So far, a total of 237 tech companies have laid off 58,499 employees in 2024.
The mass #layoffs have been led by giants like Google, Apple, Amazon, Citi and a lot more.
Ever wondered how Zoho tackled high #employee turnover despite the season of layoffs?
Let's dive into their inspiring journey and discover the strategies they used to overcome this challenge. But first, consider this: turnover costs companies up to 33% of an employee's annual salary. Now, let's unveil the secrets to Zoho's success:
1️. Balancing Act: Did you know that maintaining a healthy work-life equilibrium is the secret sauce to retention? Studies reveal that when employees feel supported in this aspect, their loyalty to the company skyrockets by a factor of 10. Zoho makes sure that these guidelines are adhered to in the company among its employees.
2️. Educational Investments benefit all parties: Zoho Schools, launched by Zoho Corporation, offers education emphasizing passion and drive over traditional academic achievements. Students create impressive work and graduate with strong employment prospects, often joining Zoho and other companies, fostering talent and ensuring Zoho's independence and self-reliance.
3️. Culture Code: One of the things that consistently comes up about Zoho is that it has a unique culture. This certainly talks a lot about responsible capitalism, something that Vembu tries to live by with his company, whether it’s how he operates internally or how he gives back to the community (and the world at large) through campaigns and investment activities in underdeveloped areas.
4. Flexibility Fusion: Zoho’s employee-focused policies leads to a more loyal workforce overall. Zoho takes a long-view approach and lets its employees develop in a way that not only allows them to grow professionally but also as a close-knit team that seeks to impact their community in a variety of meaningful ways.
5. Loyalty is bi-directional: As part of its strive for independence, Zoho has an inhouse group of highly talented artists.About four years ago, one of these artists drew a portrait of analyst Brent Leary. Shortly after, the artist was involved in a car accident that was near-fatal for him. Throughout 3 years of his suffering, Zoho kept him on the payroll and also covered the medical expenses. He was kept involved. This culminates in his hand being made the logo for Truly Zoho.
Don't let attrition sneak up on you! Implement these clandestine maneuvers and watch your layoffs reduce and retention flourish.
#RetentionOps #HRUndercover #StealthStrategies #HRStrategies #humanresources #humancapital #layoff
NSI Solution | B.Eng | LSSGB | Business and Digital Tranformation | Performance and Technology | Continuous Improvement | Collective Intelligence | Bottom-Up Solution | Zoho Premium Partner
3moCongratulations team ! So glad to be part of this journey with you. We've been implementing Zoho Recruit for 10 years now, and the growth of the application is absolutely fantastic. Good job, and looking froward to see what's next :)