Recent trends in critical HR management practices
Nobel Prize-winning economist Gary S. Becker, who coined the term “human capital,” says that”the basic resource in any company is the people. The most successful companies will be those that manage human capital in the most effective and efficient manner.”
The present day economy has been titled as “Knowledge economy”. In such an economy, it is people who make all the difference. In political economy capital or market was important. Talent occupies centre stage in the Indian workplace. In view of this, managing and retaining manpower is becoming crucial to an organization’s success. To achieve this, companies across sectors are focusing on some of the more critical HR practices. Some of the trends that have been noticed are:
Leadership development
Creating a pipeline of leadership talent is key to a business’ future growth. It is imperative for the top level of an organization to make leadership talent management a priority, and put its money into long-term plans, as opposed to short-term ones. If companies are worried about their talent pipeline, they have to develop their people.
The present day economy has been titled as “Knowledge economy”. In such an economy, it is people who make all the difference. In political economy capital or market was important. Talent occupies centre stage in the Indian workplace. In view of this, managing and retaining manpower is becoming crucial to an organization’s success. To achieve this, companies across sectors are focusing on some of the more critical HR practices. Some of the trends that have been noticed are:
Leadership development
Creating a pipeline of leadership talent is key to a business’ future growth. It is imperative for the top level of an organization to make leadership talent management a priority, and put its money into long-term plans, as opposed to short-term ones. If companies are worried about their talent pipeline, they have to develop their people.
Work-life balance
No company or employee has found the Holy Grail of balancing work and life, but that is a work in progress. However, multinationals, information technology (IT) and IT enabled services (ITeS) companies have been able to promote the balance between career, family and leisure-time better. Other sectors have also been increasingly promoting a work-life balance.
Interestingly, most companies in India use benefits such as flexible timings, telecommuting, crèche facilities and concierge services as an attraction and retention strategy. Experts say companies should see the work-life balance as a business proposition since progressive companies carry business forward with employees and families.
Inclusion and diversity
With higher numbers of Gen Yers joining the workforce in India at a time when companies across the world have an ageing workforce on their rolls, conflicts are to be expected. Therefore, companies are investing both time and resources in ensuring that all age groups are comfortable working together.
Organisations in India have also been focusing on making workplaces more representative. For companies such as ICICI Bank Ltd, Hindustan Unilever Ltd, Vedanta Resources, PepsiCo India, Shell Companies in India and Bharti Airtel Ltd, gender diversity has become a critical area of focus.
Health and wellness
The work culture at globalized workplaces involves long working hours, frequent travel, multitasking and tight deadlines - and all this often leaves employees mentally and physically stressed. Companies have begun to realize that healthy employees contribute to higher efficiency and productivity. Apart from medical benefits, companies are also offering yoga classes and health camps and have doctors on campus.HCL Technologies Ltd, for instance, like many other IT companies, has 24/7 medical facilities in all its centres. DuPont has an Intranet-based tool, which assesses an employee’s health through a questionnaire and makes recommendations based on the scores.
No company or employee has found the Holy Grail of balancing work and life, but that is a work in progress. However, multinationals, information technology (IT) and IT enabled services (ITeS) companies have been able to promote the balance between career, family and leisure-time better. Other sectors have also been increasingly promoting a work-life balance.
Interestingly, most companies in India use benefits such as flexible timings, telecommuting, crèche facilities and concierge services as an attraction and retention strategy. Experts say companies should see the work-life balance as a business proposition since progressive companies carry business forward with employees and families.
Inclusion and diversity
With higher numbers of Gen Yers joining the workforce in India at a time when companies across the world have an ageing workforce on their rolls, conflicts are to be expected. Therefore, companies are investing both time and resources in ensuring that all age groups are comfortable working together.
Organisations in India have also been focusing on making workplaces more representative. For companies such as ICICI Bank Ltd, Hindustan Unilever Ltd, Vedanta Resources, PepsiCo India, Shell Companies in India and Bharti Airtel Ltd, gender diversity has become a critical area of focus.
Health and wellness
The work culture at globalized workplaces involves long working hours, frequent travel, multitasking and tight deadlines - and all this often leaves employees mentally and physically stressed. Companies have begun to realize that healthy employees contribute to higher efficiency and productivity. Apart from medical benefits, companies are also offering yoga classes and health camps and have doctors on campus.HCL Technologies Ltd, for instance, like many other IT companies, has 24/7 medical facilities in all its centres. DuPont has an Intranet-based tool, which assesses an employee’s health through a questionnaire and makes recommendations based on the scores.
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