Organisations are at the cusp of a radical change. They need to work towards the future to be able to survive.
This change is very critical on the people’s front. Most HR heads are aware of what needs to be done, but fail to get their organisations to act on it.
A study by PwC suggests that while organisations realise that capability is important to the future of their business, they yet to take any action. This, in fact, is putting the businesses into the risk zone.
Companies need to use insights from big data and advanced analytics when it comes to workforce decision making, and use data analytics to predict and monitor the skill gaps in the workforce. Although companies are aware of this, they fail to act. Similarly, more and more HR leaders need to increase the depth of understanding of the technological landscape.
Businesses need to move away from an ‘up-or-out’ career model towards multiple career paths that cater to diverse employee needs and aspirations. The talent practices and processes (e.g., rotations, secondments, learning and development opportunities) have to be designed to nurture employees. In addition, workspace designs need to promote well-being, for instance, with spaces for relaxation, recuperation and to accommodate a variety of working styles. All of these will affect the future workforce and business.
The PwC study, which is based on interviews with 1,200 business and HR leaders in 79 countries to gauge the importance of 45 organisational capabilities, has listed 10 of the important risk zones as follows:
1. Data-driven decisions
2. Skill gaps
4. Level of technological know-how of HR
5. Flexibility of talent
6. Manageability of workloads
7. Workforce planning
8. Modern career paths
10. Ecosystem of workspaces
“Indian leaders today understand the importance of data analytics. However, there is a marked gap between realising the importance and taking the right and adequate steps to build the organisation systems and processes that enable insights-based decision making consistently. We need to address this gap and look at using advanced analytics in enhancing employee experience, to be future ready,” says Chaitali Mukherjee, leader, people and organisation, PwC.
The top three capabilities, which are at risk in the Asian countries are, decision making through data analysis, engaging flexible talent and managing the workload.
The study has also come up with various steps and measures that organisations can take to be future ready.
“Indian leaders today understand the importance of data analytics. However, there is a marked gap between realising the importance and taking the right and adequate steps to build the organisation systems and processes that enable insights-based decision making consistently. We need to address this gap and look at using advanced analytics in enhancing employee experience, to be future ready.”
Create competitive advantage through a more engaging experience
Organisations need to nurture those employees who are at the least risk of getting automated in the future, as they are going to be perceived as the future workforce of the organisation. The people experience is more about workload and working experience. Organisation need to initiate HR-led programmes to train these upcoming employees.
Use workforce analytics to make the most of your talent
Data analytics,particularly predictive analysis, is very much effective in giving a better people experience. Despite the fact that data analytics is so important, many organisation are falling short fulfilling the requirement.
Bring HR leaders and business leaders together to create real change
Many a time, the HR leaders and the business leaders are poles apart in some of the opinions that they make. According to the study, a higher percentage of HR leads thinks that developing a good career path for the employees gives better results, but only one-third of the business leaders agree to it. Similarly, 60 per cent HR leaders say that transparency is reducing concerns about how pay is set, but only 45 per cent of business leaders agree. The HR leaders and the business leaders need to be on the same page to ensurehealthy results.
Ensure that HR steps up to gain from technology
Though 60 percent of the HR leaders are mapping options to automate repeatable activity in their organisations, 63 per cent of the organisations are not ready to match up with the capability to do that.
Harness the potential of flexible talent and innovation
Organisations need to engage their employees, who are working from remote places and be open to their innovative ideas. But the study says that only 8 per cent of the respondents are capable of performing this task.