishome, and home is work. As HRleaders, when you understandand empathise with youremployees, make them feel likethey belong, and that they’reimportant to the organisation,the employees naturally want towork harder and stay longer intheir role. For human resources(HR) teams, that means— When hiring, employerswill need to be more opento remote work and learnnew skills to streamlinevideo interviews and virtualonboarding. Besides video interviewing,digitising the recruitmentprocess—digital copies ofemployee manuals, benefits,HR policies, procedures,rule books and trainingmanuals— which facilitatesonboarding quickly andefficiently. Recruiters and hiringmanagers will need towork on evolving job skillslike resiliency, adaptabilityand independent problemsolving in a post-Covid-19environment. HR leaders need to focuson internal promotions orinternal hiring post-covid.This will ensure employeeupskilling and can helpimprove the retention of toptalent. With decreased recruitingbudgets, HR professionalswill need cost-effectivesolutions that demonstrate astrong return on investment(ROI) and make sure thepipeline of new employees issolid.The Road AheadAs we navigate through theCovid-19 pandemic, onething is very clear, employeeretention can become a biggerchallenge in the future than inthe past. Now is not the timeto try to go back to ‘businessas usual,' what worked beforethe pandemic won’t work now.However, being flexible withemployees’ needs can be agame-changer. Regardless ofyour industry, business leaderswill have to start fresh whenit comes to retaining remoteworkers. HR leaders will haveto try extra hard and find outwhat type of flexibility willhelp individuals be better andhappier employees. Only thoseemployees who are happy,satisfied, productive, andconnected, tend to stay withtheir employers in the long run.Create a seamless remoteonboarding processPromote a healthywork-life balanceProvide equal access to trainingmaterials and resourcesTIPSPrioritize face-to-facecommunication,but set boundariesBoost transparency andcollaborationFOR IMPROVINGREMOTE EMPLOYEESet clear performance goalsand ensure alignmentRETENTIONRecognize the achievementsof remote workersCreate a remote-inclusive cultureSeptember 20218

SPOTLIGHTDeveloping YourEmployees is Key toSuccessful EmployeeRetentionSreenivas PotukuchiHead of HR Business Partner, Fidelity Investments IndiaSreenivas Potukuchi, Head of HR Business Partner, FidelityInvestments India speaks to All Things Talent about how thefirm is maintaining a low attrition rate, how it is investing inbuilding a talent brand for seamless hiring, and key talentacquisition trends he foresees in the near future.9September 2021

At Fidelity, we believe in offeringa career rather than a job. Wehave an employee retention andengagement framework builton insights collected over theyears. We provide challengingopportunities to our employeesand the flexibility to move withinthe organization so that they cangrow within the firm. We alsoidentify employees who might beconsidering a switch and interveneat an early stage to keep themengaged.We have established a thrivinginternal talent market whereemployees can search for careeropportunities within the firm andwhere hiring managers can scoutfor existing talent as well beforelooking outside the organization.A combination of all these effortshas helped us build a large pool oftenured employees and maintain alow attrition rate.What is thebiggest challengeyou are facing in thisregard and how areyou overcoming it?One of the main challengesfaced by the industry is qualifiedtalent exiting at an early phasein their careers, and Fidelity is noexception. Many professionalsduring the first five years of theirOne of the main challenges facedby the industry is qualified talentexiting at an early phase in theircareers, and Fidelity is no exception.Many professionals during thefirst five years of their careers tendto leave their jobs owing to reasonssuch as higher education, or otherpersonal commitments.careers tend to leave their jobsowing to reasons such as highereducation, or other personalcommitments. Therefore, atFidelity, we offer robust learningand development opportunitiesfocused on technology, leadershipand professional development,functional and domain learning.We also provide various avenuesfor associates to learn – virtualclasses, self-paced learningresources, certifications,conferences, continuing education,and so on.We understand that everyoneneeds personal time to take careof important aspects of their lives.Therefore, we have a generousleave policy that includes anindustry-leading 65 days of sickleave annually along with otherleave benefits like annual leave,casual leave, compassionate leave,maternity leave, newborn careleave, parental leave, and serviceanniversary leave.SPOTLIGHTHow is FidelityInvestmentsensuring employeeretention in thepresent times?Many HRexperts havepredicted that attritioncould go up postpandemic. How areyou ensuring thatFidelity Investments isinsulated from it?At Fidelity, we are evolving ourapproach according to the dynamicneeds of the situation and finetuning our policies and benefits tosuit a hybrid working model. Weare taking a data-driven approachto ensure that our employees cando their best work in this newenvironment. We draw insightsfrom multiple sources of datalike pulse check surveys, exitinterviews and attrition trendsto create future projections tosee if we need to change ourengagement strategy with thetarget groupsSeptember 202110

SPOTLIGHTWe are moving into a future wherea large part of the global workforceis going to operate based on a hybrid/dynamic working model. This offerstremendous opportunities for careergrowth, owing to its flexibility, digitalmodes of working, and a highlynetworked and connected workforce.Has the hiringstrategy forthis year seen anychanges due to thealtered mode of workpresently?We are actively investing inbuilding our talent brand toshowcase the length and breadthof our products and servicesand the opportunities we offer.In addition to the traditionalchannels we use for hiring, weare also leveraging modernapproaches including social andother new media. Believing thatassociates are our best brandambassadors, we have a strongemployee advocacy program andare using these new-age channelsto promote our strong domain intechnology, analytics and data,operations and business areas,apart from softer aspects such asour commitment to community11impact, benefits, excellentassociate experience, values,ethics, work culture, and work-lifebalance. We already have a strongreferral program and are takingsteps to enhance and make iteven more seamless, knowing andbelieving that employees are ourbest brand ambassadors.September 2021FidelityInvestments'Resume programdesires to havewomen return to theworkforce, how was itplanned out?The ‘RESUME’ program is anotherhighly successful program we useto attract strong female talentin the market who have takena career break and are lookingto re-enter the workforce. Theprogram has been operationalfor the last six years and offers asix-month internship opportunityto candidates. The program wasa tremendous success in thepast. However, given the currentpandemic situation, we areworking to redesign it to suit thenew working model.

What are keytrends you foreseein the sector in thecoming days in termsof talent acquisition?At Fidelity, we constantlybenchmark our practices usingboth formal and informal meansand realign them as required. Wekeep an eye on the trends andbest practices in the market (Indiaand international) and make surethat we incorporate them intoour operations. Our high levels ofretention and tenure are testimonyto the fact that employees valueand appreciate the opportunitieswe provide, our organizationalculture, and our work portfolio.We are moving into a future wherea large part of the global workforceis going to operate based ona hybrid/dynamic workingmodel. This offers tremendousopportunities for career growth,owing to its flexibility, digitalmodes of working, and a highlynetworked and connectedworkforce.SPOTLIGHTHow are youensuring that yourportfolio companiesfollow industry bestpractices?to be in high demand, andorganizations will be focusing onsuch emerging skills to developtheir talent. Organizations suchas ours invest heavily in a culturewhere our employees can benefitfrom a wide variety of resourcesand opportunities, includinglearning and development tobuild and grow their careers. Thegig economy will also grow evenstronger, and employees shouldenhance their skills to prepare forsuch a future where niche skills willbe in high demand and focus.Critical and niche skills such asdigital, analytics and data, AI, ML,cloud and the like will continueSeptember 202112

Hybrid Work Culture andSocial Media Hiring:How Axis Mutual FundPlans to Continue Ridinginto the Sunrise IndustryMeghna GuptaHead, HR,Axis Mutual FundMeghna Gupta is heading the Human Resources at Axis Mutual Fund. An HRprofessional with over 20 years of experience, Meghna is passionate about the futureof work, cultivating workplace happiness, and building people-first organisations.13September 2021

The Covid-19 pandemic and its talent disruptions have givennew urgency to the challenges facing the MF industry. Tonavigate these challenges, at Axis AMC, the priority hasalways been providing a work environment with clarity on along-term business vision, having strong values and culture,challenging jobs, and leaders acting as mentors for their teamsto help them retain talent long term.If that’s not enough, it added 81lakh investor accounts in 202021, amounting to Rs 9.78 crorefolios across 43 fund houses at theend of 2020-21. In 2019-20, theaccounts added were 72.89 lakh,as per the Association of MutualFunds in India.The sector’s unprecedentedgrowth finds its backing from thesurge in digitisation, better productofferings, easy norms by marketregulators, low interest rates, easeof transaction, and ballooningcapital markets. The increasedinterest in financial products isalso seen as a reason behind theindustry’s improvement.However, despite the boom,India’s mutual fund penetration isFEATURE2021 could be the year wherethe markets change thefortunes for many. Withseveral new and well-fundedfintech players entering the mutualfund industry that boasts of anasset under management of Rs33 lakh crore, the industry is onceagain going through the phaseof being a sunrise sector whoseoverall AUM is growing at a CAGRof 20.6 percent in the last fiveyears.Axis’ social media recruitment strategyhas been to use multiple platforms toshare information about the job openingwith both passive and active candidates. Thechallenge comes when one is inundated withthousands of profiles. Having a good ApplicantTracking System helps to reach out to the relevantprofiles from all the profiles received.considerably low compared to theglobal economy. As per a Jeffriesreport, assets under managementin India are just 12 percentwhereas the global average standsat 63 percent. That definitelypromises that the Indian markethas a huge scope of growth. Howmuch of that growth impacts thetalent acquisition framework forAMCs?September 202114

All Things Talent spoke to MeghnaGupta, Head of HR, Axis AMC, onthe impact of the MF industry’sgrowth potential on talentacquisition, retention, and the gigeconomy.Gupta is of the opinion that hiring on thebasis of one’s educational qualificationand experience is a story of the past.Today, everyone hires a niche skill rather thanan experience.The Sunrise Industry Then and NowFEATUREWhen Gupta joined Axis in 2009,the industry was known as thesunrise industry. The moniker stillfits but the shade has changed.The world of fintech and wealthmanagement is changing theway businesses are being run bytraditional players. As HR people,there’s also the need to shift thedefinition of talent to address thischanging shade of our industry.Axis AMC continues to believethat they will always need talentfor covering the partners spreadacross the country, but now theywill also need to identify talent thatcan resonate with today’s digitalworld expectations.“Earlier, people were driven in theircareers to meet their Maslow’sneed theory. This pyramid hascompletely shifted. Earlier, theaim was to save money, tick a fewthings like buying a house, gettingmarried, buying a car, savingfor the future, etc. Now, it hasinverted, today’s generation wouldlike to save to travel and explorethe world, live a comfortable life.This also brings a shift in the waythe citizens of our country lookat investing their money,” Guptashares.Identification of high potentialtalent has always been a15challenge and the MF industryis no exception. Gupta observesthat talent is moving within thisindustry. The inflow of new talentis limited for roles that are morepopulous rather than niche rolesin investments, digital, technology,etc.“At Axis, we have always beenopen to exploring talent outsidethe industry. Retention has beenand will always continue to be achallenge. It’s a critical businessneed to hold back our talent. Webelieve that providing a workenvironment with clarity on a longterm business vision, having strongvalues and culture, challengingjobs, and managers & leadersacting as mentors for their teamshelps us to retain talent,” saysGupta.Axis has around 600 employees,80% are in sales and operationsand the others in Investment andshared services. They have noticedan increase in headcount acrossall verticals of the business, witha focus on sales and operationsto handle the growing businessneeds. Keeping the changingbusiness goals, the organisationhas also been hiring specialists ininvestments and shared services.Digital technology and processtransformation are some of theSeptember 2021other areas they plan to improvetheir capabilities. The plan is tokeep building the organisation inline with the growing business.The focus in the last two years hasbeen to hire sales and operationsresources in B30 locations forbetter reach and penetration.Axis plans to have 750 employeestrength by the end of this year.Social Media HiringSocial media has emerged as avery strong platform to help builda strong and clear employer brandand employee value proposition.

Axis’ social media recruitmentstrategy has been to use multipleplatforms to share informationabout the job opening with bothpassive and active candidates.The challenge comes when oneis inundated with thousands ofprofiles. Having a good ApplicantTracking System (ATS) helps toreach out to the relevant profilesfrom all the profiles received. “Tillnow, social media as a channelof hiring has been successfulfor us for a populous position.It has really helped us in hiringspecialists. The strength of socialmedia lies in reaching talent acrossindustry, experience, gender, andseniority,” observes Gupta.Skills-Based HiringFuture of Work - GigWorkers and HybridModelThe last 18 months havecompletely changed the futureof work. Work from home hasits share of advantages anddisadvantages. Axis AMC is inthe process of identifying rolesthat can be completely virtualizedin the company. That means anincumbent who currently holds theprofile will never come to the officeand even their replacement will beworking virtually.The company is also in the processof identifying roles where they canhire Gig resources. “In recent years,we have seen many professionalstaking a break in their career to dowhat their heart is in. They havethe requisite skills and capabilitiesbut would like to give limited timeto their career. We are exploringreaching out to them to work asFreelancers with us. Compensationis completely based on measurabledeliverables. It’s a perfect win-winsituation,” Gupta elaborates.Axis AMC, thus, plans to follow ahybrid model where the employeeswill only come to the office foreither 2 or 3 days and be workingfrom home for the rest of the days.The Rise and Riseof Learning andDevelopmentLearning and Development hasalways been a very importantfunction for business and HR.It has become essential now.Learning is no longer restrictedto classroom training around thecompany products, policies, andbenefits. Learning now is agilelearning, continuous learning. AtAxis, there’s a defined learningcalendar that skills and re-skills theemployees, and helps to build theircurrent and future capabilities.“With work being done fromanywhere, it's equally critical toretrain our managers to deal withthis distance and yet ensure thatdeliverables are not compromisedas well the employee engagementis not affected," says Gupta. Axishas a meaningful budget allocatedto drive learning across thecompany.FEATUREOrganisations need to be reskilledkeeping with the changingtimes, especially post the currentpandemic. It’s important to assesswhere the organisation is againstthe key skill requirements in thischanging world and focus onbuilding the new capabilities andfilling their talent gaps. Guptais of the opinion that hiring onthe basis of one’s educationalqualification and experience is astory of the past. Today, everyonehires a niche skill rather than anexperience. Some of the commonareas for Axis are data analytics,science, IT, web designing, processtransformation, channel managersfor Fintech partners, etc.As told to Moumita Bhattacharjee &Bruhadeeswaran RSeptember 202116

Managing theTide of “The GreatResignation”Manavi PathakHead, Talent andLeadership Development,TATA TrentManavi Pathak is the head of Talent and Leadership Development at Trent Limited.She comes with over 15 years of wide experience in HR Consulting and Academics.Prior to this, she has worked with some big names in the industry like TATA Motors,Cipla, KPMG, etc.17September 2021

It has been projected that more than half of the employees are leaving theirjobs — or thinking about leaving — this year. The article explores whythat is, and how employers can find the best employee retention tactics tomitigate it and keep the most talented workers at their jobs in 2021 andbeyond.Abeen estimated that 95% of theworkers are considering changingjobs and 92% are even willing toswitch industries by the end ofthe year to find the right position(Monster.com). This trend hasbeen gaining momentum and thereare signs of employees jumpingship for better opportunities.Organizations need to find thebest employee retention tactics tokeep the most talented workers attheir jobs in 2021 and beyond.COVER STORYOver the last few months,as the Covid-19 pandemicbegins to subside, lifeand work are also starting to getback to normal or at least the ‘newnormal’. The organizations arefaced with the problem of 'TheGreat Resignation' which has putthe businesses in a tricky position.It has been projected that morethan half of the employees plan tolook for a new job this year. It haswell-constructed employee survey can actas an early warning system for difficultieswithin the organization, indicating whenteams are falling out of alignment or whendisengagement is setting in – both of whichcan hamper productivity and lead to employeeturnover.For years, organizations havetaken a hard line on whereemployees need to work, whathours they need to work, and whatdays they have to work and no

of people were furloughed or laid off as a result of the pandemic. However, as we begin to emerge into a post-COVID world, people are planning to quit the jobs they HIGHLIGHT RETENTION HIGHLIGHT FOR THE ‘NEW’ WORK WORLD EMPLOYEE Employee retention is an organisation’s ability to mitigate employee turnover risks by motivating its