2022 was a volatile year for HR & workforce
It’s minimising to relegate 2022 to the year that was all about resignations and layoffs. The Indian media landscape shifted so much in 2022 that it’s unrecognisable from what it was even a year ago. As the industry players continued to adapt to post-pandemic behavioural trends, consolidation became more prominent than ever, customised viewing experiences took centre stage, and the consumption of live events saw a rampant revival to compensate for the pent-up demand of the past two years. Amidst all these transitions, as employers, we continued to build and seek out the capabilities needed to create and propagate content that can compete – all in pursuit of the ambitious goal of grabbing the eyeballs of a highly intelligent, sophisticated, and demanding end consumer.
2023: Will it be a turmoil again or peace?
2023 represents a fascinating time for HR. The expectations from the HR function and HR leaders would be at an all-time high in 2023. Instead of seeing it as a year of turmoil or peace, we must see it as a year of opportunity to reshape processes to create purpose-driven organisations.
The acute shortage of critical skills is already changing how we hire, engage, develop, and retain talent. Moving to a skills-based approach for workforce planning will be a key focus area and will see companies hire for skills, not for education, with HR also revamping work design to increase internal talent mobility, agility, and productivity. This has taken centre stage in media because the skills are already incredibly niche, making it much harder to acquire, develop and retain talent. Innovative applications such as the Metaverse, will also gain traction as the demographics change with more digital natives entering the workforce than ever before.
Employers who can successfully adapt to changes are the ones who will retain their best talent and attract new ones
The swing of the pendulum – employer’s market to candidates, and back
Many recent high-profile announcements of layoffs from tech giants and the threat of a recession have made employers and employees cautious of how the job market will shape up this year. However, specific ‘trends’ have slowly started to become hygiene factors instead – such as the preference for a hybrid workplace, flexible schedules,customised benefits packages, and more, all of which are key drivers of employee satisfaction at the workplace. Employers who can successfully adapt to these changes are the ones who will not only retain but attract the best people, no matter what the condition of the talent market is.
While specific industries, such as media, might see an employer’s market emerging as consolidation surges and new players come in with cash to burn, industries like tech have had to cut down to compensate for their pandemic-driven over-hiring.
Pay transparency or staying discreet?
Several countries have had pay transparency mandated by law. While Indian laws certainly have much catching up to do, being transparent about pay can be a differentiator opportunity for companies. Posting about their competitive pay ranges can be a positive trigger for prospective talent wanting to join these organisations.
Upfront disclosures on the employers’s pay has unintended consequences– starting with workplace tensions and, more importantly, the possibility of organisations losing their competitive edge in the talent market. Until such elements can be eliminated, India Inc. will remain discreet.
33 leaders predict the upcoming trends for 2023. To find out more click here.
