Talent tango: Fresh faces, sharp skills, or tech triumph? HR’s 2024 balancing act
There is no clear-cut choice between attracting new talent (X option) and developing new skills or adopting new technology (Y option). Analysing the manufacturing sector in India, a combination of both X and Y strategies is essential. The proportion may vary based on factors such as the business cycle, location, product life cycle, business size and short-term versus long-term profit and loss considerations. However, there is a major shift towards the faster adoption of new technology, a trend that will continue to grow in 2024.
The ‘build and operate’ model will continue to hold significance in India, given the advantage of a young and large working population. Engaging new talent is akin to planting a seed and cultivating it in a customised environment, serving creative and objective purposes. Another advantage is the potential for continuity as a competitive edge, moulding intrinsic values to business growth with differentiation.
It is essential to explore the right strategy for an organisation, whether to compete in an existing space or adopt a ‘Blue Ocean Strategy’. While new technology has advantages as an aggregator of performance with accuracy and speed, creative and unique minds are crucial to innovate and elevate technology to the next level. I am confident that 2024 will provide a significant opportunity for the right mix of both options, complementing each other.
In our society, cultural foundations and heritage strongly influence our people’s persona
Trust tinderbox: Can organisations reignite the employee spark in 2024?
Employee trust will reverse its trend positively, benefiting both employees and employers. Trust is crucial to connect people, and organisations thrive when individuals work together with a shared vision and mission. Most companies have now adopted hybrid work systems, expecting this change to enhance trust levels and benefit all stakeholders. In our society, the social fabric differs from the Western world, with bonding influenced more by emotional connections than material needs and logical foundations. Cultural foundations and heritage strongly influence our people’s persona. Organisations play a critical role in creating an ecosystem to earn employees’ trust.
Degrees or doers? Will skills reign supreme in 2024’s hiring arena?
The significance of formal education is rapidly diminishing, and I see this as a positive albeit belated development. Why invest the prime years of life without adding value through formal education after reaching the age of 15-16? Consider a four-year engineering course—an investment for a certificate, and in many cases, not knowledge.
Few engineers apply conventional engineering skills in the workplace; instead, they support replacement, which often doesn’t require a four-year baggage. What’s essential is a modular understanding of applications related to their work and specialisation. I question if the knowledge life cycle will hold ground in a rapidly changing world of disruption. I apologise if my thoughts offend the community.
Today, knowledge is not as crucial as an employee’s performance in meeting deliverables based on their role, unless they work in functions such as research and design, innovation, legal, and so on.
This article is sponsored by Thomas Assessments
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