58% of Purpose-Driven Generation Z Will Walk Away Without Personal Fulfillment: Great Place To Work India announces ‘India’s Great Mid-size Workplaces’ 2023
- Release a report of 3.3L+ employees
- 41% from IT, 15% from Manufacturing Industry and rest others
Great Place To Work® India announced ‘India’s Great Mid-size Workplaces™ in 2023’ at an event recently at Westin Powai, Mumbai. It saw participation from around 350 delegates comprising a speaker line-up of Yeshasvini Ramaswamy (CEO, Great Place To Work India) and Lathika Pai (Country Head, Microsoft – VC & PE partnerships). Godrej Capital, Hilti India, DHL logistics, Sula Vineyards, Pearl Academy, etc. were some companies who were honored at the event.
The Great Place To Work research, released at the event, demonstrates that organizations that overlook a robust workplace culture have a striking 69% of their employees highly susceptible to disengagement, experiencing a sense of disconnect from their work. To address this, adopting a holistic approach like Workplace Ikigai is crucial. Workplace Ikigai empowers individuals to align their personal passions, cultivate meaningful relationships, embody exceptional leadership, and create an enduring impact.
It is evident that when individuals feel fulfilled in their work, they are twice as likely to remain with their organization. This holds particular significance for the younger, purpose-driven generation, as their intent to stay drops by 58% when organizations fail to provide a sense of personal fulfillment. Regarding strong team dynamics, collaborative teams bolster motivation, dedication, and the willingness to go the extra mile, leading to employees being 1.6 times more productive and focused. On the other hand, for the goal-driven older generation, productivity declines by 37% when team dynamics are weak.
Speaking about the purpose behind the event, Yeshasvini Ramaswamy, CEO, Great Place To Work® India, said, “Congratulations to all the winners of India’s Great Mid-size Workplaces in 2023. Your exceptional achievement and dedication to fostering outstanding workplace cultures have earned you this well-deserved recognition.
At Great Place To Work India, we firmly believe that creating and sustaining a positive employee experience and embracing diversity is essential in today’s rapidly changing and competitive environments. Your commitment to empowering individuals and fostering a sense of belonging for all employees, irrespective of their backgrounds, set you apart as an exemplary leader. The assessment of India’s Great Mid-size Workplaces in 2023 involved a comprehensive evaluation process. We collected insights from over 330,000 individuals using two key lenses: the Trust Index™ survey and the Culture Audit™. The Trust Index survey, accounting for 75% of the evaluation, measured the quality of the employee experience. The remaining 25% was determined by the Culture Audit, which assessed the strength of leadership, values, and programs that shape the employee journey and experiences.
Our recent India’s Great Mid-size Workplaces in 2023 report reveals that employee experience in mid-size workplaces has remained consistent since 2022. However, employees have expressed a pressing need for more effective and transparent communication practices within these organizations, particularly with the presence of an inter-generational workforce. To build a brighter future for our workforce, our focus this year should be on enhancing business competence, fostering strong leadership, and improving equitable practices related to benefits and profit sharing. It is noteworthy that the Great Mid-size Workplaces have collectively set a high standard, outperforming other organizations by 9% in areas such as fair pay, profit sharing, benefits, work environment, work-life balance, and employee involvement in decision-making.
Amidst the ever-evolving tech-led hybrid landscapes, your ability to navigate challenges and seize opportunities has played a pivotal role in driving profitable and purposeful growth. Your contributions to various industries have been instrumental in shaping India’s economic landscape and inspiring others to strive for excellence.
I am happy to have Lathika Pai, Country Head, Microsoft – Venture Capital and PE Partnerships, Asia, participate with us in today’s India’s Great Mid-size Workplaces in 2023 awards. Her insights and commitment to enhancing the entrepreneurial competence of India and strengthening the ecosystem for high-growth companies will benefit all. Her journey symbolizes what we call a ‘For All’ leader.
To all our winners today, may your continued success serve as a testament to the transformative power of supportive and inclusive workplace culture for India Inc. Once again, congratulations on your well-deserved recognition, and we wish you even greater success in the future.”
Top 10 winners among Great Mid-size Workplaces in 2023 (list in rank order):
- Version 1 Services Private Limited
- H & R Block (India) Private Limited
- Varthana Finance Private Limited
- GUS Global Services India Private Limited
- F5 Networks Innovation Private Limited
- WNS Vuram
- Pearl Academy
- Pitney Bowes India Private Limited
- Gera Developments Private Limited
- Syngenta Services Private Limited
Leadership excellence drives innovation opportunities. Prioritizing and demonstrating effective leadership fosters an environment that increase innovation opportunities for employees by 3 times. For Millennials, only 20% experience opportunities to innovate in an organization that lacks leadership excellence.
