Personal Wellbeing

Retention - Attrition Spelt Backwards

December 5, 2022
The Wellness Tribe Team
Retention - Attrition Spelt Backwards

We are in the midst of layoff season. While the world is shocked to see large internet companies like Meta and Twitter fire employees, the Indian startup scene has also suffered. So, what led to this, what is happening now, and what is yet to come? 

Race to Mass Layoffs?

Adding to the difficulties in Silicon Valley is the possibility that Amazon will announce layoffs that will affect up to 10,000 workers. Following Microsoft, Twitter, Snap, Meta, and Twitter, Amazon is the next big tech company to lay off employees. There has also been a decrease in recruiting at Apple and other companies. 

In the wake of fears of a worldwide recession, technology companies, traditionally large spenders, are now turning to cost-cutting.

Mass Firings: What Led to This?

From January 1 to June 1, 2022, the market capitalization of the top 30 technology companies decreased by $4.3 trillion. These 30 companies represent the majority of the value of the global tech market.

At least $5–6 trillion was lost in the global listed tech market as a whole. The top 30 businesses account for $4.3 trillion of this. In actuality, the combined contribution of Apple and Microsoft to this market value decline is close to $1 trillion. 

From June to August 18, the market value of the top 30 tech companies experienced a $900 billion recovery.

What's the situation in India?

Many edtech companies have let go of employees, including Byju's and Unacademy. It was reported that Unacademy had laid off 1,150 employees, while Byju's laid off 550 employees, not far behind Vedantu, which had laid off 624 employees.

Meanwhile, MFine laid off 600 workers, Ola fired 500 people, and Cars24 reported 600 job losses. In all cases, layoffs were caused by tighter monetary policies and a correction in the stock market.

How About the Attrition Rate?

In addition to layoffs, IT organizations have experienced high attrition rates. Labor costs and the cost of acquiring talent led to squeezed operating margins for all IT majors during the previous quarter.

During the first quarter of FY23, Indian IT companies spent, on average, 57% of sales on employee salaries, with some, like Infosys, raising their top performers by one or two digits. TCS's attrition rate for Q4 of FY22 was 19.7%, much higher than Infosys's 17.4%.

In Q4FY22, HCL Technologies experienced an increase in attrition from 21.9% to 23.8%. However, Wipro has managed to keep attrition rates relatively stable, dropping from 23.8% to 23.3% between April and June.

Occupational Wellbeing

The Great 4-Day Workweek Experiment: 33 Companies Say Yes To Fridays Off

February 12, 2023
Mohit Sahni
The Great 4-Day Workweek Experiment: 33 Companies Say Yes To Fridays Off

Picture this: It's Friday afternoon, and instead of counting down the minutes until the workweek ends, you're actually looking forward to a long, relaxing weekend. No more working on Fridays - that's right, it's time to swap the 9-to-5 grind for a 4-day workweek. And the best part? You'll still get paid the same amount.

Sounds too good to be true? Well, the results of a recent six-month experiment by 33 companies organized by 4 Day Week Global say otherwise. The trial, which took place in six countries, aimed to see if employees could work just as efficiently 80% of the time. And the results showed the resounding success of the 4-day work week: companies reported increased revenue, improved employee well-being, and even a positive impact on the environment. 

So, if you're looking to convince your boss to make the switch, the evidence is here - the 4-day workweek is the real deal.

The Skeptics

The Great 4-Day Workweek Experiment:  33 Companies Say Yes To Fridays Off
Photo by Ant Rozetsky on Unsplash

At the beginning of the journey, the idea of a condensed work week at Soothing Solutions sparked a barrage of skepticism and uncertainty among the workforce. Employees pondered the practicality and profitability of such a change. 

However, as the trial progressed, the tide of doubt began to shift, and the company's founders found themselves with no worries about the impact on business growth. The benefits of a shorter workweek were palpable, and the skeptics were quickly won over.

The Push for a Four-Day Workweek

The four-day workweek is no longer just a pipe dream; it's a growing movement. With successful trials at companies like Bolt, positive results reported in Iceland, and a 2019 Henley Business School research paper, the push for shorter work weeks is gaining momentum. 

The trend is a response to the "Great Resignation," a shift in how employees view their work-life balance and a desire to reevaluate the traditional work model. Despite some pushback from skeptics, the four-day workweek is quickly proving its worth and paving the way for a new way of thinking about work.

No Downsides

The Great 4-Day Workweek Experiment:  33 Companies Say Yes To Fridays Off
Photo by Brooke Cagle on Unsplash

For nearly a century, the 40-hour workweek has been the backbone of the American labor force. But like any rigid structure, it's time for a change, and companies like Rent a Recruiter are leading the charge with their participation in the four-day workweek trial. 

This shift towards more flexible work arrangements is not the first time the traditional model of work has been disrupted. In 1926, Henry Ford reduced the workweek to five days; in 1940, the Fair Labor Standards Act set the standard at 40 hours. 

And now, with the Great Resignation and a desire to rethink the traditional 9-to-5 grind, the movement towards a four-day workweek is gaining momentum, with successful trials at companies like Bolt and positive results highlighted in the 2019 Henley Business School research paper. This trend towards a shorter workweek may just be the mold-breaking change the workforce needs to balance work and life.

"The future of work is less about the number of hours worked and more about the impact made." - Sarah Robb O'Hagan 

The Results

The 4 Day Week Global trial results were nothing short of revolutionary. As the dust settled, it was evident that the four-day workweek had not only unlocked the potential for increased revenue but it had also unleashed a wave of benefits for employees and the environment.

Gone were the long, dreary workweeks that sapped the energy and morale of employees. In their place, a renewed sense of purpose and vitality as workers reveled in the newfound freedom of an extra day off. Health and well-being improved as individuals were able to focus on self-care and recharge their batteries.

The four-day workweek is no longer a pipe dream; it's a reality. With 100 more companies already considering or implementing the approach, it's time for your company to break free from the constraints of the traditional workweek and join the ranks of trailblazers like Rent a Recruiter. So, pack up your briefcase and enjoy your weekends because it's time to stop working on Fridays (or Mondays).

Inference

In conclusion, the four-day workweek is not just a whimsical notion; it's a well-tested and proven solution that has brought countless benefits to companies and employees alike. The advantages are clear for all to see, from improved well-being and increased revenue to a more sustainable future. 

So, why not make the leap and join the growing cohort of forward-thinking companies who have said goodbye to their boring, outdated workweeks and hello to a brighter, more productive tomorrow? It's time to experience the magic of a four-day workweek and embrace the gift of three glorious days off. Say yes to Fridays off! Do you have any more ideas to increase productivity while still maintaining a work-life-balance? Get in touch with us and we will help you get the word out.

Engagement

Igniting Engagement: The Power8 Way to Drive Business Growth

March 2, 2024
Nitesh Padghan

In today's rapidly changing business landscape, employee engagement is more critical than ever. A disengaged workforce can lead to low productivity, high turnover, and financial losses. On the other hand, companies with engaged employees enjoy unparalleled success – outperforming the competition, generating more revenue, and creating a positive work environment where everyone thrives.

Power8, a leading corporate wellness company, understands the intrinsic link between employee well-being and overall organizational success.  With our new initiative, Power8 Ignite, we're taking employee engagement to the next level.

What is Power8 Ignite?

Power8 Ignite is a comprehensive approach to employee engagement, designed to transform workplaces and ignite a deep  connection between employees and their work. It goes beyond surface-level activities, focusing on what truly matters to employees: feeling valued, appreciated, and inspired to contribute their best.

Why Employee Engagement Matters: The Indian Landscape

Employee engagement in India is a complex and evolving issue. While engagement levels are improving, there is still significant room for growth. A recent study found that only 22% of Indian employees are fully engaged, leaving a vast majority of the workforce operating below peak potential.  This disconnect costs businesses an estimated ₹450-500 billion annually in lost productivity and missed opportunities.

However, the outlook isn't entirely bleak. Organizations that prioritize employee engagement consistently outperform those that don't.  According to global research, highly engaged teams demonstrate:

  • 21% increase in profitability
  • 20-25% boost in productivity
  • 41% decrease in absenteeism
  • 50% higher performance against targets

Clearly, the investment in employee engagement is a worthwhile one.  That's where Power8 Ignite comes in.

The Power8 Ignite Approach

Our approach to engagement is multifaceted and personalized to meet the unique needs of each organization.  Here's what sets Power8 Ignite apart:

  • Strategic Planning: We work with you to design custom engagement initiatives that align with your company culture and goals. No cookie-cutter solutions here!
  • Engaging Content: From expert-led workshops to inspiring talks, we provide content that connects with your employees and sparks their enthusiasm.
  • Seamless Execution: Let us take care of the logistics so you can focus on building relationships with your team.
  • Creative Storytelling: We craft compelling narratives that showcase your company's commitment to employee well-being.
  • Thoughtful Appreciation: We provide unique and personalized ways to express gratitude and make employees feel valued.

Power8 Ignite in Action: Programs and Services

Ignite offers a diverse range of programs and activities that can seamlessly integrate into your workplace, whether it's virtual or in-person. Here's a sample of our offerings:

Power8 Ignite is designed to ignite engagement in ways that resonate. Whether you're looking for online sessions or in-person experiences, we'll work with you to design a program that meets your workforce's needs.  Here's how we bring Ignite to life:

Elevating Knowledge and Skills

Power8 Ignite offers a range of educational programs that empower employees to learn and grow. We partner with industry experts to offer insightful talks on current topics, covering everything from industry trends to personal development. Celebrity speakers share their unique journeys and lessons learned, inspiring employees to strive for greater success. We create opportunities for dynamic exchange by facilitating panel discussions and roundtables, where diverse perspectives illuminate complex issues.  To make learning both informational and entertaining, we incorporate quizzes and games, sparking friendly competition and knowledge retention.

Fostering Wellness from the Inside Out

A sense of well-being is crucial to a truly engaged workforce. Our experiential activities focus on holistic wellness. Nutrition workshops explore healthy eating, while stress-management sessions equip employees with coping mechanisms for a more balanced life. Interactive activities encourage movement and mindfulness, leading to a refreshed and energized team.

Building Connection and Collaboration

Positive team dynamics are at the heart of engagement. Ignite offers team-building challenges designed to foster trust, communication, and creative problem-solving.  These activities aren't just fun – they help teams develop skills that directly translate to workplace success.

Celebrating Well-being Together

We believe well-being extends beyond the workday with our focus on family-focused events. These events create space for employees to connect with their loved ones, fostering a sense of community and shared values. Our wellness flea markets provide a vibrant space for discovering products and services that support well-being, offering a unique experience for employees and their families.

The Power8 Advantage

When you partner with Power8 Ignite, you don't just get a program; you gain a dedicated ally in building a thriving workplace culture.  Our impact speaks for itself:

  • Clients Supported: We've proudly partnered with a vast range of organizations, demonstrating our adaptability and proven success in driving engagement across diverse industries.
  • Lives Touched: Our programs have positively impacted the lives of over 800,000 individuals, emphasizing the far-reaching effect of our engagement initiatives.
  • Programs Conducted: We've delivered over 5000 successful wellness programs, showcasing our experience and expertise in transforming workplaces.
  • Hours of Training: More than 7500 hours of dedicated training delivered, reflecting our commitment to ongoing learning and personal development for your employees.

Let's Ignite Your Workplace

Imagine a workplace where employees arrive each day feeling energized, valued, and excited to contribute. A workplace where collaboration flows effortlessly, problem-solving is fueled by creativity, and achieving business goals goes hand-in-hand with promoting well-being.  That's the power of an engaged workforce, and it's what Power8 Ignite can help you create.

We understand that every organization is unique. That's why we'll partner with you to design a customized Ignite engagement program that seamlessly aligns with your company's culture and goals.

Don't settle for a disengaged workforce. Contact Power8 Ignite today and let's transform your workplace into a thriving hub of productivity, innovation, and well-being.

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This month we are focusing on food and how it affects your mental health. Join us as we bring in the most relevant interesting content from across the wellness segment.

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