THE NEW ERA IN EMPLOYMENT

The New Era in Employment

This Blog focuses on the changing landscape of employment and how technology is disrupting traditional models of work. It discusses the rise of the gig economy, remote work, and automation, and how these trends are reshaping the way people work. The chapter also explores the challenges and opportunities presented by these changes, both for employers and employees.

The dynamics of employment have drastically changed in recent years. Gone are the days when employees were satisfied with a decent salary and basic benefits. In the 1990s and 2000s, a new paradigm shift began, where employees started evaluating their skills and efforts, and expected to be paid according to their contribution. This trend has put immense pressure on employers to meet the diverse expectations of every employee.

In the present era, employees have evolved, and their priorities have shifted towards achieving a better work-life balance and promising career growth opportunities, alongside financial compensation. Organisations that can offer this package have a higher chance of retaining their talented workforce, compared to those who offer only a decent salary.

This shift in employee expectations is evident in the story of a young entrepreneur, who arrived in Mumbai in 1976 with nothing but a dream. Despite facing many challenges, he persevered and started his own small business designing bangles. His skill and craftsmanship quickly became renowned, and soon, people flocked to him to learn the art.

In the early days, the young entrepreneur’s employees worked without any salary or wages for at least six months. However, they received compensation according to their efforts and contribution. The work environment was pleasant, and everyone learned and grew together. But as time passed, people’s expectations changed, and they started demanding fixed salaries and working hours.

The young entrepreneur found it challenging to adapt to this new trend, and he lost many of his employees. However, he remained true to his principles and continued to work alone in his workshop. He never regretted his choices and remained steadfast in his belief that the work environment and culture were just as important as financial compensation.

Today, this belief is more relevant than ever. Employers need to ensure a positive and productive work environment that fosters growth and development to attract and retain top talent in their organisations. A good salary is no longer enough; employees want more. A work environment that values them as individuals, provides opportunities for growth, and supports a healthy work-life balance is the need of the hour.

In recent years, employers have been faced with the challenge of attracting and retaining talented employees in an increasingly competitive job market. As a result, small business owners have been adapting and implementing innovative solutions to meet the changing expectations of employees.

For instance, a tech startup founder implemented a policy of unlimited vacation days for his employees. He discovered that when employees had the freedom to take time off as needed, they were actually more productive when they returned to work. Similarly, a retail store owner implemented a profit-sharing program, which motivated his employees to work harder and contribute to the success of the business.

Another example is a small business owner who allowed his employees to work from home. This flexibility allowed employees to be more productive while maintaining a healthy work-life balance. Similarly, a restaurant owner decided to eliminate tipping and pay his employees a higher hourly wage, which resulted in a happier and more motivated staff.

Lastly, a marketing agency owner implemented a 4-day work week, providing employees with more time off. This approach led to increased productivity when they were at work and an improved work-life balance.

These examples demonstrate how small business owners are adapting to the changing expectations of employees and developing innovative solutions to attract and retain top talent in their organisations.

Sunil G Kushwaha ( B.Sc, MBA, LLM )
Co-founder - AIWS ACCOUNTECH
Date:- 12/12/2022