“There will be turbulence along with explosive growth in certain sectors and hence a very exciting phase for HR,” Ranjan Banerjee

2022 was a volatile year for HR & workforce

It was the impact that the pandemic and lockdowns had on the way we lived our lives as a whole – whether our personal lives and interactions or professional lives and workplace interactions, that led to the two events.

Hybrid working and managing digitallyled employees to focus on health and personal well-being and search for purpose led to the Great Resignation. On the other hand, the emergence of digital business models led to disruptive change and a re-set of the way we do business while renewed focus on availability of cash accruals instead of simple valuation led to massive layoffs.

2023: Will it be a turmoil again or peace?

There will be turbulence along with explosive growth in certain sectors and hence a very exciting phase for HR. The key areas of focus for organisations to succeed in the marketplace of tomorrow shall be:

• Intensity of leadership communication which touches all parts of the organisation

• Ability to manage business risks, data security & digitalisation

• Focus on sustainability & long-term value creation which gives a sense of purpose to employees

Focus on sustainability & long-term value creation which gives a sense of purpose to employees

The swing of the pendulum – employer’s market to candidates, and back

With layoffs in certain sectors like startups and a recession looking imminent in the US, supply of talent will become easily available in those key sectors which get impacted by these two trends.

Redesign the workplace for hybrid workforce

Yes, that will become necessary. However, we shall have to wait and watch as to how the brick-and-mortar companies get impacted.

Importance of employee talent bringing HR closer to the top role

Yes, of course. The pandemic has already had a significant impact on HR’s role on the top-table. However, a lot depends on how HR professionals shape themselves up to deliver on the following:

• Shape organisation’s response to external trends

• Shape business planning with workforce planning

• Act as voice of employee in strategy setting

• Re-invent culture in a hybrid environment

• Create a new and improved culture in the leadership team

33 leaders predict the upcoming trends for 2023. To find out more click here.