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H R BULLETIN VOLUME 81
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H U M A N E - R | V O L U M E 81
HR BULLETIN
Accelerating the HR transformation agenda: Critical strategies for leveraging people analytics While people analytics will be a key part of the ongoing digital transformation agenda, organizations have to invest in building a stable platform before they set out to reap its benefits in devising innovative, impactful business strategies and accelerate HR transformation.
One of the interesting workplace trends that will have a tremendous impact on organizations in the year 2022 as noted by Forbes is the potential for real-time, dynamic HR data infrastructure layers to transform workforce development. This points towards the potential of the data mined by HCM systems for designing strategic, innovative, futuristic and
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impactful business strategies. People analytics will continue to be a key ingredient as HR transformation will be intrinsically tied with digital transformation. IDC analysts have predicted that ‘companies with cross functional leadership, a digital dream team, will enjoy faster rates of innovation, higher market share gains, and greater operational efficiencies than their contemporaries by 2025.’ In other words, digital is the way forward in any business landscape and this requires careful investment in HR technology platforms that can help elevate the operational excellence of organizations and their people. But with organizations still struggling to empower the digital dream team, a much needed solution which comes up is the implementation of an HCM platform. This is the starting point for the digitization of any company and as has been rightly said, the digital data culture must start first with the employees. The impact of the dynamic HR technology in the year 2022 must be felt among the employees so that it can push them to yield results in the customer domain regardless of being remote and in the face of any other unprecedented challenge that may come up. Akrivia HCM is this user-friendly solution which accelerates the digital transformation of the organisation at all levels by making employees come face to face with this cloud platform which digitises a number of HR processes. Further, it also enables them to comprehend the vast amounts of data that relates to company trends especially in terms of skill formation. For HR leaders and those in the executive leadership team, it presents opportunities to yield positive business results whilst improving the people strategy. Challenges that come up in the use of people analytics for organisational excellence: One of the fundamental challenges in the use of people analytics is integration. In the past year as the use of HR tech platforms was on the rise, many organizations were found to have multiple platforms in place which operated in silos. The creation of such information silos pushes HR professionals to devise strategies that impact one part of the HR function for instance skill formation but what we must acknowledge is that all the functions are interlinked. We can’t push for skill formation without acknowledging the gaps in our talent retention strategies. Another challenge is the creation of a data culture. This has several components to it, two of the most critical ones being data literacy and data communication. If internally the value and use of data analytics is not communicated to the workforce, they will not be able to leverage people analytics to improve their performance on an individual level. They might also face difficulties in understanding the data driven business strategy and this is bound to impact the collaboration levels and transparency within the company. This also impacts how people analytics will be aligned with the larger business goals to elevate enterprise value. What can HR professionals do better to reap the benefits of people analytics? The first foundational step in this direction is identifying the business questions that people analytics are meant to answer. Akrivia HCM’s reporting and analytics module is a useful resource that can identify risks and opportunities as well as underlying trends that can contribute strategically to the growth of the organisation. The second is obviously to develop ethics for the right use of the data following which HR professionals must invest in the creation of an integrated dataset that combines data from multiple HR functions in one singular platform. The third is assigning responsibilities, while people data democratisation is a must it is necessary for one a leadership team to champion the cause of people analytics and become a data storyteller who can reveal how people analytics has been utilised to devise innovative business strategies. And finally, continuous monitoring and feedback to drive the process. With the right HCM platform in place, this becomes an easier task because it takes care of the answers HR professionals actively seek, it has an in-built security system and most importantly, it is an integrated software. What remains then is finding the right leadership to pioneer the digitisation agenda so that people analytics can truly empower organizations to gain a competitive edge in the talent market as well as in the larger business landscape. Utilizing something as powerful as data-driven people analytics can play an integral role in maximizing the innovation and output of an organization’s workforce, but a stable foundation must first be established. This is where investing in the right HCM software comes in.
Read more at: https://www.peoplematters.in/article/hr-technology/acceleratingthe-hr-transformation-agenda-critical-strategies-for-leveraging-people-analytics32464
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The culture of data driven decision making: Are your HCM systems geared up? Several challenges turn up in implementing a data driven culture. But investing in the right HCM platform can drive the people data democratization agenda and indeed accelerate digital transformation by enhancing data literacy and data communication. Mckinsey reports that in 2022, 70% of companies will be using hybrid-cloud or multi-cloud platforms as part of a distributed IT infrastructure. In other words, HR technology will be the driving force in organisations globally at an even more accelerated pace. This is a crucial finding for us because it also heralds the coming in of a data driven organisational culture and data driven decision making strategies. Companies will increasingly harness the power of people, strategy and technology for unleashing innovation and transforming uncertainties to opportunities. At this juncture, a critical value addition for any organization would be investment in the right HR platform that helps mine the data that will empower the business outlook and planning. Akrivia HCM offers HR leaders and the Executive Leadership team spearheading workforce planning this very critical opportunity of identifying risks, uncovering opportunities and monitoring company specific trends to aid this endeavour. Their reporting and analytics model which is driven by AI will help achieve this and empower companies, afterall the future of work rests on increased automation whose starting point is the HCM platform…
Read more at: https://www.peoplematters.in/article/hr-technology/the-cultureof-data-driven-decision-making-are-your-hcm-systems-geared-up-32462
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Setting the foundation for a future ready workplace through People Analytics In setting the agenda for business transformation, a futuristic outlook and a future ready workforce are key ingredients. Backing this larger process is the use of predictive modelling by relying on people analytics which leverages large amounts of data collected by HCM systems. Building a future ready workforce is easier said than done but it’s highly crucial in the current setup when the pandemic rages on with newfound variants and we’re shifting from the Great Resignation to the Great Reshuffle in an increasingly hybrid working model. One of the critical solutions which when rightly implemented will turn the tide in favour of companies involves one key word: technology. There is no doubt that investments in HR technology will play a fundamental role in how an organisation performs and achieves its goals in the coming months. One invaluable lesson that has been learned since the past two years is that in the face of unprecedented challenges, a strong HCM platform that is able to take on the load of multiple HR functions in a seamlessly integration fashion will empower companies to sustain themselves and carry on. This is where Akrivia HCM comes in as your organisation’s one stop solution in elevating the workplace and workforce by combining a host of functions onto one singular plan to bring alignment, transparency and synergy on all fronts. Key trends in becoming future ready organisations: When taking account of the workplace trends that are bound to have a tremendous influence this coming year, HBR reports that the tools organisations invest in to work in a remote culture will be the critical drivers in management and improvement of the workforce performance.
Read more at: https://www.peoplematters.in/article/hr-technology/setting-thefoundation-for-a-future-ready-workplace-through-people-analytics-32461
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What do MSMEs, startups want from Budget 2022? Leaders from startups and MSMEs are looking forward to more incentive schemes, access to skilled talent, simplification of the tax system, subsidised programmes, and more digital support. India has approximately 6.3 crore MSMEs – a major contributor to the social and economic development of the country. Zoom into the year 2021 and you see a record number of tech startup IPOs and unicorns in India. As per the latest numbers, India is now home to 84 unicorns with a total valuation of $286.27 billion. 44 unicorns with a total valuation of $ 90.67 billion were born in 2021 itself and three unicorns with a total valuation of $3.10 billion have been added recently in 2022. The ease of doing business and the many initiatives introduced by the government in the last few years have bolstered the growth of startups and MSMEs in India. It has emerged as the third-largest ecosystem for startups globally with over 62,200 DPIIT-recognised startups across 636 districts of the country. Despite the pandemic, these startups and MSMEs are emerging as major contributors to the economy. They also have the potential to serve as a key employment generator for India, creating thousands of opportunities for the young workforce. But to fuel their engine of growth they seek more support…
Read more at: https://www.peoplematters.in/article/entrepreneurship-startups/what-do-msmes-startups-want-from-budget-2022-32454
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Budget 2022: What does India's fintech sector want? The upcoming Union budget should consider strengthening the digital infrastructure in Tier-II and Tier-III cities, incentivising digital transactions and creating a pool of skilled tech talents for a sustained growth of the fintech sector. More than 65% of the fintech firms in India have been set up over the past five years alone. One of the key drivers of this growth has been the accelerated pace of digital transformations. The crucial technologies these companies are betting on include blockchain, artificial intelligence, machine learning and biometrics. According to a report by Boston Consulting Group and FICCI, financial technology companies in India have raised about $10 billion from investors over the past five years, which led to the sector's total valuation swelling to $50-60 billion. With offerings including digital lending, mobile banking, and payment gateways, the fintech sector has played a major role in expanding and promoting access to financial services and meeting the needs of underserved consumers with greater convenience. While there are opportunities in terms of financial innovation that lie ahead for the world’s fastestgrowing fintech market, there are potential challenges that the upcoming budget should help address. Some of the key enablers that fintech leaders expect from the upcoming budget include infrastructure, conducive policy framework, and a pipeline of a sizeable talent pool. Enablers from both supply-side - including computing power, internet penetration, and demand-side - including inclusive financial services, reduced costs and reliable services, should be considered holistically to keep up the momentum of the fintech revolution…
Read more at: https://www.peoplematters.in/article/technology/budget-2022what-does-indias-fintech-sector-want-32431
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