Updated: Dec 15, 2020
The relation between corporate companies and employees has taken a lot of twists and turns in the last decade. While employment has always been defined by hard work, loyalty, and stability, recent years' observation shows a different side to it too. Companies and employees both have become more opportunistic and been changing their positions very frequently.
While companies are focusing more on their competitor's talent to bring on board for a variety of reasons, employees have been increasing their expectations too from the companies at a rapid pace. This transformation in everyone’s mindset took a toll on the attrition rate.
And now with the advent of Covid-19 all over the world, it is employees who are facing a major challenge. Even though companies are facing a major challenge to keep their revenues rolling, many companies are taking undue advantage of this crisis.
Many companies have postponed their appraisals in this situation, irrespective of the impact of Covid on their revenues
B) Many companies have cut down the salaries and laid off employees without proper guidelines.
C) As the talent pool has drastically increased due to lay-offs, many companies are offering unreasonably low salary packages.
This time might look favorable for these companies, but it is high time we change this attitude since these strategies are going to impact them in the long run in terms of their stability aspect. This opportunistic mindset between companies and employees is increasing day-by-day and increasing the craving to think selfishly without understanding the constructive mechanisms for building careers, teams, and companies.
Analyzing the situation, it takes two hands to clap, right? So, an employee or a company can't just get away with putting the onus on the other. A bit of benefit of the doubt is required too.
While employees also need to change their mindsets, companies can be the flagbearers in changing management and make sure the overall corporate is moving towards what is required.
While the general notion is that new hires from other companies are given good hikes, companies can focus on bringing awareness to its employees. In case the existing employees are bringing in new knowledge and value, they can also be valued in a similar fashion;
They can appreciate employees who are loyal to the company;
Loyal employees can be given more privileges including special training and bonuses
Rather than being insecure, they can give new opportunities to loyal employees to learn new things, perform in multiple aspects and improve his brand value; and then ultimately rewarding him with good hikes and promotions. These things help employees become aware of the care being taken by the companies, which in turn makes them loyal and hence increases stability.
They can focus on programs to increase the stability of teams with the best talent recognition strategies; training to help employees gain more knowledge and be more stable and loyal to them.