In today’s competitive business landscape, prioritizing the well-being of employees has emerged as a crucial strategy for organizational success. Organizations that invest in fostering a supportive work environment often witness increased employee morale, productivity, and retention rates.
As for New Relic, a SaaS company, prioritizing employee well-being form the core of its policy. Yenny Wong, Director of Talent Acquisition APJ and EMEA shares the need for establishing a high level of trust between the employees and the company.
Yenny answered some of our questions around staff welfare and upskilling initiatives at New Relic.
Could you elaborate on how your organization places a premium on the well-being of its workforce? Sharing specific examples and initiatives will provide insights into the strategies employed. Additionally, it would be beneficial to evaluate the effectiveness of these initiatives. How have they impacted employee morale, productivity, and retention rates?
New Relic is deeply committed to the well-being of our employees in India and across the globe. While our comprehensive benefits packages are designed to ensure that employees and their dependents or family members receive holistic care, we recognize that employee well-being is not just about competitive perks–it’s also about establishing a high level of trust between the workforce and the company.
New Relic offers flexible work arrangements, career development opportunities, professional training, competitive pay, generous annual leave, family healthcare, family formation benefits via Carrot Fertility, and paid parental leave. We also offer 24/7 emotional support through the Headspace Care app, and two full days per calendar year for the team to dedicate to social impact causes via our volunteer time off program.
With an Aon survey finding that employee attrition in India was recently sitting at 20.3% and is predicted to grow further, it’s clear that a holistic approach must be taken to foster employee wellbeing. High rates of employee attrition create a direct loss of productivity and talent, and this is often linked to the organizational culture.
Ensuring employees feel that their well-being is being addressed involves creating inclusive workplace strategies, providing training, enablement, and growth opportunities, conducting organization-wide feedback surveys, and offering competitive compensation and benefits. These retention initiatives will improve attrition rates and enable organizations to shift their strategies from siloed initiatives to holistic employee experience programs.
New Relic is also listed as a great place to work. 88% of our employees state that New Relic is a great place to work compared to just 57% for a typical company. Our retention rates are strong, with a third of our employees choosing to stay with us for 2-5 years.
Focusing on employee experience has helped New Relic to redesign our retention strategies and focus efforts towards connection, belonging, and sustainable productivity. Some of these strategies include monthly Ask Me Anything (AMA) sessions with senior leaders, and our Global Day of Service where New Relic employees are given the day off work to connect locally or virtually, volunteer and give back.
Upskilling Initiatives in a Technology-Driven Environment:
New Relic focuses on the learning and development of our employees, and we place great importance on education through a multi-layered approach of self-learning. We have an e-learning platform called New Relic Labs, an instructor-led virtual classroom, curated programs on allyship, action plans from leadership, and employee resource groups.
We also place a strong focus on manager training, which is central to the success of creating equity in learning opportunities and establishing a diverse workforce. It ensures a top-down approach to drive key actions. Employee resource groups at New Relic also play a pivotal role in creating a sense of belonging and support for underrepresented groups within the organization by organizing events, mentorship programs, and awareness campaigns.
Additionally, New Relic offers internship programs for early professionals to gain experience in their desired field, whether that’s engineering, operations, marketing, or any other area.
As a commitment to continuous learning and professional development, along with initiatives that promote work-life balance plus diversity and inclusion, New Relic promotes a focus on developing a growth mindset which helps to set the tone for growing together. Through the combination of all these initiatives, we are able to create a thriving culture of engagement and productivity, even in times of rapid expansion.
Understanding the importance of retaining talent is crucial for global organizations. Could you delve into the reasons behind this imperative? Supporting your points with relevant data, such as the costs associated with employee turnover or the impact of retaining experienced staff on organizational performance, will strengthen your argument and provide a compelling case for prioritizing talent retention efforts.
We know that our people are our most valuable asset at New Relic, so investing in them and their growth, while creating a work environment for all employees to do their best work is a top priority.
Rolling out strategies to support these initiatives and retain talent is also good for business. What most companies in the tech sector don’t realize is that the cost that comes with high attrition is greater than the cost associated with retaining employees. A recent study by Monster Jobs showed that the cost of replacing an employee is estimated to be between 75% and 200% of the employee’s annual compensation. This shows that investing money in retaining top talent is crucial.
High employee attrition also impacts business growth. When companies experience extended job vacancies, 81% report that they harm their company through resourcing issues, disengaged or unmotivated workers, low employee morale, lost productivity and revenue loss.
In contrast, happy employees are 17% more productive, and organizations that focus on engaging employees experience 41% less absenteeism. Being happy at work isn’t just a win for employees, it’s a win for the business as a whole. Disengaged employees are estimated to come at a cost of $8.8 trillion dollars, or 9% of global GDP. The current state of workforce unhappiness is a big problem to solve, but we can start by taking small, incremental steps. Businesses need to shift employee experience strategies that make room for creating an inclusive work culture that is flexible, focused on creating a sense of belonging and purpose, and provides new learning opportunities.
Employees experience isn’t just about job satisfaction. It directly influences operational efficiency, financial performance, and overall business resilience. Fostering employee experience shouldn’t be viewed as a cost center, but a necessity for businesses aiming for sustained growth and success.
Yenny Wong is the Director of Talent Acquisition, across APJ and EMEA at New Relic. in APJ. She started her technology recruiting career 17 years ago and is constantly amazed by the speed of evolution of technology and the people driving it. She has worked for fast growth companies like Palo Alto Networks and Google Cloud and is helping New Relic with their next phase of growth. As a mum of 2 young children, Yenny takes keen interest in nurturing young talents and contributing back to the community so that we are creating a sustainable future for them.
