Talent tango: Fresh faces, sharp skills, or tech triumph? HR’s 2024 balancing act
While all three elements are pertinent to any business, attracting new talent becomes imperative during growth or startup phases, or due to talent mobility resulting from attrition or expansion. The adoption of new technologies is primarily driven by responsiveness to customers, maintaining competitiveness and introducing disruptive innovations.
Developing new skills largely involves enhancing the human capital of current employees, and I strongly advocate the same. Tenured employees and their accumulated knowledge are pivotal to the organisation, contributing to a shared culture and values. In the upcoming days, we anticipate rapid changes. The focus should be on developing an agile HR strategy that is both flexible and adaptive, tailored to the unique demands of the industry. Such a strategy should remain fluid enough to evolve with changing industry needs but grounded in organisational values and principles.
Productivity panic or prioritising peace: Will we work smarter in 2024?
In 2024, the question isn’t just about the continuation of this trend but also the potential for a paradigm shift in workplace priorities—towards efficiency. There’s a well-known story about a woodcutter who was busy cutting down trees. A passerby noticed that his saw was blunt and suggested taking a break to sharpen it. The woodcutter replied, “I can’t stop to sharpen the saw; I’m too busy cutting down trees.” This tale is a metaphor for the productivity dilemma we face. In the pursuit of constant output, there’s a risk of neglecting the tools and well-being that make productivity sustainable. While focusing on the enterprise, it is crucial to maintain an equal focus on the employees, as the two are in a symbiotic relationship.
Businesses in India are more trusted than the government, NGOs and media
Talent tug-of-war: Balancing retention with inflationary realities
Preceding this question is the consideration of how organisations hire top talent, with hiring and identification processes often lacking transparency, creating an impression of favouritism. The conventional belief associates retention solely with salary increases. However, retention is a harmonious blend of culture, contribution and compensation Throughout my career, interviewing numerous professionals, the primary reasons for leaving their current roles consistently revolve around the quality of the relationship with their boss and opportunities to contribute and learn. Family circumstances rank as a distant third, with professionals rarely citing poor compensation as the main reason for departure. I’ve hired many professionals willing to accept a cut in compensation due to the superior culture and opportunities to contribute.
Trust tinderbox: Can organisations reignite the employee spark in 2024?
Trust is essential for the smooth functioning of any enterprise or relationship. Despite the perceived erosion of trust, the Edelman Trust Barometer 2023 reveals a silver lining, stating that businesses in India are more trusted than the government, NGOs and media. This presents a positive starting point.
An important question to explore is: What causes distrust? In addition to the usual culprits such as broken promises, cheating and corruption, we find that fake news is significantly amplified by social media. Creating a safe space where associates and partners can express themselves candidly and critique issues without fear of retaliation is contingent upon leadership. Trust is reciprocal, forming the foundation to build a culture of achievement.