Revisiting the Talent Strategies for FY’23: People, Processes & Technology

Background:
2020 to 2022, the workforce & the industries saw an upheaval. Several challenges, push and pull resulted in major changes in the methodology and algorithm of work.

With the changes, trial & error, and transition, the industries have come to terms with much more clarity and stability. FY’23 is the year that is a roadmap ahead. It is essential to now revisit the talent strategies as it affects the People, Processes & Technology framework.

Introduction:
Stagnancy will not help either the workforce or the industries. For visibility, performance management, and operational efficiency, this framework needs to be revisited as it affects the employees and tools directly.

While people, which is the skilled workforce, would do the work, the process would channel it and the technology would aid it and make it faster and simpler. Now with the pandemic, digitalization and formalization have taken the target. As industries are emerging back to the pre-pandemic levels, what has shifted in the process and the technology aspect of this framework. Skilling, upskilling, and reskilling are the key to adaptability or there is something more.

Key Trends & Concerns:

    • The industries, where possible, offered remote working options
    • There are now hybrid models of work adopted
    • Some industries and sectors are looking at employees coming back to the office
    • Changing variables in the processes, methodology, research, and fieldwork
    • Uncertainty with the level of skilling up of the employees
    • Lack of social contact due to a long remote working environment
    • Digital software solutions are a need, however, not all industries have ramped up in investing in these critical tools
    • Lack of balance between the three aspects of the framework – People, Process, Technology
    • The people, which is the human resource, are leveraging the technology, but not to its full extent yet
    • Physical, mental, financial, and social aspects of an employee’s well-being; are not balanced out well
    • Processes that can include gig workers, contractual workers, and apprentices equally
    • Technological support and digital tools can make work more productive, qualitative, and even quantitative. Areas not yet explored horizontally and vertically

Factors that will support the momentum:

‘Back to office’ is trending. This will push more manpower hiring and hiring of employees from Tier 1 and 2 cities. The workforce also would see hybrid and remote working options being offered by some specific sectors.

New rules, laws, and regulations can change the way the processes will take place. Technology will bring a formal, long-lasting solution aiding people and processes and will pull those aspects out of a makeshift arrangement.

Blue-collar jobs have been back in demand. Women workforce hiring is equally seeing a rise. The migration of workers is taking place again and workers are coming back to their workplaces. Focus on regional skills, local languages, and being digital savvy is in focus in the hiring process. The attrition rates are going down across sectors, especially in the emerging sector.

Software’s and digital solutions focusing on core HR processes, employee on-boarding to exit, and features such as face recognition are in focus. Features such as corporate learning, wellbeing and performance management, Engagement & culture, diversity, inclusion & transparency, analytics & planning, workplace productivity are gaining attention.

The arrival of 5G technology, the focus on bringing in drones technology in various industries, the usage of automation in processes, the EV infrastructure being welcomed, the set-up for construction and real estate have gained momentum. These are a few of the many that are under the radar or re-emerging sectors which will directly make it essential to revisit the talent strategies for FY’23.

Conclusion:

A revisit of the talent strategy will ensure a formal audit of the existing process of the People, process, and technology framework. Data-driven improvements can take place bringing efficiency and effectiveness.

The optimization of the performance of the talent lies in workforce management. These structures will have a dynamic shift and would see the human capital needs meeting up by the industries. Not just the employees who need the job, but employees who are skilled, talented, and employable would take the spotlight.

Retention of this workforce will increase the pool of talent within the industries, which will be productive and lucrative for the emerging sector, in the long run.

Know more about how emerging businesses can benefit from the right balance of talent: https://bit.ly/3uyMSWR

Author

Indranil Ghosh

VP & Business Head
TeamLease Services Limited

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