IIM ROHTAK H U M A N E - R CLUB P re s e n ts
H R BULLETIN VOLUME 92
humane.r@iimrohtak.ac.in
H U M A N E - R | V O L U M E 92
HR BULLETIN
Modern HR Management: How HR leaders can develop strategic business acumen As HR and business continue to work closely together in the emerging (new) hybrid world of work, HR leaders need to become business strategists The HR function has evolved dramatically. While the pre-pandemic focus of the function was mostly on bolstering and accelerating the digital transformation journey. Post pandemic, HR truly was at the forefront of business. Over the past two years, HR leaders dealt with immediate pandemic relief measures, preparing for extended remote work, or dealing with burnout and mental health issues. And during this time, HR leaders have aligned with the business to rejig priorities, accelerate digital transformation and enable skilling programs that will shape the future of work.
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H U M A N E - R | V O L U M E 92
Speaking about the shift, Prof Girsh Balasubramanian, Assistant Professor, Human Resource Management, Indian Institute of Management, Lucknow said, “As an after-effect of the ongoing pandemic, we are seeing that most of the companies are going through core transformations in their culture, values and talent strategy. The HR domain is becoming a lot more agile and owing to the new skills demand of the function, it is imperative to create professionals who are equipped and skilled enough to help enterprises adopt and deploy disruptive technologies across the system.” As HR and business continue to work closely together in the emerging (new) hybrid world of work, HR leaders need to become business strategists. Research on the “Organization of the future” shows that companies of the future will need to address three focus areas for the future: •Know what they are and what they stand for •Operate with a fixation on speed and simplicity •Grow by scaling up their ability to learn and innovate A 2021 report by McKinsey on “The new possible: How HR can help build the organization of the future” highlights that “HR will be the driving force for many initiatives: mapping talent to value; making the workforce more flexible; prioritizing strategic workforce planning, performance management, and reskilling; building an HR platform, and developing an HR tech ecosystem.” If the pandemic accelerated the digital innovation journeys of organizations, it has also opened up new avenues for companies to reflect on the potential for advanced technology integration, including automation and AI, data and analytics. And HR leaders will increasingly need to step up to better understand business priorities as a range of new jobs and skills upturn business models. What is strategic business acumen? Business acumen is not a single skill. It combines finance knowledge, a market perspective and business systems thinking. It’s having a solid understanding of business fundamentals, including the strategy, cash flow, finance metrics and statements, and company performance. It also includes knowing what it takes to make the business a success, having a motivational management style, and knowing how marketplace change can shape business decisions. How can an HR leader acquire business acumen? With the rise of advanced HR technology, the HR function is not focused on transactional work but on valueadding, strategic work. This is why HR leaders need to sharpen their business acumen to identify opportunities that can help accelerate their business journey. Developing a strong understanding of the business One of the ways HR leaders can develop a deep understanding of the business is by asking questions about the business priorities and issues in the business - and seeking answers. From the business’ target audience to products and services, which are the most profitable and why? Which clients are the biggest? Who are the top competitors and what are they doing differently? And how are customer preferences changing? Leader’s role in financial management Business leaders need to be familiar with key concepts, terminology, and financial statements to navigate the business. While this knowledge can be acquired through management courses, HR leaders need to take the time to understand the top financial challenge and opportunity areas for the business…
Read more at: https://www.peoplematters.in/article/leadership/modern-hrmanagement-how-hr-leaders-can-develop-strategic-business-acumen-33520
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H U M A N E - R | V O L U M E 92
Why remote-first culture is good for both businesses and employees Rather than attempting to return to our pre-COVID work environment, I believe that we should use this period as a springboard for a shift in how we approach the integration of our professional and personal lives in the future. During these two years of the pandemic, many offices have adopted a remote work model. By enabling employees to work from anywhere, businesses can be more productive while also creating a more inclusive environment and continuing to foster genuine connections. Though some CEOs in the tech sector continue to delay return-to-office, it can be good for both businesses and employees. A remote-first culture can lead to more engaged employees, better retention, and improved productivity. Here's what the future of work could look like and why going back to office culture would be a step back. Not limiting the success measures to working hours For a very long time, offices and the work they do have been seen as an output. Companies measure employees based on how long they are at their desks and link productivity to the notion of "hard work." In reality, remote offices help achieve company goals and remove the friction that comes with a physical workplace. Before COVID-19, several employees used to spend many hours a day commuting. Now that has been cut out, and as a result, friction in business is significantly reduced. We should not focus on hours worked as a measure of productivity, but on achievable goals. If employees can meet their goals in fewer hours than the standard 40-hour work week, they should be praised and rewarded…
Read more at: https://www.peoplematters.in/article/strategic-hr/why-remotefirst-culture-is-good-for-both-businesses-and-employees-33570
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H U M A N E - R | V O L U M E 92
How employee experience tools can redefine hybrid working When looking at the future of the workplace, employee experience tools and software help to assign, track and monitor work as well as employee wellness and overall satisfaction, thus creating an environment which makes work easier, transparent and scalable for employees irrespective of their location and shift timing. The most valuable asset for any business is their talent, i.e. the employees that work there. Staff expense is one of the highest expenses as well, considering how much a company spends on recruiting and training these employees. Therefore, creating an environment where one’s employees are able to work at their full potential is a top priority for all organisations. In today's competitive world with an all out ‘war for talent’, it is extremely challenging to retain talented workers and keep them satisfied in their job for the long run. This is why companies are actively incorporating employee experience tools to their repertoire to make employees feel heard, reduce their non-value-added work, and help them focus on fulfilling work. Many such new age employee experience tools have been built keeping in mind a hybrid and distributed workforce, especially since the lockdown normalised the hybrid model. Even though the pandemic is almost over (hopefully), it is well known that hybrid and distributed workforces are here to stay. When looking at the future of the workplace, employee experience tools and software help to assign, track and monitor work as well as employee wellness and overall satisfaction, thus creating an environment which makes work easier, transparent and scalable for employees irrespective of their location and shift timing…
Read more at: https://www.peoplematters.in/article/strategic-hr/howemployee-experience-tools-can-redefine-hybrid-working-33545
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H U M A N E - R | V O L U M E 92
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The five attributes of an evolving EVP EVP is a unique set of benefits that an employee receives from the organisation in return for their skills and capabilities. I am not going to start this conversation by telling you about the unprecedented change that the world is going through because I am sure that you are already aware of that. The term ‘unprecedented’ itself has been overused, misused, and abused in more than a million ways. But as the world continues to turn and twist, new conditions of work emerge with each passing month. Hybrid, in-person, virtual, or something else - the jury is still out on it. With the evolving workplace, talent attraction and retention have become the top priority for organizations across the globe. How do organizations navigate these new needs? Do they stay conventional and follow the traditional models? Or should they be pushing the envelope and going all remote, full flexibility? With the conversation around The Great Resignation to The Great Reset, I truly believe that the employee is at the center of it all! What are organizations made up of? They are not made up of checklists and processes. Toplines and revenues. Infrastructure and technology. Yes, they are all critical but at the end of the day, the core of every organisation is its people. The current shifts have made this even more significant. Any individual trying to get a new job or switch jobs carefully analyses what they are passionate about and how they can use their skills to be the best in a specific industry or organization. Employees today want profits and purpose. It becomes highly critical for organisations to have a dynamic and future-looking Employee Value Proposition (EVP) so that they can retain and attract the top talent out there! EVP is a unique set of benefits that an employee receives from the organisation in return for their skills and capabilities…
Read more at: https://www.peoplematters.in/article/strategic-hr/the-fiveattributes-of-an-evolving-evp-33602
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H U M A N E - R | V O L U M E 92
Rethinking EVP for the post pandemic organisation Organisations are under greater pressure to promote an attractive and engaging employee experience. Those that can effectively promote and follow through on providing a strong employee experience will be in a much better position to weather the talent challenges of today and tomorrow.. The Great Resignation is not slowing down, although it's still below the astonishing number of last quarter, the data suggests that HR leaders shouldn’t rest on their laurels when it comes to recruiting and retention. The great resignation has reshaped the talent landscape making it more difficult to attract and retain top talent. To combat the staffing shortage , employers are having to increase their compensation and benefits packages beyond the traditional offers. Experts believe that the most important thing that employers need to focus on is their Employee Value Proposition ( EVP). EVP has historically been defined as a ‘part of an employer's branding strategy that represents everything of value that the employer has to offer its employees’. A great EVP is made up of several components . These characteristics taken together, affect how your employees and recruits view your company as an employer. The following are some of the vital characteristics of EVP – Compensation, Work-Life Balance, Stability, Location and Respect. Organisations are realizing that pre-pandemic EVPs will no longer prove practical after the pandemic. Companies need a better version of their EVPs and post pandemic benefits so that they can have better impact. Few shifts that progressive Organisations are making are moving from Employee Value Proposition to Human centered proposition, that treats employees as people and not workers ( Gartner 2022)…
Read more at: https://www.peoplematters.in/article/strategic-hr/rethinking-evpfor-the-post-pandemic-organisation-33586
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