<ul><li>Companies are now re-designing jobs to retain and employ the right kind of talent with the right offer.</li><li>Redesigned jobs can become a great way to bring back working mothers and other employees who are engaged in caregiving to their aged parents and other relatives.</li><li>Six out of ten companies are working to create a human-centric, holistic and purpose-driven employee experience over the next three years, says a <keyword id="6318776" type="General" weightage="80" keywordseo="wtw" source="Orion">WTW</keyword> report.</li></ul> Slowly but certainly, the <keyword id="12242899" type="General" weightage="20" keywordseo="Great-Resignation" source="Orion">Great Resignation</keyword> has tipped the balance in favour of the employees — who are determined to achieve the elusive work-life balance. Organizations too have been absorbing this reality and are not stopping at offering remote work and flexibility — they are redesigning jobs. “Companies need to take tangible actions to win the talent war. These include resetting their total rewards philosophy and strategy for the new hybrid work environment, setting an overarching career enablement strategy, identifying new sources of talent based on more flexible approaches to work and resdesigning jobs,” <keyword id="1175806" type="General" weightage="80" keywordseo="rajul-mathur" source="Orion">Rajul Mathur</keyword>, consulting leader India at WTW, a consulting firm. <cmsannotation type="cmsannotation" annotationid="What is a re-designed job?" comment="subhead" text="What is a re-designed job?">What is a re-designed job?</cmsannotation> A re-designed job is where job responsibilities are altered to suit the skill-sets of an employee. They first came into vogue as an after-effect of rapid automation. Now of course, it’s being used to retain and employ the right kind of talent with the right offer. Ravish Manivannan from Bangalore has been freelancing for years now and was offered a job at an agency as a graphic designer. “Since I am not used to fixed job timings and it would impact my current lifestyle I was jittery. But the team leader assured me that I would have to report in only for three hours a day and as long as I finish my tasks, won’t be called in for meetings either,” he said. While the agency is satisfied with his work ethic, he too is happy to draw a regular monthly salary without being burdened with office timings. Redesigned jobs can become a great way to bring back working mothers and other employees who are engaged in caregiving to their aged parents and other relatives. <cmsannotation type="cmsannotation" annotationid="Sweeping workforce changes" comment="subhead" text="Sweeping workforce changes">Sweeping workforce changes</cmsannotation> Inducting such employees into the workforce is a part of the sweeping workforce changes that the system is undergoing. Six out of ten companies are working to create a human-centric, holistic and purpose-driven employee experience over the next three years, says a WTW report. Companies are considering changing various other aspects as well like — amount and type of work done using automation, AI and digitalisation, use of skills-based placement of work, types of job offers in the next three years. “Businesses need to prioritize <keyword id="157890" type="General" weightage="20" keywordseo="employee-retention" source="Orion">employee retention</keyword> and re-examine business practices that lead to turnover to tackle ongoing pressure points they face in retaining and attracting talent,” said Mathur. The WTW report says that 61% of Indian organizations are working to create a ‘holistic employee experience’. And, 58% are thinking of strengthening their work and rewards framework over the next three years. Higher salary remains as the top factor to attract employees. But a little less than half, 44% of the organizations are reviewing the mix of pay and benefits to reflect the change in use of remote/hybrid work or other flexible work arrangements to keep their employees from going down the Great Resignation path. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/indias-biggest-companies-spend-nearly-11-lakh-crore-on-employee-expense-last-year/articleshow/92690317.cms">If you thought techies got the biggest hikes last year, think again...</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/utkarsh-leadsquared-happylocate-cybersecurity-vivifi-india-startups-are-on-a-hiring-spree/articleshow/92672295.cms">Amid the layoff season, these five startups are on a hiring spree</a>

Flexibility is passe, companies are ready to re-design jobs to retain talent

<ul><li>India continues to top the list of countries with highest increments, says a <keyword id="6318776" type="General" weightage="80" keywordseo="wtw" source="Orion">WTW</keyword> report.</li><li>The WTW report quotes that over 68% of the companies cited tight labour markets as the foremost reason for giving a higher increment.</li><li>More than half of <keyword id="51318" type="General" weightage="20" keywordseo="Indian-companies" source="Orion">Indian companies</keyword> are increasing their salary budgets from last year given tight labour market conditions.</li></ul>In the next increment cycle, Indian employees can expect a <keyword id="6355281" type="General" weightage="20" keywordseo="salary-hike" source="Orion">salary hike</keyword> of at least 10%, which is highest in the <keyword id="2725318" type="General" weightage="20" keywordseo="APAC-region" source="Orion">APAC region</keyword>, says a <keyword id="5966170" type="General" weightage="20" keywordseo="Salary-Budget-Planning-report" source="Orion">Salary Budget Planning report</keyword> by Willis Towers Watson (WTW). India continues to top the list of countries with high increments. China is projected to see an increase of 6%, followed by Hong Kong and Singapore at 4% in 2023. The report quotes that over 68% of the companies cited tight labour markets as the foremost reason for giving a higher increment. And, 44% are concerned about employee satisfaction as the voluntary attrition rate is the second highest in India among APAC countries. As many as 42% of companies cited strong revenue generation projection in the next 12 months as the reason. The survey is based on 22,570 sets of responses from companies across 168 countries. For this, more than half of the Indian companies are increasing their salary budgets from last year given the tight labour market conditions. “2022 saw actual salary increments being higher than budgets and this was largely due to better-than-expected business performance and the need to retain talent. Despite the economic headwinds, higher projections for 2023 reflect cautious business optimism and a continued tight labour market,” said Rajul Mathur, consulting leader of India for work and rewards at WTW. <cmsannotation type="cmsannotation" annotationid="Sectors with the highest salary hikes" comment="subhead" text="Sectors with the highest salary hikes">Sectors with the highest salary hikes</cmsannotation> The report further projects that financial services employees will get the maximum <keyword id="717779" type="General" weightage="20" keywordseo="salary-increment" source="Orion">salary increment</keyword> with at least 10.4%; followed by employees in banking, technology media and gaming with 10.2% and 10%. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"><colgroup></colgroup><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sector </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Salary hike projection </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Financial services </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10.4% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Banking </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10.2% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tech media and gaming </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">General Industry </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Manufacturing durable goods </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% </td></tr></tbody></table> “We saw significant salary increases across sectors in 2022 and a similar trajectory is expected in 2023. With increased focus on technology enabled growth, the demand for digital skills is driving pay increases for tech talent, especially in the technology, media and gaming, banking and financial services sectors,” added Mathur. Better than expected business performance has also resulted in higher variable payouts in 2022 across career bands. Companies are allocating more variable pay budgets to above average and top performers. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/talent-crunch-biggest-obstacle-to-indian-startups-us-expansion-says-report/articleshow/93587275.cms">Talent crunch biggest obstacle to Indian startups’ US expansion, says report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/wework-co-founder-adam-neumanns-startup-gets-valued-at-1-billion-even-before-launch/articleshow/93585457.cms">WeWork co-founder's startup gets valued at $1 billion even before launch</a>

Fin services will beat tech with the best salary hikes in 2023, says report

New Delhi, Apr 21 () Amid increasing concern over COVID-19, companies in India expect negative impact on their business in the next 12 months, and for some the adverse impact may last longer, driving organisations to consider "workforce optimisation", a survey said on Tuesday. According to the Willis Towers Watson survey, 57 per cent of organisations in India expect a "moderate-to-large" negative impact on their business in the next six months, while 46 per cent expect this to last over a 12-months period. The survey titled, COVID-19 India Readiness Survey, noted that 19 per cent expect an adverse impact to last over a two-year period, while only 5 per cent of organisations expect a positive business impact within the next 12 to 24 months. "The tough economic conditions and anticipated business impact could drive organisations to consider workforce optimisation," said Rohit Jain, Head of India, Willis Towers Watson. As per the survey, almost one in three respondents anticipate that their 2020 annual bonus for executives and employees will be impacted, while 17 per cent expect an impact on their 2020 Long Term Incentive plans. "March to April is the performance review period and we're seeing organisations adopting a wait-and-see approach. " Most organisations are likely to consider the options of selective increments for critical skill staff, defer staff increments by three to six months, or even do away with increments altogether if the adverse circumstances prevail," said Rajul Mathur, Consulting Head, Talent and Rewards, Willis Towers Watson, India. The survey found that 42 per cent of respondents have not taken a decision on salary increment budgets for this year, while 33 per cent indicated that performance appraisals and bonus pay-outs will happen as planned. Moreover, 77 per cent said that there will be no reduction in salaries and 53 per cent responded that there have been no adjustments to the sales incentive pay-outs. "Employers should take an emphatic and considerate approach and evaluate options such as staff redeployment, reduced working hours/days, long service leave, sabbatical, furlough, hiring freeze and voluntary pay cuts, before any serious consideration of a workforce reduction," Jain said. The survey was conducted from March 20 to 31, 2020 and data was collected from nearly 417,000 employees working across sectors such as Financial Services, Healthcare, IT &amp; Telecom, Manufacturing, Public Sector &amp; Education and Wholesale &amp; Retail. DRR SHWSHW

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Flexibility is passe, companies are ready to re-design jobs to retain talent

Vaamanaa Sethi

Fin services will beat tech with the best salary hikes in 2023, says report

Vaamanaa Sethi

Adverse business impact of COVID-19 may drive Cos to consider 'workforce optimisation': Survey

PTI