As a business goes through a major corporate event such as an IPO, the biggest challenge is to retain a strong work culture. In this article, Himank Tripathi, President- External Affairs & Investor Relations, EaseMyTrip, explains how organisations, while making this momentous transition, can include their employees during the leap, emphasise growth, and establish a sense of unified culture across departments.
In the rapidly changing world of business and technology, maintaining a level of consistency is an important facet for organisations to uphold a level of satisfaction amongst their employees and investors alike. With virtually every element of a company having to adapt to industry changes, it becomes incredibly important for the company to maintain a strong work culture, especially as businesses move onto bigger landscapes and ventures. Major corporate events such as IPOs, mergers, and changes in leadership can oftentimes lead to changes in the workplace culture, forcing employees to have to adapt to new norms and customs. While most of these changes can benefit the company’s profitability, the fact remains that it doesn’t always help retain old employees who are accustomed to a certain set of norms and practices in the workplace. The strategies implemented by people in leadership positions may be vast and varied, but it is only through strong and proactive leadership, coupled with a collective sense of working as a team, that a company can truly grow as a homogenised unit with a high-quality workforce.
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Over the past year, India has experienced a boom in the number of companies driving down the IPO route. Companies are realising the importance of maintaining transparency, and realise there is ample benefit from opening up their shares to the open market. Throughout 2021, nearly 65 companies launched their IPOs, and this brought about significant changes to the operational procedures within these companies. However, not all changes have been beneficial for everyday operations. When a company launches an IPO, there is usually a significant jump in operational value, and companies are placed in a position where they have to employ a greater workforce or amp up the current responsibilities of their employees to match the growth experienced through an IPO, which might not always align with the culture and employee satisfaction that was pre-existent.
“When a company launches an IPO, there is usually a significant jump in operational value, and companies are placed in a position where they have to employ a greater workforce or amp up the current responsibilities of their employees to match the growth experienced through an IPO, which might not always align with the culture and employee satisfaction that was pre-existent.”
While making this transition, maintaining a good work culture is of the utmost importance. While change may be inevitable for companies going through this process, the company needs to include its employees during this leap, more so to establish a sense of unified culture across departments. Employees who were a part of the company pre-transition should be aware of the big role that they have played and should have a sense of security, both in the continuance of the unified culture, as well as the standing of the company while it reaches this new milestone. At the same time, employees have to be more careful and cognizant of the official information that they receive, considering the public nature of the company.It is also important for the company to establish an emphasis on growth during this period, not just in terms of the company operations, but also with regards to employee capabilities. Click To Tweet
Often, companies undergoing significant corporate changes overlook the importance of maintaining transparency with their employees. Employees want to stay informed about the changes within their organisation and eliminating that line of communication can present many challenges to the daily operations and professional satisfaction of those working to keep the company going during the transition. By focusing on openness, leaders within the company can help its employees understand the corporate values that are carved into the company’s image and can boost productivity across the various departments within the organisation.
While it may sound contradictory to maintain a static work culture amid new developments, the organisation and its employees need to evolve. Maintaining a static work culture can ensure that companies stay true to their core values, especially during organisational changes and new hires and can help foster growth in a direction that is beneficial for the entire corporate ecosystem.
From a human resource point of view, bringing a company to an open market can do wonders from the perspective of new hires, as people are constantly on the lookout for new opportunities in companies that are destined to have a bright future. However, it is important for companies who are moving in this direction to realise that the best option is still to nurture their talent, understand the evolving skillset of their employees and utilise that to their advantage.
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Sustaining a strong work culture post IPO relies heavily on nurturing leadership and a goal-oriented employee base. While many companies going through this transition might not come up strong on the other side, the few that manage to do so have always exhibited strong work culture and thought leaders. While many variables affect the outcome of a company undergoing an IPO, a unified employee base that understands key tenets of a company as well as leaders that are looking to help their employees grow is important for establishing long-term success, both for the workforce, and the company.
Market Presence: EaseMyTrip has offices across various Indian cities, including Noida, Bengaluru, and Mumbai. Its international offices (as subsidiary companies) are in the Philippines, Singapore, Thailand, the UAE, the UK, and the USA.
Employee Count: As of FY21, we had an employee strength of 370 people
Hiring Pipeline: We plan to double our employee strength by the end of the next financial year. Technology will be a major profile that we are looking at as we are a tech-focused company. A lot of our growth has happened through word of mouth, so customer service is also of key importance to the company. As a customer-centric brand, we are also looking at strengthening our customer service department. The marketing department is also a key focus for us this year and we will look to strengthen that team as well. Travel and tourism is a big, growing industry, and we are looking for those who can bring value to the firm as we are looking to grow further in the coming years.
Business Operation: EaseMyTrip offers ‘end to end’ travel solutions including air tickets, hotels and holiday packages, rail & bus tickets, as well as ancillary value-added services.
Key HR Metric: We are a diverse company that believes in gender equality, and this is a culture that we have cultivated over the years. Rather than looking at just qualifications and gender, we are essentially looking for people who think out of the box and can add immense value to our offerings. Previous work experience and internships are secondary.