Flexible Workforce: The Best CHRO Growth Hack Post Pandemic
The post-pandemic economic boom is coming & everyone is hoping for a quick recovery. HR has changed its approach to managing and recruiting talent after a global two-year-long pandemic. There has been a pradigm shift in talent acquisition, perforfmance assessment & employee retention aiding to the change in the way businesses operate.
Companies in the future won't have the ability to "hire their way to growth." These are the changes implemented by top CHROs across the globe to meet the challenges of the future workforce shortage:
Diversify Recruitment: We've known for decades that a college degree is not a guarantee of success. Companies now hire people with diverse educational backgrounds and invest money in their development. Bank of America is a company that is admired greatly. They have rethought their entire development process. The company hires at local community colleges and is focused on building a strong brand that will last.
- Take a serious look at internal mobility. Many of the best talents you require may already be within your company. How do you identify the right employees to help you move them into new roles? For example, salespeople can go into finance; marketing professionals can move to IT; HR professionals can get into operations. These alternative career paths are crucial to company growth. The Recruiting team must have internal headhunters responsible for finding internal talent suitable for new roles. Tools like ascender that allow for the management of internal talent markets will also be essential.
- Concentrate on employee retention, employee experience, and employee engagement. Companies have established employee experience teams that are responsible for analyzing employee needs and obstacles, bringing together resources from IT, HR, and legal, and then recommending solutions. Recent announcements by ServiceNow and other companies have seen huge adoption of employee experience solutions. Microsoft, Oracle & Other major corporations also stress the importance of providing positive employee experiences and continuing development.
- Develop candidates: Companies like Ashley Furniture and Verizon are all training people to fill vacant jobs rather than focusing on the specific skill sets required. Therefore, it is important to think about "creating qualified candidates'' by implementing development programs.
- Diversify your talent portfolio: This will allow your company to be more flexible to changing needs, increasing your talent pool, and taking risks. Traditional hiring majorly focused on aligning the candidates expertise with the job description but now organisations need to assess the multitude of roles a candidate can pick up in times of crisis.
A STRUCTURED CHANGE IN THE RECRUITMENT PROCESS
The Chief Human Resource Officer (CHRO) is responsible for developing and executing human resource strategies in the organization that support the overall plan and strategic direction. This includes succession planning, talent management, change management, organizational and performance, training and development, and compensation.
Recently, SHRM, along with the Chief Executive Group, surveyed top HR leaders in the US to assess the economic outlook for business growth from the viewpoint of CHROs.
The CHRO is responsible for providing strategic leadership by communicating HR plans and needs to shareholders, the executive management team, and the board.
The research, which surveyed more than 219 CHROs for their responses, found that there was a lot of optimism among HR leaders regarding the future of the US economy beyond the pandemic. However, this optimism is tempered by persistent concerns about workers, work, and the workplace environment.
Remote work raises important concerns about whether the initial positive results will be lost as companies struggle to retain their culture and hire new workers.
Michele C. Meyer-Shipp, Esq., SHRM-SCP, Chief People and Culture Officer for Major League Baseball, says that he is optimistic about the post-pandemic economy, as companies begin to reopen their doors for business, consumers are taking advantage of services they have missed for well over a year, such desirability will improve the economy markedly. The challenges associated with returning employees to the workplace, however, remain front and center."
The CHRO Outlook ranks the third most (46%) important initiative for CHROs in 2021 as finding a return to work strategy. Diversity, equity, and inclusion (DE&I)will benefit companies' most investment and spending in the next twelve months. 72% of respondents to the survey cited it, as mentioned in the CHRO Outlook According to the CHRO Outlook, a large portion of this thrust will be used to cultivate leaders who can deliver on companies' DE&I goals.
Flexible Workforce: The New Normal
Simply put, flexible workers are employees who don't have to follow a strict 9-to-5 schedule, five days per week. Flexible workforce employees may work from home, part-time, temporarily, or full-time from their office. An entire organization may have workers scattered across the country or around the world. A flexible workforce can also include freelancers or part-time employees.
Workforce Flexibility is a virtue that allows companies to hire part-time, temporary, and contract workers to supplement full-time staff during busy periods or for specific campaigns. Flexibility allows for greater cost efficiency and offers more employment options that match the needs of employees and employers. Let's take a look at four benefits of a flexible workforce:
1. Greater Talent Diversity: More Opportunities for Employment
Great talent is often denied entry to the labor market because of rigid working hours and a lack of training and skills. However, flexible working arrangements allow students to work part-time, get the first-hand experience in a new field, and parents to return to work after maternity leave or paternity. In addition, flexible workforce members can choose the hours that best suit their needs. As a result, companies also benefit from a wider talent pool that might otherwise be overlooked.
2. Increased Productivity & Effectiveness
Employees who are capable of performing multiple functions can optimize their productivity by being able to direct them to the task at hand as quickly as possible. This ensures that customers are satisfied, and standards are maintained. For example, on the shop floor, a member of the facilities management team can respond immediately to an out-of-stock signal and restock shelves. This prevents customer dissatisfaction, which could lead to losses for the retailer.
3. Resource Efficiency
Companies can function more agilely if they have a flexible workforce. For example, businesses trying to reduce operating costs or dealing with high employee absence levels can still achieve high standards and reach their goals even with a smaller workforce. This allows them to maintain high productivity and effectiveness while increasing their employee base.
4. Talent retention and engagement
A flexible workforce allows for agility. However, it doesn't seek to reduce the company's talent. Instead, it encourages and engages it. Employees are more productive, effective, and efficient when they have a variety of tasks. This creates a dynamic workplace that encourages employee engagement. Employees are given more responsibility and encouraged to learn and implement new skills. This attracts highly skilled talent and helps to retain them.
The impact of COVID-19 has long-lasting implications for professionals and businesses. Businesses are reporting that remote work is performing better than expected and that it has improved significantly since its inception. This suggests that businesses have realized that they may have underestimated the benefits of working remotely and overestimated their costs. Therefore, it is not surprising that there will be more hybrid and remote teams in the future beyond 2021 that keep in mind the importance of good hiring & employee retention structures.