India's Largest Lending Platform | Fibe (formerly EarlySalary

Highlight: Highlight: Human resource management is crucial in assisting the organization in increasing its effectiveness, managing corporate governance and ethical concerns beyond financial performance. With changing times, investment in environmental sustainability can change the map of the company’s growth.

Do you know by 2050, there will be more plastic in the ocean than fish? According to the World Health Organization, pollution is now responsible for a quarter of all fatalities worldwide. Around 40,000 square kilometers of arable land are lost each year globally to rampant deforestation and developmental activities.

The University of Cambridge Institute of Sustainability Leadership report stresses how organizations unintentionally cause negative repercussions on society and the environment. As per the findings in the paper,  businesses are failing to provide leadership in response to the fourth industrial revolution’s extraordinary developments. Given the nature and size of the issues, organizations no longer have the luxury of choosing to respond. They have to move beyond just maximizing profits. 

Sustainability is the savior of the world that has started to melt today under the blanket of climate change and global warming. The term ‘sustainability’ refers to ‘adequately addressing the requirements of people today without jeopardizing future generations’ ability to meet their own needs.’ When we look at sustainability practices in the workplace, we seek human resources that support a positive working environment and beneficial human and social outcomes without focusing on financial methods and results.

Human resource management is crucial in assisting the organization in increasing its effectiveness, managing corporate governance and ethical concerns beyond financial performance. With changing times, investment in environmental sustainability can change the map of the company’s growth.

Let us look at the five ways sustainability in the workplace can be practiced.

#1 Going digital

Why should companies lag behind when the world is steadily stepping on the digital train? Going paperless is commonly associated with environmental sustainability. While this isn’t a leading solution for becoming environmentally sustainable, it’s a good start.

HR can go paperless with policies, payslips, and other company documentation in addition to performance reviews. A recent PwC survey of 12,000 workers found that half of the employees desire specific HR duties to be automated, in addition to the environmental benefits.

#2 Reuse and Recycle

We’ve all read about the 3 Golden Rs to promote sustainability. Investing in office equipment that is not made of single-use plastics is a good way of ensuring a plastic-free environment. Investing in such environment-friendly products also cuts down on expenditure. 

Customers appreciate knowing that the businesses they buy from are ethical, and publicizing recycling activities might boost consumer loyalty and popularity among netizens. Recycling can also improve the company’s image with employees, since seeing an effort made at the office can promote morale, reduce staff turnover, and motivate people to do more at home.

#3 Transparent Sustainable Company Culture

HR can play a pivotal role in helping management define a coherent idea of sustainable company culture. By putting an adequately structured sustainability policy, the authorities can ensure that the employees are educated about viable, sustainable practices. These policies must also be open to discussion and criticism. 

Because each company culture is unique, as are its employees, corporate culture should be created involving all employees who contribute to its success and thrive. Fostering a transparent workplace empowers employees and management to take responsibility for attaining these objectives.

#4 Hiring the Right People

Sustainable goals should be a significant consideration during the hiring and onboarding process. Making it a part of the interview discussion will make the recruit aware of its policies. Employees shape a company’s culture. Whatever the leaders’ rhetoric or operational processes, if the right people aren’t in place to turn them into results and reality, they’re just concepts. 

HR’s sacred job is to assist managers in bringing in the most compatible applicants and maintaining open communication and actionable feedback. Hiring the right people is also crucial in maintaining the company’s cultural fit.

#5 Review and Implement

HR must take the lead in determining the best practice areas of concentration to influence the desired culture. It is essential to reflect on the existing work practices and revamp them to align with the sustainability objectives. Any areas that aren’t up to par should be addressed, and a code of ethics should be created and distributed to the entire workforce.

Additionally, reviewing sustainable goals regularly and comparing them to societal challenges is essential. HR can have the most impact by working with leadership to connect its performance management process with its vision, mission, values, and fundamental principles. Following the objectives is as essential as strategically implementing them.

Benefits of Sustainability

Maintaining a sustainable culture will not go unrewarded. In the long term, sustainability in the workplace fosters many benefits. Employees who are bright and skilled typically want to work for companies that put ethics over profits. A potential company needs to have good corporate social responsibility (CSR) procedures to improve its recruitment standards. 

By developing and sustaining a collective sense of the social environment in the business, sustainability aids in the creation of a competitive advantage. 33% of consumers today prefer sustainable products.

The organization can develop a positive culture toward pay justice, workforce inclusion, diversity, and fewer occurrences of sexual harassment through sustainability.

A sustainable workplace values ethical behavior and instills the same in employees. The human resource department coordinates the ethics, sustainability, and compliance teams to collaborate and develop integrity-based cultures.

Conclusion

Adopting sustainable practices creates a happy and healthy workplace and assures a clean Earth.  When your staff genuinely cares about reducing waste and increasing your company’s efficiency, it can pay off financially.

Fibe, too, with its digital initiatives, like paperless transactions and employee wellness program collabs, is doing its bit towards promoting a sustainable work culture. 

When it comes to formulating plans for progress and growth, every forward-thinking firm needs to consider a sustainable approach. Sustainability is, without a doubt, the way of the future.

Download the instant loan app here, or log in to our website and be a part of the #OneSmallStep experience.

Highlight: The global shift in working patterns has propelled organizations to rethink their employee benefits packages. As we approach 2022, businesses must revamp their policies according to the changing lifestyles of the workers.

Employee Benefits Packages are the additional perks given to employees, in addition to their salaries, by organizations to improve employee retention, engagement, productivity, and overall job satisfaction. A robust benefits program is crucial for the success of any organization as happy, and well-satisfied employees form the backbone of any thriving organization. To reiterate the same, a LinkedIn survey showed that 56% of companies faced less employee attrition if they concentrated on their employees’ needs and benefits.

The past two years haven’t been easy on employees. Apart from work, they’ve also had to take care of personal finances, their health, and their family’s health and well-being. On the flip side, the pandemic revealed that our healthcare infrastructure is broken, mental-health assistance is lacking, and many of us are trapped in demanding, inflexible, and burnout-inducing job cultures. 

According to a Microsoft study released in September 2020, 30% of worldwide information and front-line professionals think the epidemic has exacerbated their sense of fatigue at work. Workers have participated in significantly more meetings and managed significantly more inbound chats, including twice as many after-hours communications during their work-from-home pandemic schedules.

Also Read: Here’s How To Get Started on a Financial Wellness Program

At such a time, employee benefits, particularly those oriented on care, flexibility, and mental health, can be life-changing for employees. Here’s a rundown on five possible ways in which organizations can modernize their benefits programs: 

Flexible Benefits Programs

Flexibility in work schedules is going to be the guiding light for post-pandemic employee perks. Even as the epidemic fades, localized outbreaks that close schools or impose new restrictions on communities could pose issues. Employers who allow employees to work as per their time and place convenience are more likely to be seen positively by current and potential employees.

This flexibility includes offering a variety of benefits to satisfy the requirements of employees and adjusting those benefits when it calls for a change. Replacing an onsite gym with an annual stipend that employees may use to purchase in-home equipment, providing in-person or virtual classes, or creating a personal fitness app for all employees are examples of positive changes. These changes are crucial in increasing employee benefits in today’s virtual workspace. 

Another example of benefits flexibility is allowing employees to work from home at their preferred working hours. Employers who use a hybrid or remote-first approach to work may also wish to consider providing compensation for home-office furniture and supplies.

Mental Well-being of employees

As employers examine post-pandemic employee benefits, mental and behavioral health care need to be prioritized. The immensity of the pandemic, with its attendant stress and isolation, has taken away the stigma connected with seeking mental health treatment, and people have become more eager to seek aid.

According to the World Health Organization (WHO), depression and anxiety cost the global economy $1 trillion in lost productivity each year. However, WHO also discovered that every dollar spent treating common mental health issues results in a $4 return in increased health and productivity. Measures such as: 

• Including mental health coverage as a part of a health care benefit plan, 
• Establishing a health-focused savings account to cover offset expenses, and 
• Having a network of psychiatrists or counselors can always ease the burden on the employees. 

Companies are also starting to use EAPs or Employee Assistance Programs to support workplace mental health. Encouraging increased communication between employers and employees will also ensure the establishment of a safe working environment.

Virtual Health Care

In 2020, the Center for Disease Control and Prevention recorded a 50% rise in virtual visits. This can be undisputedly considered a direct consequence of the pandemic.

The pandemic provided an ideal ground for developing virtual solutions to aid employees’ physical and emotional well-being. Employees can now see a doctor with fewer hurdles using virtual care or help their families with rapid access to solving healthcare concerns, decreasing time away from work and stress around family health.

Investing in virtual care in the workplace also reduces absenteeism. It fosters a healthy, productive work environment. It is imperative to revamp the one-for-all healthcare to virtual care, which is easily accessible and usable.

Paid Time-offs

A Paid Time Off (PTO) policy establishes a pool of days that an employee may use as needed. Considering the strain on employees, companies should tweak their policies regarding PTO as they prepare for a post-pandemic environment.

Employees can rest, relax, and recharge during their paid time off. It’s a crucial part of employee happiness. However, due to work interruptions and the move to remote work, many employees have opted out of using earned PTO in the last year. As a result, many staff may be overworked.

Also Read: Financial Wellness: Why Should You Care About It?

Encouraging the staff to use the paid time off available will create a sense of trust and good faith among the workforce. After a year of remote work, the piling up of unused PTOs is inevitable. Gentle reminders and creative ways of implementing PTOs will lead to a thriving working experience. It will also increase the productivity of the workers. Allowing employees to know that corporate leadership supports their decision to use their PTO may encourage some hesitant employees to take advantage of this precious time off.

As firms continue to thrive with their extensive global networks and impressive technology, they must not forget the binding force of their companies – the employees. Employee benefits packages might be just another log in the account book on the company’s financial records, but the productivity and well-being of employees rely on it. 

Fibe (Formerly EarlySalary) offers exclusive products that cater to the financial health of the employees, thereby ensuring their overall well-being. Visit the Fibe website to know more about its innovative line of credit options, salary cards, and an all-in-one suite to solve all your financial woes. 

Download the instant loan app here, or simply log in to our website and be a part of the #OneSmallStep experience.

Highlight:  Employee attrition in companies arises from various factors. Although unavoidable, it can be controlled by employing some effective measures.

As per a survey, about one-third of the newly hired employees go on a job hunt after just six months of employment. Very few people stick with their first companies till the very end. While this seems to be quite simple, a lot of problems come with employee attrition.

Employee Attrition refers to the slow but intentional drop in staff numbers when employees retire or resign and are not replaced for a long time. Employee attrition can be of two types: 

Voluntary Attrition: Voluntary attrition occurs when an employee chooses to quit the organisation. Employees may resign for official or personal reasons.

Involuntary Attrition: Involuntary attrition occurs when a corporation terminates employment from its end. This frequently occurs when firms cut roles to save money on staffing or because the position is no longer required. This is a frequent cost-cutting strategy used by businesses.

While voluntary attrition is better than involuntary attrition, it may still negatively influence surviving employees if their responsibilities increase. It can also hinder promotional chances and movement, resulting in a less happy workplace or even greater attrition than anticipated.

There can be several reasons for employee attrition. Some of them are:

• Lack of growth in work culture
• Lack of availability of skilled workers
• Unsuitable work conditions
• Morbidity/illness
• Retirement of Employees
• Relocation of the company
• Effect of the pandemic

Also Read: Fix the Problem of Employee Burnout for your Remote Workers

How does Employee Attrition harm companies?

• Employees that leave take along years of experience with them. The loss of experience puts strain on the team and, ultimately, the entire organization.

• Companies have to incur additional costs like training programs for recruits. 

• The remaining employees face added burden on their existing work schedules to compensate for the gap left behind.

• With additional pressure, the current employees may be inclined to leave and look for other firms.

• Employee attrition causes stress and disorder, which in turn leads to consumer attrition. Unproductivity at work reduces the quality and quantity of service or product, which contributes to customer churn.

The Organization describes the phenomena of companies losing out on their customer base. With increased attrition in the workplace, many customers may choose to shift to other companies as the quality of work falls.

Scary, right?

Tips to Control Employee Attrition

To avoid such scenarios, the company should undertake preventive measures. Some of the things they can follow are:

Avoid Scrimping Whenever Possible

It is not easy for organizations to provide a generous salary to the employees every time. The company’s value might be affected negatively, or the financial department can take a direct hit. However, it is not advisable to go below the standard norms or the average compensation offered by competing organizations. The financial wellness of an employee is beneficial for both the firm and the worker. Learn about what your competitors are providing. If the variation is high, you might want to reconsider. 

Hire the Right People

The first step in controlling employee attrition is to find the right candidate. While skill set and expertise are primary areas of evaluation, you should always check a person’s behavior and attitude. Be honest about your own company’s culture. It allows the candidate to determine whether or not your organization is a good fit for them.

If a candidate does not like the work atmosphere, they will be unhappy and will eventually depart. So, before hiring, make sure you have the ideal individual who is open and flexible and can fit in with the organization’s culture.

Create a Suitable Working Environment

What you provide as work benefits is very important to your employees. Top organizations provide their employees with great growth prospects, outstanding benefits for employees and their families, and enjoyable work environments. 

When a company understands how to address their employees’ needs outside of the office, they profit more from their personnel. Providing flexibility in work and enhancing the workers’ work-life balance will improve the interrelationship of the employees considerably. They will start to enjoy work.

A Transparent Idea of Retirement

Employers should be aware of which staff are about to retire or resign. In reality, it is preferable to estimate the number of employees who will retire in a few years. This will allow the organization to plan and implement plans for the layoff of experienced staff.

Be careful! Inquire judiciously about your employee’s retirement plans. They may believe you are prejudiced against them because of their age.

Engage with your Employees

When you have talented personnel, you must discover ways to help them grow their skill set. Provide feedback and let them know what you think. Pay attention to what they’re saying and let them know you’re there for them. If you do not interact with them, they will become bored and complacent, believing that they are not progressing within the organization. Employee engagement is crucial for reducing attrition.

Be the boss who pushes people out of their comfort zones. Assist them in achieving their goals. Treat your employees well and keep acknowledging their hard work. You may have the most talented employees, yet they may not have the opportunity to advance professionally.

Conduct an Exit Interview

Exit interviews are the conversations succeeding resignation letters. They are conducted to determine why an employee is leaving the company. Whatever the reason, an exit interview can help you figure out how to solve the problem of high turnover or attrition rates.

This also provides you with ideas for how to improve your hiring process. Getting the correct fit for your organization is a terrific method to cut attrition and improve your company’s work atmosphere.

Employee attrition cannot be completely avoided. Sometimes things are simply beyond your control. However, understanding why and how attrition occurs and facing the challenge of overcoming attrition can assist reduce its impact on your firm.

A well-structured wellness program in place can highly impact the attrition rates. If employees are satisfied with their work environment and growth prospects, they wouldn’t feel the need to leave their jobs.

Also Read: Remote Work Can Boost Productivity And Curb Burnout. Here’s How

Fibe has collaborated with several organizations in their financial wellness programs and, with its commendable easy credit options, has helped thousands of employees stay ahead in the career game.

Download the personal loan app here, or log in to our website and be a part of the #OneSmallStep experience.