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For CHRO’s across the world, 2017 has been fraught with changes in talent market dynamics as well as spectacular changes in organizational culture, processes and best practices. The trends follow what is quite possibly an indicator of bigger changes to come, even as most companies march onto their Vision 2020 milestones with aplomb. While some HR leaders have managed to tide over these changes, it is helpful for others in the process to know how exactly they can successfully maneuver their way. Here’s a quick look:
Millennials have been rather infamous over the past few years for being on the outer fringes of the mainstream workforce. There has been significant speculation about their aspirations, education, conformity to organizational culture, even their attention spans! With all of these having been successfully imbibed into the workforce policies by most companies worldwide, the conjecture about millennial productivity has now faded into obsolescence.
CHRO Tip: Factors like work-life balance, organizational culture, flexible project oriented task-management, constant feedback integration into performance appraisal are more important to millennials than simple rewards and performance incentives. Focus on integrating these into your core policies and you should be good to go for the medium term with vastly lower employee turnover rates.
If this article were written a couple of years ago, this pointer would largely be restricted to the banking and finance community. However, the string of scandals, lawsuits and embarrassing bankruptcies have left many a CEO wondering what’s around the corner for their own organizations. This, in turn, has cast a new light on the role of the CHRO in enforcing workplace ethics and business practices, while maintaining a performance oriented organization and beating the competition
Tip: Invest heavily in workplace ethics orientation and compliance monitoring. Encourage discreet reporting of any harassment or wrongdoing, protect your whistleblowers. Remember, you are responsible for the employer brand and once lost, can’t be brought back with even a limitless budget, at least for a while.
Is that they are actually GOOD for the organization. They provide unparalleled productivity, continuity on the face of even high employee exits and a high degree of expertise based on flexible compensation. Not only that, they also, most importantly, bring about a diverse work culture that has been largely associated with invigorating an existing workforce. 2017 has seen the significant rise of the freelancer or the individual contingent worker. Reports predict that they will reach 45% of the American workforce in another years’ time. This is, indeed, the era of the independent contract worker, and CHROs around the world are wise to this new normal.
Tip: Leverage them to the hilt. Outside of the normal attrition rates, contingent workers are the ultimate in flexibility and skill. With most, contracts are performance-bound and there is no greater delight to an HR leader than having high performing, skilled professionals orchestrating their organization’s success.
2017 has been the year of waves and troughs in almost equal proportions so far. Here’s looking forward to the rest of it!