d&b's study - insight on future workplace trends

Insights on Future Workplace Trends

By Pawan Bindal, Director D&B India

A Study by Dun & Bradstreet

February,2014

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Purposeof the Study

The objective of this study is to understand from HR function leaders their views on the key people issues and trends that will define the organization or workplace of future.

Through the primary survey conducted by Dun & Bradstreet, this report attempts to identify the actions that organizations are likely to take in order to attract and retain human capital.

Our Findings

People – Related Focus Areas emerged as a prerequisite in driving organizational success

• Organizations are increasingly realising that having the right employee-friendly policies and practices at workplace will play a key role in driving organizational success.

• Employers are revisiting their existing policies to accommodate emerging human capital needs with the objective of increasing productivity, improving work-life balance, and attracting & retaining talent.

Biggest challenges for HR leaders- Enhancing employee productivity & retaining top performers

Critical HR Challenges – Manufacturing & Services Industries

Most Critical HR Challenges across Industries

Organizations seem to be increasing their focus on the non conventional methods of compensation

71% of the companies surveyed offer bonuses to their employees in addition to fixed base salaries.

77% of the companies surveyed offer insurance benefits to their employees

62% of the HR leaders cited providing healthcare and related benefits to be most critical.

41% of the respondent companies offer higher education support related benefits to their employees.

Traditional salary-based compensation continues to be the centre of compensation, but non conventional methods of compensation are gaining significance.

HR Leaders are innovating in terms of providing career related rewards to employees

• Companies in the metro cities prefer offering opportunities for global assignments as the most effective tool in rewarding employees, as compared to companies in non-metro cities, which prefer offering support for pursuing higher education

Services Sector

Manufacturing Sector

57% selected providing global assignments

59% selected providing higher education support

Providing employees with opportunities for global assignments & support for

pursuing higher education emerged as the top choices in rewarding employees.

A casual/open work environment emerged as a key tool to enhance employee productivity

• 57% of the companies surveyed have implemented flexible workplace practices

• 83% companies surveyed indicated that these practices have had a positive impact on recruitment and retention

• 83% of the respondents selected having ‘in-house doctor’ or ‘in-house fitness centre’ as major priorities.

• 78% of the respondents selected ‘In-house meditation centre’ as a key priority

Most effective tools to Improve Employee Productivity

Impact of flexible work arrangements

Key tools for employee retention

HR Leaders seem to be driven by the fact that work-loads and stress tend to hamper employee health, productivity and overall motivation.

• “Wellness and preventive health programs” (88% of the respondents) and “Providing flexible work arrangements” (82% of the respondents) emerged as the top choices with regards to new initiatives by HR Leaders.

• 79% of the respondents also cited “Providing long service awards” as a key tool in motivating and retaining employees.

Importance of Health & Wellness initiatives for Employee Retention

Companies recognize the need to provide much more than compensation to their employees

Conclusion

As the environment in which businesses operate becomes increasingly complex and the war for talent intensifies, companies are re-working their people strategies. In difficult economic circumstances, HR and business leaders find it difficult to balance the need for high productivity and efficiency with the objective of providing employees a stress-free, motivating environment. HR Leaders are hence dealing with a situation of identifying cost-effective tools that have a high positive impact on employee morale and productivity

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