IIM ROHTAK H U M A N E - R CLUB P re s e n ts
H R BULLETIN VOLUME 89
humane.r@iimrohtak.ac.in
H U M A N E - R | V O L U M E 89
HR BULLETIN
A data-driven approach to inclusion & diversity To achieve these goals, we realised we needed to bring together various strands of activity that were happening in pockets around the organisation into a holistic approach that would enable us to drive company-wide, as well as client and community-wide impact.
We all know that there’s a strong business case for diversity. It enhances employee engagement through better collaboration and that in turn enables more accurate decisions. That leads to better innovation, sales, revenue and growth. This is backed by the data from McKinsey’s 2020 ‘Diversity Wins’ report, which shows diverse companies are more likely to financially outperform their peers. The same report found that executive teams with more than 30% women are more likely to outperform those with fewer or no women.
2
H U M A N E - R | V O L U M E 89
It is clear that we need leaders who think differently, who lead differently. However, profitability isn’t, and shouldn’t be, the only metric of success for our inclusion and diversity (I&D) efforts. How are companies attributing a ROI – not just on financial terms – on investments by corporations towards I&D? Following our efforts here at FIS, we can share some best practices and learnings when it comes to measuring results. Identifying key goals and actions Being very focused and aligned around goals and the specific actions that need to be taken by the organisation helps to accelerate success. At FIS, we’ve identified five key areas of focus covering: education & awareness; giving & partnerships; visibility & sponsorship; sourcing and developing; and engaging clients and partners. We have 15 commitments that support these with specific aspirational goals attached. These goals were identified based not only on our business objectives, but also incorporate ideas and input from our colleagues from all over the world. To achieve these goals, we realised we needed to bring together various strands of activity that were happening in pockets around the organisation into a holistic approach that would enable us to drive company-wide, as well as client and community-wide impact. We cannot simply “hope” to diversify our leadership teams. There needs to be a concerted and deliberate action to diversify our teams with more targeted and more intentional development plans for everyone, but especially, our women. Tracking metrics on core business dashboards I&D metrics and tracking need to form part of core business dashboards. It’s not simply an add on; it’s a critical enabler of success. Specifically on measurement, we shouldn’t look solely at representation. Equally companies need to analyse the full life-cycle from application to exit, and everything in between: hires, promotions, engagement, succession, compensation, development, etc, to get a more accurate picture of I&D performance. Certain indicators are more challenging to measure – for instance it’s difficult to measure ‘belonging’ in a hybrid working environment amidst the pandemic. Tools such as Visier, Glint and Talent Neuron can support to give valuable insights. Some of these tools have a ‘listening’ function that collects real-time feedback from colleagues. Our I&D efforts are tracking well. FIS has retained women when everyone else was seeing record attrition of women in the workplace during the pandemic. We’ve seen increases in representation across our talent pipelines, including at our leadership levels. We are also tracking higher engagement scores across many different demographic groups and higher ratings with inclusion overall across all colleague groups. Benchmarking internally and externally Benchmarking progress both internally and externally is key to driving accountability. Within our organisation we report I&D metrics within our annual Global Sustainability Report. We also benchmark against peer group organisations on a regular basis, and use this information to inform, refine, and drive our I&D programs and initiatives. We further govern our I&D offerings through an enterprise wide I&D council whom we meet with monthly, and they help us drive consistency and accountability across the organisation. When it comes to sharing metrics, it is important to consider the organisation’s maturity with data, as well as its approach with transparency. Companies need to consider how they can gradually build these as part of a long-term strategy, which is the approach we have taken at FIS. As a final point, aside from measuring success within the organisation, we should also consider the role that businesses can play to drive a more inclusive society. Companies are recognizing the opportunity and responsibility that they have collectively to address I&D across industries and within communities. Ultimately, companies need to identify what their core business is, work out where and how I&D enables this and then put efforts in that space to maximise the impact they can have outside of just the realm of the organisation.
Read more at: https://www.peoplematters.in/article/strategic-hr/a-data-drivenapproach-to-inclusion-diversity-33336
3
H U M A N E - R | V O L U M E 89
Is AI the solution to enhancing your DEI goals? By leveraging advanced technologies like artificial intelligence (AI) algorithms, machine learning (ML) and natural language processing (NLP), organisations can now resolve the DEI challenges and make HR processes more effective and efficient. It’s no secret that the unprecedented events of the past two years resulted in transformative changes for every organisation, regardless of its size and location. In addition to introducing a new wave of remote and hybrid work culture, 2020 and 2021 highlighted some of today's most troubling inequalities. As we head into the third month of 2022, various enterprises begin to prioritise diversity, equity, and inclusion (DEI) in 2022. As per the statistics approximately 79% of companies intend to boost their DEI budgets in 2022. In another survey by Deloitte, around 95% of CEOs rated DEI as their top priority. Since many companies are prioritising DEI more than ever in 2022, the questions arise: What makes DEI so critical in an organisations’ employee hiring and retention processes? DEI: Is it necessary to prioritise it? An effective organisation should include a wide range of highly diversified employees, each of whom has their unique skills, backgrounds, knowledge, and professionalism. The concept of DEI spans many topicsincluding racial or ethnic background, gender, disability, age, ethnicity, and sexual orientation, and it has gained increasing importance for forward-looking companies with strong ethical values…
Read more at: https://www.peoplematters.in/article/technology/is-ai-thesolution-to-enhancing-your-dei-goals-33321
4
H U M A N E - R | V O L U M E 89
Leading a multi-generational workforce in the hybrid era In a hybrid model where business outcome is the only measurement for success there is no other recipe for effectiveness based on any other criteria. Having an inclusive, collaborative culture and focusing efforts on improving every employee’s experience helps in ensuring success while creating an environment of equal opportunities. One of the lasting effects of the pandemic in the corporate world was the evolution of a permanent hybrid working model from what at the beginning, was considered a temporary shift to remote working. This has also resulted in a paradigm shift in employee focus from tradition and structure to freedom and lifestyle. Managing a multi-generational workforce which is increasingly diverse in age has always been a challenge, and the same has been further compounded by the hybrid model of work. Balancing the needs of remote, in-office and hybrid workers, while working towards achieving the company’s goals, requires both business and HR leaders to focus on the big picture while also acknowledging and addressing the nuances in each group’s demands and desires. However, recent studies have also shown that the top drivers of engagement across all the segments are compensation, learning and development and work-life balance, the last one becoming more prominent in the last year and a half. The major differences between them are usually in the areas of learning and acquiring skills, adaptability to change and collaboration with others. These are mostly to do with the differences in their professional and personal needs depending on which stage of the employee life cycle they are in...
Read more at: https://www.peoplematters.in/article/diversity/leading-a-multigenerational-workforce-in-the-hybrid-era-33303
5
H U M A N E - R | V O L U M E 89
6
When women leaders leave, losses multiply: Survey The Potential Project's research measured female leaders’ impact on not just job engagement and job performance – parameters that have been proven to have a direct relation to cost and revenue – but also on the actual avoided costs of lost productivity and employee replacement. When women leaders leave, the losses multiply, in terms of both job satisfaction and performance and the best results are achieved when women are in charge, says a report by Potential Projects, a global research, leadership development and consulting firm. According to the Potential Projects Spring 2022 Report, female leaders lead to an increase of 5.5% in job engagement with a female follower and a 4.8% increase with a male follower, as compared to when the leader and the follower are both males. In contrast, male leaders only lead to a 2.6% rise in job engagement when their followers are female rather than male. This is the third of the six editions of The Human Leader study, a bi-annual examination of the key characteristics that define a new paradigm of human-centric leadership conducted by Potential Project. The research measured female leaders’ impact on not just job engagement and job performance – parameters that have been proven to have a direct relation to cost and revenue – but also on the actual avoided costs of lost productivity and employee replacement. The report also reveals similar results in terms of job performance where female leaders have the capability to increase their male followers’ performance by 5.5% when compared to a male leader…
Read more at: https://www.peoplematters.in/article/leadership/when-womenleaders-leave-losses-multiply-survey-33343
6
H U M A N E - R | V O L U M E 89
By 2025, 63% of Indian workers may seek cloud computing skills: AWS Report The study prepared by strategy and economics consulting firm AlphaBeta, and commissioned by AWS, surveyed 1,012 digitally skilled workers in both technology and non-technology roles, and 303 employers in India, with representation from public, private, and nonprofit sectors of different sizes and industries. A survey conducted by Amazon Web Services (AWS) found that 95% of workers in India report they need more digital skills – the ability and knowledge to apply digital technologies for tasks in the workplace – to cope with changes in their jobs due to the COVID-19 pandemic. The report titled ‘Building Digital Skills for the Changing Workforce’ found that over the next year, the number of Indian workers requiring digital skills for their jobs is projected to increase by 27.3 million, representing 7% of India’s workforce. Despite this, only 45% of employers in India have a training plan in place, which could affect their competitiveness in such areas as productivity, innovation, and employee retention. By 2025, 63% of workers in India feel they will require training in cloud-related skills to progress in their careers. Among these workers who feel that they require training in cloud-related skills, 45% feel that they need to learn how to make use of cloud-based tools in their work, 24% of workers also feel that they will require training in migrating onpremises facilities to the cloud, and 32% believe they will require cloud architecture design skills…
Read more at: https://www.peoplematters.in/article/skilling/by-2025-63-ofindian-workers-may-seek-cloud-computing-skills-aws-report-33275
7