Talent tango: Fresh faces, sharp skills, or tech triumph? HR’s 2024 balancing act
A rapidly-growing industry with ambitious expansion plans for retail jewellery chains, acquiring proficient professional talent is critical. Therefore, the top priority is retaining high potential, high-energy talent within the organisation to ensure their contribution to the company’s advancement.
Given the industry’s adherence to the 80/20 rule, where 80 per cent of the work and strategy is carried out by 20 per cent of the workforce, it becomes imperative to focus on the effectiveness of this vital 20 per cent. This effectiveness can only be achieved through highly dynamic, professional, talented and energetic resources within the organisation. In essence, retention becomes the new recruitment. There will be a significant emphasis on retaining talent, especially considering the scarcity of industry talent due to widespread expansion. The outlook for 2024 suggests that technological use will become more streamlined and focused on what truly matters. Instead of merely introducing new technology and asserting its role as a workforce driver, organisations will prioritise scaling up existing technology, making it user friendly, and stabilising its usage.
From an HR standpoint, technology will be introduced, but it will not be predominantly AI driven
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From a business perspective, I anticipate the continued proliferation of AI. In Malabar, we are implementing an omni channel strategy to facilitate our business growth, which will involve some use of AI. However, from an HR standpoint, technology will be introduced, but it will not be predominantly AI driven. This is because our organisation places significant emphasis on emotions. Therefore, a more moderate approach to technology is required to make a meaningful difference.
Quiet quitting tsunami: Can HR turn the tide on disengagement?
In the current environment, it is crucial to be aware of ongoing trends, such as the increasing prevalence of ‘quiet quitting’. Simultaneously, HR leaders must emphasise a stronger connection with their organisational family members than ever before. Emotional connectivity becomes paramount. It is imperative to revisit fundamental aspects such as culture, values and leadership, examining the fabric that interconnects within the organisation. This holistic approach can make a substantial difference.
Career cartography chaos: Can HR map the modern maze in 2024?
From the perspective of individuals, especially the younger generation entering organisations, a career is viewed as a product. They set specific goals, such as upgrading competencies within two years and ensuring proficiency in particular aspects. However, the critical consideration is enriching jobs within the organisation to match individuals with the competencies needed for those roles. We are actively working towards job enrichment to enable individuals to find meaningful roles in the organisation, based on their competencies and skill sets. Malabar is focusing on career development for employees by reassessing the desired output for each role. By making roles more enriched, individuals can choose their careers based on their competencies and their alignment with role requirements. This strategic shift is a key aspect of how Malabar is approaching career development in the current year.
This article is sponsored by Thomas Assessments
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