51 JANUARY 2023 Vijay Yalamanchili CEO, Keka The SME segment employs about 40% of the total workforce but contributes only around 17% to the GDP.SMEs have the capability to induct a significant part of people entering the workforce every year. Digitization of SMEs will play a key role in uplifting the entire ecosystem and boost unprecedented growth. Tax rebates for SMEs investing in business software is one of the key things that I would like to see in the budget. There are a couple of countries who are doing this such as Singapore. I believe it’s time that we should have it in India as well. Employees are overburdened with the current tax structure and thus from this year’s budget a reduction in taxes for the employees can be expected. With direct and indirect taxes combined effectively the employee is paying 30-40% of his total income. Due to this Employees are constantly looking out for ways to reduce tax, which is unhealthy for the ecosystemThe PF rates can also be increased to incentivize the Employees to save more. The current rate of interest is lesser than the Home loan interest rate, which does not appeal to the Employees. And with most companies adopting a hybrid work mode, the salaried employees are expecting a boost in HRA allowance to accommodate the high rentals and office work set up costs post covid. Sidharth Agarwal Director- Spectrum Talent Management The upcoming Union Budget of India can have a significant impact on the Indian hiring segment. In the previous years too, the government has announced various schemes and initiatives to support skill development, vocational training, and employment generation. Hence, it is expected that the government may announce measures to support the development of human capital and the job market in India. A few measures which can benefit the segment could be; Allocation of funds for skill development and vocational training programs, tax incentives for companies that invest in employee training and development programs, schemes to support the employment of disadvantaged groups, such as women and youth, measures to support the growth of Small and Medium Enterprises (SMEs) as they are the major job providers in India and incentives to promote entrepreneurship and self-employment opportunities. www.sightsinplus.com
Editorial By SightsIn Plus Team Are You Managing or Inspiring Performance? Why do you think it is is that every person at some organization must make sure difficult to recognise stage will think that they are that its PMS includes the ability? It is needless to overworked or underpaid. following six features: say that happy and satisfied What can a CEO or CHRO employees are more likely to do in such times? On seeing 1. Continuous and Constructive stay in your company and distress around, one should Feedback contribute to their full potential. give managers the right tools Thus, you should know how to to inspire performance, build 2. Clear Measurements keep employees motivated at all a culture around employee 3. Social Recognition times. Groom them well enough growth, encourage goal setting 4. Actionable Insights that it builds their confidence and team alignment, and much 5. Customizable Reporting and at the same time serves as an more. People in authority 6. Succession Planning invaluable resource to you. must inspire and engage their employees to work better and 3 Steps for Inspiring Being in the corporate world having a proper Performance Performance Management for long, one thing I can assure Management System (PMS) Consensus indicates that is very essential for them. An workers have three prime needs: 52 SightsIn Plus Interesting work, recognition
“There is something that is much more scarce, something rarer than ability. It is the ability to recog nise ability.” - Robert Half for doing a good themselves do not know normally termed as OKRs have job, and being let in on what their goals and targets an unquestionable impact in things that are going on should be. Don’t let this gap of managing and inspiring the in the company. 3 basic knowledge build-up in your performance of employees at steps for better and efficient organization. Provide them any organization. The OKR management of performance skill and leadership training to system is a performance tool are: be able to determine their goals that sets, communicates, that are fruitful for the team as and monitors goals in an Step 1 - Providing managers well as their personal selfs. organization so that all right tools to inspire employees work together in performance Role of OKRs in Managing one direction. A team that has Automate the review process and Inspiring Performance ambitious motives is more likely by providing such tools Objectives and Key Results, to achieve targets in comparison to managers where they to others. Some significant can define and determine The OKR system advantages of using OKR system dynamic workflows of is a performance for performance management at requests and approvals. tool that sets, your organization include: communicates, Step 2 - Build a culture around and monitors goals 1. Autonomy - The various employee growth in an organization teams and departments can so that all work with autonomy as every Company culture tops the employees work employees’ goals are aligned priority list of employees, together in one with the ultimate goal of the even above salary in most direction. organization. cases. Hence, it is non- negotiable that organizations 2. Builds focus - With a mix of build their culture around quantifiable and qualitative employee growth. goals, every employee can provide magnified focus on Step 3 - Encourage goal setting their work and give better and team alignment results. In most cases, employees www.sightsinplus.com 53 JANUARY 2023
Editorial By SightsIn Plus Team 3. Boosts performance - communication between normal and managers who The human talent of any teams. are inclined towards it benefit organization is likely to their employees performance perform better, and in some Be the Transformational and inspire them to cover new cases extraordinarily, when Leader for Your Employees horizons daily. The productivity they have clear goals and Leaders who are and agility of an organization targets. They know that they transformational affect blooms under the guidance will be rated on the basis of their employees’ growth of such leaders who enhance their individual performance and thinking magnificently. skills of their employees without any bias. Thought leadership is the new through transparency and communication. 4. Enhances alignment - The human talent Since employee goals and of any organization Rome was not built in a day, targets are such that they is likely to perform but not a day was wasted when align with organizational better, and in some it was being built. Consistency goals, alignment is enhanced. cases extraordinarily, is the key, until your thoughts Individually every employee when they have clear are put into actions nothing will be working towards the goals and targets. They materialises. With inspirational ultimate goal in their own know that they will quotes and motivational unique ways. be rated on the basis messages, team building, and of their individual productivity fall into place. 5. Amplifies engagement performance Employees might be unwilling - The communication without any bias. despite being capable, here between different teams will comes the roles of leaders who be built and amplified. For inspire and motivate employees this authorities will have in performance management. to set goals and objectives in a manner that it initiates gg 54 SightsIn Plus By SightsIn Plus Team
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