Are you aware of these top trends affecting HR today?

Business How To’s

27 May 2019

Are you aware of these top trends affecting HR today?

  • Posted by Awfis Editorial

In a world that’s focused more on disruption, innovation and ideas, it is sometimes natural to ignore the ideas and trends that are affecting HR departments. After all, it is the folks in the HR department who hire the people who go on to come up with all those disruptive ideas, right?

Let’s take a moment to find out what are the top trends, in no particular order, in HR today.

#1 It’s a job seeker’s market
Hiring is on the rise and certain skill sets in all industries are hot right now. But there are challenges too. Every industry has some problematic jobs, those that are constantly in need of the right employees – in hospitals it’s good doctors, software engineers in IT, and line engineers in utility services.

With no immediate solution to this shortage of talent, it becomes all the more critical for employers to retain their talent by focusing on workforce development. This works two ways – existing employees do not go looking for a change, and potential employees look at the company as a way to better their careers.

#2 Paid time off is precious
It is important to offer paid time off to employees, especially parental leave and sick leave. Many companies globally, including Adobe, Netflix and Nestle, and closer home, Infosys and TCS have made news with their much-needed paid paternal leave policies.

While many companies have these leaves in place, not many employees take them simply because they are not aware of them. Transparency and clear communication with regards to leaves is critical in making more employees aware of their rights.

#3 Wellness and self-funded healthcare plans
Many employers are going out of their way to offer economical health benefits to their employees without compromising on quality. Some of these include wellness programs, onsite health centers and even self-funded health plans. When an employer focuses on employee wellness, it not only makes them feel cared for but also happier. By bringing healthcare into the organisation, employers are helping reduce the cost of healthcare that employees would need to receive.

#4 Goodbye annual raise; hello variable yearly bonus
One trend that is sweeping HR is the drop in yearly fixed salary raise and an increase in variable bonuses. Employees too seem to prefer a yearly bonus – they feel that gives them ‘greater control’ as it is often a reflection of their performance. The shift away from annual raises is also representative of a more holistic approach that companies have taken towards compensation and benefits. Companies that offer a strong healthcare program or have an amazing workplace culture can afford to pay slightly lower salaries. Eventually it is all about what employees want.

#5 The end of annual reviews
Many employees seem to be opting for regular feedback rather than an annual one. This is in part because of app-enabled technology and millennials too. Most next generation employees believe that an annual review system is cumbersome and doesn’t really have a benefit, neither for the employee nor the employer. With everything in their lives immediate and tech-enabled, an annual review is dying a fast death indeed.

It is interesting to note that companies like GE are swapping their ancient, analog systems for supple, mobile-enabled programs. But there’s a challenge – any performance review should continue to remain objective and minimize bias, which means collecting more data and not less.

#6 Managing multiple generations is more important than ever
Let’s accept that millennials are now the majority in any organisation, but that does not mean sidestepping Gen X and Baby Boomers. If anything, employers need to ask themselves how they can make all generations work together while moving forward.

The good news is that the needs of the millennials and Gen X are not too different. Both need instant access to information, so it might make sense to move beyond emails and start using mobile apps and other newer messaging tools. Interestingly, the Baby Boomers generation too is quite open to adopting these new pieces of tech.

Millennials might tend to be more idealistic, but they and Baby Boomers want the same things – an opportunity to work hard and to make the world better. Keep communication lines open and tell all employees that learning is a two-way street.

#7 Gamification of HR
Most HR policies sound great but implementing many of them is quite cumbersome, to tell the truth. HR tech accessibility is the biggest grouse, with some of it for employers only, leaving employee, the real beneficiaries, out of the loop.

More and more HR teams are starting to release the benefits of implementing technology that will help everyone within the organisation.

Accessible apps and gamification of HR is gaining momentum. Apps that can be accessed via computers at work and even the mobile phone are becoming increasingly popular. Corporate learning is one such aspect that has benefited greatly. Quizzes, social media contests and friendly competition can encourage daily interactions too.

Conclusion
Innovation and disruption seems to be a natural expectation of marketing, sales, production, design and other traditional creative departments. However, as people evolve and gravitate towards these newer ways of working, it is imperative that the HR departments play catch up and find innovative and disruptive ways to engage and retain the talent in their organisations.

Marketing 101: How to Organically Build a Brand in a New High-Growth Category

Business How To’s

20 January 2020

Marketing 101: How to Organically Build a Brand in a New High-Growth Category

  • Posted by Awfis Editorial

Embarking on the journey of building a brand – especially one that belongs to a relatively new category – is no child’s play. It entails bridging the existing gaps in the sector while staying true to the brand vision. The competition may be significantly low, but so is the general awareness around the category. And this is where the challenge lies.

With renewed focus on flexibility, mobility & suiting the work preferences of the millennial workforce, most companies are adapting Coworking spaces. As per a Colliers International Report 2019l, the big jump in expansion has been in the last five years, between 2014 and end of 2018, where the number of flexible workspace sites expanded by +205% while the number of operators expanded by +138%The growth potential of the category is undoubtedly enormous, but how does one build the brand is a question that hovers around.

Here are the 5 steps of organically building a brand in a high-growth and new category.

Positively impact the stakeholders

Coworking spaces naturally have multiple stakeholders – landlords, brokers, tenants& own employees. Starting with the direct stakeholders is the most reasonable way of going forward as it gives one the leverage of word of mouth. It is a synergistic partnership where each stakeholder has a crucial role to play and reap benefits in return. For example, the landlord will only gain if more people opt for the coworking space. Again, the greater the number of tenants, the more popular the coworking space is likely to become. This in turn adds value to the tenant’s office location while also providing greater networking opportunities. It’s imperative that each employee/staff of the coworking space becomes a brand custodian & delivers as per the brand promise to the stakeholders at every step of the way.

Identify the high-impact touchpoints

Customers are everything to a brand; they are the reason the brand exists in the first place. Hence, identifying the right touchpoints is an integral part of brand building. For a coworking space to grow its brand, leveraging cost-effective yet highly impactful touchpoints is the key. Office buildings are the most effective to grab attention of office goers. Attention seizing building facades & signages at the entrance never go unnoticed and serve as high visibility touchpoints. While having hoardings and signages at prime locations can do the trick, there’s nothing cheaper and effective than online engagement, which brings us to the next step.

 Focus on real conversations/engagements online

The target audience for most coworking spaces is millennials, which is why a strong social media presence is crucial. Creating the brand’s own niche and building a community on social media can go a long way in ensuring maximum engagement.  For example, sharing relevant content and latest industry news, celebrating members’ successes, covering and promoting brand events, and raising awareness around causes close to the brand are highly effective in creating a conversation and building a community. It also goes on to show that the brand cares about its customers, thereby boosting brand image and presence.

Effectively use PR

A good public relations campaign is the backbone of building a strong brand image across offline and online channels. The PR campaign should essentially aid the brand’s objective of creating a niche. PR can be used as a robust tool to build thought leadership and establish a strong recall value. It is important to ensure that PR communications are consistent across all channels to achieve maximum impact.

Build brand partnerships

Affiliate marketing has been around for years and is one of the primary ways to drive traffic and generate sales. Coworking spaces can leverage this to reduce cost per lead while benefiting from the partner brand’s customer base & brand reputation.

Establishing tie-ups with brands by offering value to their customers through discounts on products/services is the right way. Coworking spaces can partner with BFSI companies, business hotels, retail brands, cab providers, etc. to delight customers on both sides. When done right, it also reflects brand’s genuine care for customers.

Coworking spaces are seeing a steady rise, thanks to incredible technological advancements and a shift in work cultures towards more flexible schedules. And if their branding game is top-notch, the opportunities to grow are tremendous.

The New Age Business Leaders’ Guide to New Year Resolutions

Business How To’s

26 December 2019

The New Age Business Leaders’ Guide to New Year Resolutions

  • Posted by Awfis Editorial

Come December, and the unmistakable buzz of the season is ‘New Year Resolutions’. It is that time of the year when many of us make plans to change for the better – both in our personal and professional lives. And business leaders are no exception to this tradition. However, as a new-age business leader, what should feature on your list of 2020 resolutions?

Here are our top picks:

Fail without fear

While risk-taking is part of the package in the world of business, start-ups and especially younger entrepreneurs are considered to be more financially fragile and risk-averse. New Year is the perfect occasion to bring about a change.

Every failure is but a disguised opportunity for learning and growth. Through creativity, trial and error, there will be subsequent victories. Let 2020 be the year when we fail without fear when we learn our lessons and chart new success stories.

Take radical responsibility

Every workspace has its own challenges. However, unconventional work environments call for progressive leadership qualities. Creating a harmonious and healthy work environment, particularly in the intimacy of a coworking set-up, demands radical responsibility towards clear and effective communication. This can be a small step towards changing the dynamics of your company culture.

By assuming radical responsibility, you take mindful action. As a new age business leader can you respect the strengths of the millennial generation, while also understanding their weaknesses? In 2020, let the emphasis be on productive discourses and constructive conversations. Unlike conventional offices, the open-door policy of a coworking set-up offers a fertile ground for a healthy exchange of ideas and robust professional relationships.

Foster learning

Complacency and disinterest are most frequently bred where there is a lack of learning, growth or active development. Success can only be guaranteed in a culture that fosters learning. So, it’s important to engage and retain employees with valuable programmes in relevant skills training.

In 2020, don’t just empower your company with tools and resources that they need to improve themselves, but also make them appealing. If you already have a programme, see if there are ways in which you can expand it further or make it more relevant to your team. The bonus? Invested employees and lower attrition.

Invest in self-care

Self-care is arguably the most under-rated leadership quality. Virgin Group founder Richard Branson says he finds kitesurfing therapeutic as well as a great way to stay in shape. In 2020, take inspiration from some of the world’s most successful leaders, by eating a life-enhancing diet and prioritizing regular exercise. Find yourself a physical and mental activity that enriches the quality of your life.

Sustainable leadership comes from the ability to take care of your own health. Whether it’s getting adequate sleep or taking up a sport to stay physically and mentally agile or taking a much-needed digital detox once a month in the coming New Year, new age leaders must lead by example. After all, a new age leader is someone who is versatile with his or her range of skills that go beyond official designations, hierarchies, geographies, and functions. It requires one to be at the front line of action to be able to foresee change, adapt and benefit from it.

In conclusion

We have kept the technology out on purpose. We know that new age leaders are tech-obsessed and that digital future promises to be the ultimate key for infinite scalability. However, we are looking beyond tech – because that gets updated regularly.

Happy New Year!

Why coworking is one of the best things that can happen to SMEs

Business How To’s

11 December 2019

Why coworking is one of the best things that can happen to SMEs

  • Posted by Awfis Editorial

When coworking spaces were first founded about a decade ago, the intent was to support independent workers within an organized set-up. However, over the years, this idea has progressed into a community space that encourages collaborative working for learning and growth.

Small and medium-sized enterprises (SMEs) are a crucial component of the economy, vital for its survival. And like a caped crusader to the rescue, coworking spaces have ensured an equal footing for SMEs in the face of competition from large businesses. Here are three important advantages that coworking spaces offer SMEs:

Scalability and agility

Coworking spaces facilitate quick changes in infrastructure scale to match business volatility. A majority of coworking spaces offer monthly rental plans rather than the long-term leases as offered by traditional office spaces. This monthly plan can be modified according to the performance of your business. You have the flexible option to upgrade or downgrade, i.e., increase or decrease the number of workstations you hire based on your needs.

Long-term leases are binding, cumbersome and not the ideal option for start-ups or SMEs. Without having to worry about such commitments, SMEs can focus on short-term rental expenses, on a month-to-month basis. When the monthly cash flow is not a fixed number, coworking spaces offer office space arrangements that can be adjusted as per your cash flow.

Hiring young talent

For most SMEs, hiring is a huge challenge given that they are not known brands, nor do they have the appeal of start-ups. However, coworking spaces help increase their accessibility, visibility and brand value for job aspirants.

The strategic location of most coworking spaces – often in Commercial Business Districts (CBDs) – help attract young talent who, typically, prefer the brand value of a big company or the exposure of a startup. That apart, coworking spaces with their cross-section of professionals also offer young job aspirants the opportunity to network. This unlocks the promise of endless possibilities for young professionals, who are inspired by the agile and collaborative environment at coworking spaces.

Cost-effectiveness

In an age where renting out furniture, household appliances and even clothes is commonplace, no one wants to pay through their noses for amenities. As far as coworking spaces are concerned, the most value comes from the provision of access to the amenities. The easy functionality of coworking spaces eliminate the need for SMEs to make large capital investments in terms of rentals, housekeeping and the like.

Included into the cost of many coworking space are the advantages of refreshments like coffee, tea, snacks, and office supplies. Additionally, the rental also covers use of costlier items such as printers, online platforms, and other utilities, which need to be upgraded quite often owing to technology changes. Therefore, when it comes to expanding your business operations to other cities and markets, you can simply hire professionals that operate out of a coworking space. This is far easier on the pockets than setting up a new office in a traditional commercial space.

Conclusion

The evolving workplace, in the form of coworking spaces, aid in providing the right resources and infrastructure for SMEs that account for nearly 40% of India’s workforce. With their philosophy of collaborative learning and work that nurtures productivity and creativity, coworking spaces create the perfect environment for business growth.