CXOToday has engaged in an exclusive interview with Ms. Yeshasvini Ramaswamy, Serial Entrepreneur & CEO, Great Place To Work India
- Please shed some light on the new work reality for the IT and IT-BPM sectors.
The IT and IT-BPM sector have been slated for growth as the 21st century is earmarked as information technology driven with India at the centre of global attraction. For a sector that picked pace much after Indian independence, IT has come a long way to become one of the most significant growth catalysts for the Indian economy contributing to the GDP and public welfare. The IT industry is on the cusp of another evolution. IT and IT-BPM-based products have become indispensable for any flourishing and fast-moving business. Retaining talent is imperative for driving this growth in the future.
Going forward, ensuring employee well-being, and reducing burnout risks will continue to be a top priority and an essential part of the entire working environment. Leaders in the IT sector must be proficient and sincere in meeting the workforce’s unmet demands.
- What are the most recent workplace challenges in the IT industry?
Burnout is not just a “millennial’s issue”
Over 50% of employees experiencing burnout show signs of attrition, lack of motivation and quiet quitting.
While the younger workforce is experiencing more burnout, intent to leave, lack of motivation and trends of quiet quitting are the same across the workforce. Over 45% to 50% of the workforce experiencing burnout is not motivated to work or continue their current job and 33% are restricting their contribution at work to the minimum requirement.
Managing well-being at work is a three-level approach to creating, managing and supporting a healthy work life balance:
- As an individual, it is important to recognize unhealthy patterns, beliefs, and habits that prevent the employee from creating healthy work-life integration.
- As a leader it is important to support teams, create an emotionally safe and respectful working environment, and work with their people to manage workload and set realistic timelines.
- As an organization is it paramount to create practices, policies, and processes that support and foster workplace well-being. With hybrid models, there is a need to avoid too many meetings and create asynchronized workspace, practice clear and transparent communication, and discourage a culture of always overworking.
- Why is the IT sector so focused on increasing employee engagement?
IT industry focused on Building Employee Engagement
Employees acknowledging organization efforts with over 10% growth in Trust Index scores
This has been a watershed year for the industry, thanks to its consistent focus on employee experience and customer centricity. The IT & IT-BPM sector experienced a plethora of phenomena including great resignation, quiet quitting, and moonlighting. To mitigate this effect, organizations have focused on creating a High-Trust, High-Performance Culture™ and sustaining it during dynamic times.
Key trends:
- From 2018 to 2021 there has been a rapid growth of 11% in Trust Index Grand Mean.
- 2022 Trust Index increase stabilised at 2%.
- IT is at the forefront of workplace culture with 3% higher perception than any other industry
The IT sector is evolving into a very dynamic one with increased worldwide connectivity, collaboration, cooperation and asynchronization of work Increased talent mobility, great resignation, burnout, moonlighting and quiet quitting phenomena are on the horizon, along with an increase in doing business digitally, remote work teams, and changes in employment patterns globally. There is a need to attract, inspire and retain top talent as more and more companies adopt hybrid workspaces as the new norm. The Best Workplaces in IT & IT-BPM have shown that they have a people-first culture that prioritises benefits, professional growth & development, and a supportive working environment.
- Please explain the burnout culture widespread in the IT workforce.
IT workforce is experiencing a burnout culture
Leaders at best workplaces acknowledge and support their workforce, with 18% vs a 24% experiencing workplace burnout.
Our research reveals that on average about 22% of employees in the IT sector are experiencing workplace burnout. A nine-item composite of the workplace burnout index is defined by limited control in decision-making, inflexibility, lack of clarity, and ineffective communication by management. Leaders at best workplaces are better able to mitigate and facilitate well-being among employees with only 18% of the workforce on average experiencing burnout.
- More than 40% of companies have a workforce that is experiencing more than the average (22%) industry employee burnout.
- Our research shows that there isn’t much gap in different age cohorts, everyone is experiencing burnout at work.
- Employee burnout is most impacted by controlled decision-making, lack of encouraging work-life balance, and reserved & ambiguous communication.
- What industry do you think will be shaped by an “employee-first” culture in 2023?
In any industry, an “employee-first” culture is beneficial for both the company and its employees. Such a culture prioritizes the well-being and development of employees and can lead to increased job satisfaction and loyalty. In 2023, it is possible that more companies in a variety of industries will adopt this type of culture.
