How To Find Out What Is The Best Workplace In India

Transcription

1 INDIA S BEST COMPANIES TO WORK FOR 2013 A STUDY BY THE ECONOMIC TIMES & GREAT PLACE TO WORK INSTITUTE HIGHLIGHTS 21 JUNE 2013

2 INDIA S BEST COMPANIES TO WORK FOR OUTPERFORM MARKET INDICES BY 3 TIMES

3 Creating a Great Workplace has significant business benefits Source: Research done by RSM Astute Consulting. Top 50 data refers to the Top 50 of India s Best Companies to Work For.

4 HOW DO WE IDENTIFY THE BEST WORKPLACES?

5 Simply by measuring the quality of employee experience TRUST INDEX Measures & Benchmarks Employee Experience CULTURE AUDIT Assesses & Benchmarks People Practices Great Place to Work Model credibility respect fairness T R U S T pride camaraderie

6 Three primary relationships define the best workplaces MANAGEMENT TRUST CAMARADERIE EMPLOYEE PRIDE OTHER EMPLOYEES JOB 6

7 Effective people practices deliver positive experiences in these relationships and achieve the three goals of every manager 1. achieve organizational objectives inspiring thanking hiring caring Trust celebrating sharing developing 3.work together as a team/family listening speaking 2.give their personal best 7

8 HOW HAS THE STUDY GROWN?

9 The study continues to be the largest in India NO. OF REGISTRATIONS: 535 NO. OF SURVEYED EMPLOYEES: 98,998 9

10 India joins the select league of countries with Top 100 List

11 ANY ORGANIZATION, OF ANY SIZE, FROM ANY INDUSTRY, ANYWHERE IN THE WORLD CAN BENEFIT FROM BEING A GREAT WORKPLACE

12 The study attracts organizations from all major industry sectors 36% 16% 12% 12% 12% 12% HEALTH CARE RETAIL MEDIA BIOTECHNOLOGY & PHARMACEUTICALS HOSPITALITY REST OTHERS 30% INFORMATION TECHNOLOGY 26% CONSTRUCTION, INFRASTRUCTURE & REAL ESTATE 4% FINANCIAL SERVICES & INSURANCE 11% PROFESSIONAL SERVICE 6% MANUFACTURING & PRODUCTION 23% 12

13 A testimony to this is representation of 14 industries among the Top 50 Companies 13

14 And companies of varied employee strengths among the Top Less Than 250 Between 250 to 500 Between 500 to 1000 Between 1000 to 2000 Between 2000 to 5000 Between 5000 to 10,000 Above 10,000 Total Companies Top 50

15 WHAT TRENDS DO WE SEE?

16 GDP growth has fallen further, however hiring is still on in most companies Source: Hiring data: 366 companies Note : Hiring data is reflective of the previous one year i.e BEST REFERS TO THE TOP 50 16

17 While young workforce is the majority with 62% of Corporate India below 35 years of age DATA: 366 ORGANIZATIONS 20% of Corporate India above 45 years of age 17

18 Representation of women in Corporate India continues to be inadequate 18% 14% 12% 10% Across all organizations Managerial & Supervisory Women in Top 50 Senior Management Women in Rest DATA: 366 ORGANIZATIONS 18

19 REST BEST Top 50

20 People stay longer at Great Workplaces Biotech & Pharma 5 19 Telecommunications 5 14 Construction & Real Estate 7 15 Manufacturing & Production 5 7 Information Technology Financial Services 12 Rest Top

21 Best Workplaces are successful in delivering positive employee experience, consistently POSITIVE NEUTRAL NEGATIVE 4% 7% 12% 25% 89% 63% TOP 50 BOTTOM 50 21

22 Senior management takes much more risk on their pay at Best Workplaces Variable pay more than 20 per cent of CTC 54% 29% 18% 13% 10% 8% BEST REST SUPERVISORY MANAGERIAL SENIOR MANAGEMENT BEST REFERS TO THE TOP 50 22

23 Salary is not a top of the mind response when asked what makes an organization a great workplace.. Key differentiating words: Environment, Opportunity, Family, Freedom, Life, Culture, Fun Analysis of unstructured employee comments 23

24 However it emerges as a key factor when asked what requires to be changed to make a workplace better Key Differentiating words: Salary, Promotion, Performance Common words: Team, Growth, Policy, Facility, Training, Balance 24

25 Best Workplaces score over others on the Fairness quotient Sentiments Top 25 Positive Negative Sentiments Bottom 25 Positive Negative Respect 93% 7% Respect 93% 7% Pride 96% 4% Pride 94% 6% Fairness 91% 9% Fairness 83% 18% Credibility 95% 5% Credibility 93% 7% Camaraderie 95% 5% Camaraderie 98% 2% The positive sentiment for Camaraderie in the average workplace compares favourably with the best workplaces. Analysis based on categorization of employee comments 25

26 To reach anywhere close to Top 50 Organizations will have to build some essential foundational elements EQUITY RELIABILITY OF MANAGERS DEMONSTRATED CARING CANDID COMMUNICATION -Fair share of profits -Equal opportunities for special recognition -Management delivers on promises - Management s actions match their words -Sincere interest as a person -Special & unique Benefits Essential but not sufficient Note: These are statements in the survey with largest gaps between the Best and the Rest -I can ask any reasonable question & get a straight answer DATA: 376 ORGANIZATIONS 26

27 The Top 25 build the foundation & then really excel in a few areas PRIDE IN THE WORKPLACE PSYCHOLOGICALLY AND EMOTIONALLY A HEALTHY PLACE TO WORK KEY DRIVERS FUN AT WORK APPRECIATION FOR GOOD WORK AND EXTRA EFFORT 5 EQUITY IN TREATMENT 1 6 FAIR EVALUATION OF PERFORMANCE Note: These areas have a very high co-relation with employees overall perception that their workplace is a great place to work. DATA: 376 ORGANIZATIONS 27

28 In Summary 1. Any Organization of any size, from any industry can be a great place to work. 2. Make it one of your Organization s top 3 goals. Reality check: Are your employees as important as your customers and your investors? 3. Fairness - driven by integrity, equity(equal treatment) and impartiality differentiates the best workplaces from the rest. 4. Before you become a great place to work you will have to create the right foundations of a good place to work - share wealth, rolemodeling by managers, demonstrate caring and practice candidness in communication. 5. Having created a good foundation aim to be a great place to work by building equity(equal treatment), pride, caring, fun, appreciation and fair performance evaluation. 6. It s worth it even your shareholders will get three times higher returns! 28

29 BEST WORKPLACES LEARNING FROM EACH OTHER

30 BEST EMPLOYERS CLUB The Best Employers Club provides an exclusive opportunity for leaders of the best workplaces to sustain and build their workplace culture by interacting with each other, building relationships, discussing challenges, and sharing best practices. LAUNCH DATE: 13 TH SEPTEMBER, 2013 VENUE: JW MARRIOTT, BENGALURU

31 THANK YOU

32 ACKNOWLEDGEMENTS 32