A big change in 2022
At the beginning of 2022 it seemed the world would return to normalcy but the year proved to be more volatile. With 2022 beginning on similar lines due to the resurgence of Covid 19 across the globe, we are observing increased shift toward hybrid work culture and challenges around retaining and hiring talent across sectors. The biggest challenges lie in the human resource domain but so is the opportunity to create a difference. These challenges are spread across the varied spectrum of the HR function. These include employee wellbeing, performance tracking & management, key talent retention & hiring, workforce management, talent development and employee engagement. The industry is observing massive attrition and competition for high quality talent. As a result, HR function will act as a catalyst in shaping the goals & objectives of business plans. Organisations are becoming more conscious of their people practices and are constantly focusing on maintaining a high performing, healthy environment.
They are more agile and increasingly leveraging modern technology as an enabler. There has been a tremendous jump in digital products and services in HR space to optimise and efficiently drive daily tasks.
Clearly, HR as a function remains the core foundation for driving a successful growing organisation.
HR to look beyond models and best practices; be more innovative and hands on
The past few years have taught us to think on our feet. With every new problem coming our way, we have also found a solution to overcome the obstacles. Even more so, it has given the HR fraternity an opportunity to explore new areas and look for out of-the-box ideas. For instance, organisations have come up with innovative ideas to keep their employees engaged and motivated through a shift towards digitalisation and adoption of new technologies.
Even in talent acquisition, organisations have started hiring candidates online. At Vedanta, we have created a unique digital platform for nurturing our 1000+ campus hires through mentoring, group learning, digital library and unique feedback mechanism.
“HR function will act as a catalyst in shaping the goals & objectives of business plans”
Best practices and benchmarking will remain key focus areas but MNCs are increasingly looking inward to develop their own solutions. With time, organisations are moving towards customised solutions, careful to mind their own specific needs. This will eventually lead to a paradigm shift in how HR solutions vary from one company to another.
Continuous learning to combat resignation and aid retention
Continuous learning will be an important pillar to combat attrition and aid the retention of key talent. However, there are other factors which need similar focus as well. Competitive compensation and rewards need to be ensured to keep the employees motivated. Recognising high performers and expanding their responsibilities creates a positive workplace culture and makes employees feel valued. In addition, engaged employees are able to make their voice heard and are further able to add value to the business. While markets are currently experiencing a post-pandemic rise, and companies are trying to utilise maximum potential of their employees, the comfort and security of the workforce needs to be ensured so that they are able to perform their best.
Employees will stay back due to a combination of all these factors. Therefore, finding the right fit for the organisation will be the key for HR.