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.

Occupational Wellbeing

Research Shows Resilient Mental Health Post-Pandemic

March 28, 2023
Disha Shah
Research Shows Resilient Mental Health Post-Pandemic

The COVID-19 pandemic has upended lives and disrupted the normal rhythm of society. It's no surprise that many people have been struggling with their mental health during these trying times. 

However, a recent study published in the peer-reviewed medical journal BMJ is shedding light on a surprising finding: in general, people's mental health has remained remarkably resilient despite the pandemic. 

In this article, we will take a deep dive into the findings of the study and explore what they mean for mental health surveillance and policy. 

So, buckle up and get ready to learn about the power of the human spirit and the resilience of our mental health during challenging times.

The Study

In the study published in BMJ, researchers assessed the impact of the pandemic on mental health by analyzing 137 studies from around the world. The findings challenge some of the commonly held assumptions about the pandemic's effects on well-being.

Breaking Down the Data

The study analyzed various mental health indicators, including general mental health, anxiety, and depression symptoms. The researchers compared outcomes assessed from January 2018 to December 2019 with those assessed from January 2020 and beyond, with a focus on any changes that may have occurred.

Contrary to Popular Belief

Contrary to what many people might believe, the report suggests that the pandemic's overall impact on mental health has been relatively minor. In fact, the vast majority of analyses showed no significant changes in general mental health, anxiety, or depression symptoms.

The Nuances of Mental Health

While there were some small negative changes in mental health among certain subgroups, such as women and parents, the overall picture painted by the data is one of resilience rather than crisis.

The Importance of Continued Monitoring

While the report's findings are encouraging, they are by no means a reason to become complacent. The pandemic's impact on mental health is a complex and evolving issue, and continued monitoring and support will be essential in the months and years to come.

A New Perspective

As a whole, this report challenges our assumptions about the pandemic's impact on mental health. It highlights the need not to underestimate the capacity of people to recover after a crisis. As HR professionals continue to navigate these unprecedented times, it is important to keep this new perspective in mind and to continue providing the support that employees need to thrive.

Implications for HRs

Research Shows Resilient Mental Health Post-Pandemic
Photo by Tim Gouw on Unsplash

In the wake of the COVID-19 pandemic, HR professionals have faced unprecedented challenges in maintaining the well-being of their workforce. 

The BMJ study's findings offer valuable insights for HRs looking to create a supportive and resilient workplace culture. Here are some key implications of the study that HRs should keep in mind to support the mental health of their workforce.

Prioritize Mental Health Support

While the study shows that most people have been resilient in terms of mental health during the pandemic, it's important to remember that certain groups, such as women, parents, and those in the LGBTQ+ community, experienced small to medium negative changes. 

HRs should prioritize providing mental health support to employees, especially those in vulnerable groups.

Foster a Resilient Workplace Culture

The study's findings also suggest that people are generally resilient in the face of adversity. HRs can foster a resilient workplace culture by providing resources and support for employees to cope with stress and challenges. 

Access to counseling services, mental health days, and flexible work arrangements are all examples of how this can be done.

Continue Mental Health Surveillance

The study highlights the need for continued mental health surveillance, especially during times of crisis. HRs should work with management and employees to monitor the mental health of the workforce and address any concerns in a timely manner. 

Employee check-ins, anonymous feedback mechanisms, and mental health training for managers can all contribute to this.

Closing Thoughts

The BMJ study provides a nuanced understanding of the impact of the pandemic on people's mental health. HR professionals can use this information to support their employees better and create a more inclusive and supportive workplace culture.

At The Wellness Tribe, we understand the importance of creating a holistic approach to employee wellness, including mental health. Our corporate wellness solutions are tailored to meet the unique needs of your organization and can help you promote a healthy and supportive work environment. 

If you need any assistance in implementing employee wellness programs or resources, don't hesitate to reach out to us today. Together, we can prioritize the mental health and well-being of your workforce.

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