Sunday, September 15, 2019

The Secrets To Creating An Inclusive Work Culture!

inclusive work culture

It is a statistical fact that organizations that have inclusive work cultures are two times more likely to live up to or even exceed financial targets, three times more likely to perform better, six times more likely to be faster and more innovative and eight times more likely to better meet business results. 

Although a lot of organizations are looking forward to increase their productivity and efficiency by creating inclusive work cultures, resistance has stalled the process. However, being successful in imbibing such a culture a lot of aspects including value, respect, fairness, transparency, security, growth and empowerment would be resultant benefits that it is capable of providing.  Some ways in which inclusive work environments can be created include:
·      Understanding the varying definitions of diversity across generations-  

     Generation X as compared to millennials define diversity on grounds of religion, race and ethnicity. Millennials on the other hand are more prone to understanding diversity from a perspective of varying perspectives and experiences. Demographics rarely matter to them, and what they believe in is cognitive diversity. They also believe that inclusion must be at the heart of every organization. From the perspectives of an organization, cognitive diversity is something that must be priced, since it allows the capability of diversity in innovation and thoughts, both of which are very important to any company’s growth. It also helps reduce risk by 30 percent and enhances the creative capacity of the organization by 20 percent. It is important to define diversity from these perspectives in order to enable your organization to create an inclusive work culture, whereby the inclusion initiatives are at the core of this philosophy of working together. 

·      Let go of bias- 
    It has been recognized by the BMO Financial Group, that many different areas of hiring and recruitment suffer from unconscious and conscious bias, whereby good talents are let go off. An organization must delve deeper, locate these areas of improvement, and imbibe an inclusive approach towards recruiting the best talents bereft of any prejudice. 

·     Inclusion Training- 
      It is important to discredit biases and help resolve them, create an inclusive and collaborative training regime that will help create a common language that can be used to facilitate smooth conversation and understanding between diverse groups of employees. It will help create productive dialogues and also instill a sense of collaboration, which will further help build an inclusive atmosphere in the workplace.

Wednesday, September 11, 2019

The Challenges Of Talent Attrition And Retention

retention of talent
Talent has become a hugely important factor for the sustainability of any organization, especially in a workforce like Malaysia’s, which is filled with Generation Y applicants. However, retention of talent has proven to be a constant problem in today’s workforce availability, whereby workers are shifting jobs quite easily owing to various reasons. This article aims to look deeper into some of the most pressing reasons that are causing retention of talent to prove to be a major problem in the present Malaysian job market.

·      Ignorance of talent mobility- 

      In order to help businesses, grow it is important to retain talent. However, many companies in Malaysia are overlooking this issue, especially small to medium companies, whereby good talent is lost due to small size of the organization or the lack of emphasis on important aspects like staff management. Issues in the HR department, especially those pertaining to talent retention are seen as something that would potentially increase costs and hence it is being ignored or never invested upon. The mobility of workers between companies can prove to be an issue as organizations will start losing their competitive advantage as talented employees constantly leaves jobs to pursue better opportunities. 

·      The culture of job-hopping- 

      The present generation and especially the Malaysian market has experienced a high turnover rate of Gen Y employees and it has been found that their loyalty to companies is very low. The trend of job-hopping has become quite common, and the prospect of getting a better job, a cushier apartment or better opportunities allures the modern employee much farther than before. They can quit jobs quite easily if something better appears in front of them, even if the difference between the present package and the previous one is not quite significant. 

·      Forces of Compensation- 
    According to a survey conducted by the Manpower of Malaysia, it has been found that compensation remains a key force that drives Gen Y, who dominates the Malaysian workforce availability ratio. In order to retain these talented, global, skilled and young professionals you need to entertain their expectations for compensation, or else they would simply move on to something more rewarding.