An organization is only as good as the people it employs; those that want to survive and thrive in 2022 will need to respond to the new power dynamic.
As per Korn Ferry, there are new and increasing pressures on the workforce: remote working, increased collaboration, digital transformation, and more. To stay ahead, most businesses will need to transform their workforce to meet these demands.
However, no single solution fits every company and every situation. The only certainty is that we will need to do different work differently. But we can learn from the lessons learned and take inspiration from those organizations seizing the moment.
Let’s look at some facts (from Korn Ferry research) which have never changed:
The future of work is human..
Many see technology as the key to future success. But new research from the Korn Ferry Institute demonstrates:
- Human capital is 2.33 times more valuable than physical capital globally
- Human capital is valued at $1,215 trillion; physical assets are valued at $521 trillion
- For every $1 invested in people, $11.39 is added to the global economy
(source: https://focus.kornferry.com/report-the-future-of-work-is-human/)
Why In a WFH culture the excitement and enthusiasm for talent management turn to apathy?
organizations and leaders, with great positive intent, end up going through the motions of a process that delivers little in terms of results or fulfillment. In search of a solution, companies tweak what is already flawed and outdated and force it on the employees, who go through lots of challenges working from home, and for most of them is not a treat
So, What should Talent Management Function do?
Well, there are many ways to Dash Apathy and create a performance-based culture as below:
- Lead by Example. One should never underestimate the power that a manager or leader has to lead. If you’re in charge, leading by example is an important aspect of inspiring people to reach new goals while working virtually
- Foster a healthy work-life balance. Fostering a healthy work-life balance can yield happier and more productive employees. You can accomplish this important task by providing workers with personal time and encouraging them to use it
- Learning Opportunities. It’s important for companies to inspire workers to learn new skills. Providing the right environment for learning can inspire employees to abandon stagnation in favor of growth and discovery
- Do not focus on the number of hrs. Disrupting talent management means rethinking the fundamental purpose of HR and talent functions through the lens of business and workforce value. So, focus on deliverables’ not the login hours
- Employees Personal Health & Safety There’s always been a social contract between employer and employee, but COVID put the focus in new and unexpected ways on our most basic rights i.e. personal health and safety. As the personal and professional become more intertwined than ever, organizations can engage and motivate their people by creating experiences that connect individuals to
Conclusion: No company has truly figured out how to completely empathize and foster an environment that creates a culture of performance and loyalty both. However, it is certain that yesterday’s talent practices won’t hold up in today’s dynamic business environment It is only possible when companies adopt a more person-centric approach to drive their talent and business strategies, they will drive better results. And by putting individual purpose at the heart of the talent process, organizations will gain the competitive advantage needed to succeed in the new economy