The world has become a global village and the workplace is changing. With this HR has also changed and is increasingly being seen as a strategic linchpin – one that needs to work closely with all other departments to help drive business strategy and success.People-related issues are slowly becoming the heart of the boardroom agenda. HR leaders are under more pressure to show results and take accountability. With these changing times, issues that come on the radar of HR managers have also become diverse. Looking at some of the major challenges:
Attracting and retaining the best
Talent shortages are looming and addressing them is necessary to avoid disaster. When a business is being run lean and mean, employing the right people becomes very essential. Though the pool of unemployed candidates is getting larger by the day, the pool of skilled people is getting smaller. Hence, with all companies competing, attracting the best and also ensuring that the most effective remain with the company is indeed a challenge.
Creating a corporate culture
The youth of today have become very choosy and are quite daring to take the untrodden path if that is what they want. As the boundaries between private and work life blur, having a culture that would attract the skilled is inevitable. Designing the right tools and policies for the same could turn out to be a Herculean task indeed.
Today’s population is working longer into old age and companies have to become skilled enough to keep pace with the rising life expectancy. With the baby boomers already in their 60s and advancing science, this shift in demographics would only push more of the workforce to remain active in the employment market.
Managing workplace diversity
In this borderless world, every company has a mix of talents of diverse cultural backgrounds, age, genders and lifestyles. This has become a necessity to respond to business opportunities more creatively. And with the skilled talent pool getting smaller, one cannot afford to lose the talented to competitors. Therefore, barriers have to be broken to handle workplace diversity.
Whether leaders are born or made, companies have to invest in developing the next generation of corporate leaders. CEO transitions are always risky and what worked in the past needn’t work well in the future. And hence, the practice of vetting and selecting potential candidates and then grooming them the right way is quite challenging. Having a plan as dynamic as the process itself is important. Equally crucial, if not more, is its execution. An under qualified in the C-suite is as dangerous as an empty suite.
Gone are the days of ledgers and spreadsheets. Leveraging HR technology is a must for gaining competitive advantage. Considering long term productivity and profitability, HRIS has to be implemented in firms. But this is easier said than done. It not only requires a huge change in the administration side, but also would require the HR staff to adapt to new roles and skills. Dealing with the adverse impact will be quite demanding.