Key to success: Retain talent, be generous

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As Covid cases continue to decline, the hiring activity of Indian firms is showing signs of revival. June witnessed improvement in hiring across several key industries as well as functional areas. This is an indication of resilience and recovery of hiring activity across the country, especially after the huge job losses in the initial weeks of the pandemic.

The pandemic has demonstrated how merciless the corporate world can be. The job losses seen in the initial days of the pandemic not only hurt the economy but also demotivated many employees. But nearly after two years into the pandemic, it’s time to focus on the future.

The pandemic has fast-tracked digitisation by five to 10 years. Buoyed by the demand from organisations to use IT to overcome business challenges, there has been a boom in the hiring activity in the space. Companies and tech start-ups have even raised the bar by offering goodies such as BMW motorcycles to sending its employees to watch the ICC T20 World Cup in a bid to lure in new talent. This type of employee-centric investment is one of the key factors that separate the men from the boys. Such initiative will also go a long way and help spread the feel-good in the job market that has been crushed by the pandemic and the impact it had on business operations.

In mid-June, IT industry body Nasscom said that the sector continues to be a net hirer of skilled talent, and the top 5 Indian IT companies are planning to add over 96,000 employees in 2021-22.

Now that cases are on a downward trajectory and the economy is slowly getting back on its feet, such initiatives should spread to other sectors. To retain top talents, employers need to understand the evolving motivations and aspirations of employees. In the post-pandemic world, employee expectations extend well beyond compensation.