Companies in India have introduced many employee friendly policies to attract, retain and manage talent. In the competitive global scenario, the skilled workforce of India are a prized possession and companies are introducing new policies and innovative methods to attract and retain talent.
India has a vast pool of literate workforce, which makes it a leading destination for companies to hire employees. The population of India stood at 1.21 billion people according to the Indian Census 2001, making it the second most populous country in the world. Of this, the Indian workforce comprises of 127 million people, including workers in the organized and unorganized sector.
Due to the availability of a large workforce, companies managing the human resource function face a formidable task of managing, retaining and engaging talent by employing policies that are both pragmatic and employee-friendly. Companies introduce policies for the benefit of employees, catering to the needs of the diverse workforce, while ensuring loyalty to the organization.
Work-life balance
The services sector is known for adopting several employee - friendly policies including telecommuting option, flexible work hours and sabbatical leave. These policies are introduced to provide a better work-life balance for employees. They help in attracting and retaining talent. Infosys Technologies Limited has introduced new policies like adoption leave and paternity leave to woo employees.
Women-friendly policies
Companies focus on providing an inclusive working environment by supporting the careers of working women. They have realized the potential of women workers and have also introduced women-friendly policies. These include childcare facilities, maternity leave, flexible work timings and harassment policy.
Diversity management
The workforce in India comprises of people from different states, religions, races and languages. Diversity management is an important aspect of human resources, as it is essential in improving communication among employees, resulting in improved efficiency and better business prospects. Large organizations often want to be portrayed as ‘equal opportunity’ employers, by introducing policies that support careers of employees, irrespective of gender, age, physical disability, colour or race. These include the setting up of dedicated diversity offices within the organization, which provides counseling and support to the diverse workforce.
Learning & Development:
Many companies provide learning opportunities for employees to update their skills, while they are working. Companies facilitate learning by providing elearning opportunities, developing Individual learning Programs, organizing workshops and training sessions to ensure growth of the individuals. Planned training sessions are also organized, keeping in mind the current business need and the aptitude of the employees. Employees benefit on successful completion of the course as it helps in advancing their careers. GE offers entry level leadership programs for graduates, offering them access to global networking and mentors to support them in their career growth.
Employee engagement:
Many HR managers have realized the importance of engaging employees to reduce attrition rates. Companies organize many fun activities, competitions and events including Sports Day, Annual Day, Dance and Singing competitions to engage employees. Philips Electronics Limited, Bangalore organizes marathons for employees to emphasize the need to stay healthy and motivate people to work together as a team.
CSR
Employee satisfaction is key to retaining talent and achieving business stability and growth. Many companies encourage employees to participate in corporate social responsibility initiatives. Some companies including Ernst & Young encourage employees to participate in CSR by choosing a particular project, volunteering in teaching or by contributing money. When employees choose to support a particular NGO by contributing money, the company contributes an equal amount of money to the chosen NGO.
All these HR policies introduced by Indian companies help in engaging employees, while reducing attrition rates. Indian companies will continue to innovate and introduce new policies to woo employees and cater to the diverse needs of employees.
