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5 H of Employee Retention Plan to Win Tough Times

By | Gauri Das |

While the world is staring at recession, India’s growth story continues to shine. According to a recent survey by Bloomberg, the probability of India slipping into recession is zero. Most forecasts including the recent one from IMF have predicted India’s GDP growth for FY 23 to be more than 7%. As the world stares at recession, the growth rate might move northwards.

However, as a country, we are currently in thick of great resignation. It started with IT and soon became a reality for all industries.  A recent Economic Times report indicated that banking sector attrition is hovering between 30 to 50% with highest being 76% for a microfinance institution in junior roles.

According to a Michael page report in Jul’22, 86% of employees have plans to resign in the next six months in India. A talent shortage, demand sully gap coupled with geopolitical uncertainty, and fear of recession have ensured that CHROs and other leaders continue to be on their toes and have talent retention as their priority.

According to me, for a delightful employee experience, each touch point counts and must be worked upon. It’s not only career pathing, development opportunities, compensation, reward, etc. that count but it is also the day-to-day experience that employee has with manager and the team that decides success of the retention plan.  Here are my 5Hs for people retention.

Hi-Tech Experience

An employee at organization X is customer at organization Y. The speed with which companies have evolved digitally to provide an excellent customer experience has made people expect a similar experience in every walk of life including workplaces. COVID 19 pandemic only exacerbated the pace of change.

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