HR Bulletin Volume 116

HR BULLETIN

The future of an interconnected talent ecosystem with Market Networks

A market network provides companies with a robust one stop solution to various talent management challenges We look at how its different features help build future ready practices

The world of work is rapidly evolving. Traditional barriers to talent pools are eroding, workplace flexibility is becoming the norm, and employees are demanding a better employee experience and a sense of purpose where they work For employers, these changes have translated into newer challenges to find, hire, engage, and retain the right people Where once straightforward talent management practices and workplace solutions helped HR leaders hire and manage talent, companies now face a complex business ecosystem, meaning HR leaders now require more robust talent solutions Addressing these challenges requires better tech innovations that support and accelerate HR teams across the board Enter the market network as a powerful new solution

A market network provides its participants with instant and reliable services They help connect different participants of the talent landscape across a secure network which facilitates collaborations and agility. Participants like employers, candidates, and service providers can use market networks to connect and leverage the broad ambit of services the network provides.

A Market network like Repute combines the key features of a marketplace and professional network to provide a robust talent management solution. Leveraging blockchain technology and principles of web 3.0, Repute provides a secure, authenticated, and reliable way for the different participants in the talent landscape to transact & interact with each other, helping provide impactful solutions to some of the most pressing talent challenges today Market networks as a one stop solution

With business disruptions becoming increasingly complex, talent challenges require robust solutions Today few tasks in talent management can be conducted in isolation by a single individual or service/tool Hiring, for example, today is a multi stage process that requires recruiters to undertake multiple critical tasks like job postings, multiple interview rounds, test rounds, shortlisting candidates and then finally, hiring; there are a host of post hiring processes that need to be completed after the hiring as well like BGV, employee Profile creation etc.

Repute's Market Network, for example, provides companies with a robust solution leveraging theecosystem's knowledge and services. In the same example of hiring, the market network can allow HR managers and recruiters to avail services from various organisations or expert individuals for resume sourcing, interviewing and shortlisting and then finally onboard the shortlisted candidates using a single platform. In addition, the Market Network allows HRs to choose from multiple options for a single service. All these services work seamlessly to create the ultimate customised workflow for HR, enhancing productivity and reducing the time required to complete a hire

With a market network, organisations don't need to hop into multiple places to find and use the relevant services they want The market network provides a range of talent services, all instantly accessible in the network Integrated finance, Renting apps, HR Productivity apps, Insurance apps, Hiring apps, Rewards & Recognition services etc , all kinds of relevant services from multiple service providers are available in a single place to pick and use Additionally, these services are integrated with the Network, which means the SLA is faster, service is reliable, and deployment is quick.

Advantages of Market Networks

Delving further into how market networks help address critical issues within the talent landscape, we take a look at the critical services which enable it to be a future ready solution:

Embedded Finance

Market networks like Repute allow HR teams to integrate financial services like personal loans, insurance and neo banking for employees, which are tied directly to their payroll Be it quick access to personal loans or insurance services, employees can access these services from their payroll portals for instant approvals and payouts Market networks ensure an overall better user experience and lower or even eliminate the risk of fraud or deception in most cases resulting in lower interest rates and customised offers for customers

"The scope for collaboration with one another, to bring about agility and accuracy in the overall talent management is made possible by Repute's market network. Our partnership will help us reach millions of professionals in a quick time, leveraging the combined strength of blockchain technology and modular tech stack," said Monish Anand, Founder & CEO, MyShubhLife, on the relevance of market networks. This is achieved using the shared ledger technology that drives the Repute Market network; it ensures that malpractices like synthetic identity fraud or transaction fraud are virtually impossible to carry out.

Earned Wage Access:

Repute network enables Earned Wage Access that helps employees access interest free funds from their salary A robust financial product that creates better loyalty and improves employee experience The Repute Market Network has partnered with services (like KarmaLife, MyShubhLife and Jupiter ) that can provide the early wage access needed by most of the Indian workforce For employees, financial assistance like earned wage access helps provide timely access to funds So notes Rathi, CoFounder and CEO, KarmaLife, adding that "access to financial freedom is one of the most important values an organisation can add to the lives of their employees

Bad habits to avoid in a job interview

Making a good impression during a job interview is important to giving yourself a head start. Avoid these bad interview habits as you pursue that dream job.

Interviews can be nerve wracking but even more so if you’re ill prepared

You might be fidgeting or, in that high pressure environment, just easily distracted These mannerisms, while seemingly harmless, can sometimes influence perceptions of your level of confidence and commitment to the application

Even though we’re used to ourselves, we may not be aware of our own bad habits You may have to consider things such as facial expressions and eye contact before going into an interview

A good way of practising this is to conduct mock interviews with trusted friends or family. In a job interview, it’s crucial to exhibit confidence and catching certain little quirks beforehand is crucial.

Here are some bad habits you might want to avoid in a job interview. Avoid showing up late to the interview.

In job interviews, time is of the essence. Showing up late just means you don’t value the position you’re applying for. Instead, you should allot an extra 30 minutes of leeway going into the interview in case emergencies and delays come up If you’re really held back by unforeseen events, you should contact your recruiter ahead of the interview They will most often be happy to reschedule your appointment at a later date

Avoid interrupting the interviewer

When recruiters and hiring managers conduct interviews, they know when a candidate is out of focus Applicants

How new work arrangements are transforming blue-collar workforce

Skilled workers will create a well rounded, cross trained workforce and boost overall efficiency in order to contribute to our economy and build a workforce that values innovation and excellence

Irrespective of how much we talk about technological automation and robotics, the Indian economy thrives on labour intensive trades In the Indian ecosystem especially, where labour is easily and cheaply available while technology is expensive, it is essential to foster a technology empowered workforce rather than treating the technology itself as the workforce The massive potential of a sizable population remains largely untapped New arrangements that contribute to their growth can establish the grounds for a massive transformation of our economy

Understanding ‘blue collar’ jobs

Blue collar jobs fall under those professions requiring physical labour to deliver their roles and responsibilities As an example, let us consider Integrated Facilities Management (IFM), a sector that employs a large number of blue collar workers. This workforce is the indispensable backbone of any IFM establishment. Hence, the future of the IFM sector depends heavily on policies that make learning and development programmes a core part of its business framework. Giving these workers access to better training and upskilling opportunities is essential for our country to grow economically and socially.

Integrated Facility Management as a creator of opportunities

The IFM sector is one of the fastest growing sectors in the world, presenting a gamut of new opportunities for the blue collar workforce in this field Good IFM firms understand the significance of upskilling employees as a requisite

Cashing in: Which rewards motivate employees better?

How can employers inspire workers to become more productive? The best rewards have this "constellation of attributes".

Handing out cash rewards may not be the best way to motivate employees as it is not any different from a salary, a new study revealed

In fact, tangible rewards that are easy to use, unexpected, pleasurable, and distinct from monthly remuneration would likely motivate employees more than cash rewards would.

Researchers from the University of Waterloo surveyed firms and discovered that 84% spend US$90bn yearly on tangible employee rewards, such as vacation trips, gift cards, and merchandise to boost employee productivity.

Associate Professor Adam Presslee, one of the researchers of the study, said they found it puzzling why companies would spend billions giving out tangible rewards when cash rewards can also increase motivation.

To determine this, the research team led four experiments to investigate factors that drive the preference between tangible and cash rewards They examined different attributes such as the reward’s ease of use, hedonic nature and novelty and how it is presented

Presslee explained that the team found mixed evidence regarding the efficiency of tangible rewards for motivation versus cash rewards He explained that rewards are a “constellation of attributes,” meaning there are different factors that come together to increase the attractiveness of a reward

The academic suggested that companies should focus more on the motivational effects of a reward instead of the type of reward itself. He said that the attributes mentioned here ease of use, hedonic nature, novelty, and presentation

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Log in, log out: The struggle with login fatigue is REAL

Cybersecurity, in the long run, must not disrupt workflows, spark confusion, or cause undue stress to employees who just want to do their job

There are complex, multi step login processes that employees must go through to access their work Doing this ensures that there is a limit to the hours of work that an employee has in a day, and that company data is secure You can compare it to opening the door in the morning and locking it securely at night But is this practice truly harmless?

A new report by password management software 1Password explored the attitudes, beliefs, behaviours, and frustrations of full time employees who primarily use a computer for work

The survey discovered that complex, multi step login processes cause frustration among workers. In fact, these processes purportedly waste their time, hinder their productivity, and prompt them to give up entirely, causing them to abandon crucial work related tasks just because logging in is too difficult. To avoid the hassle of logging in, participants in the study were found to borrow a colleague’s password instead.

The possibility of a security breach

But a simple mistake can lead to a damaging security breach. According to the Cost of a Data Breach Report by the Ponemon Institute and IBM, the typical security breach costs a company about US$4m

Although many organisations invest in security software and apps, statistics from the 2022 Data Breach Investigations Report by Verizon also found that 82% of data breaches have a human element behind them

Meanwhile, the 1Password research found that although employees fear being hacked they underestimate the value of the data they have access to and could potentially leak The 1Password study discovered that there is