Attracting talent with critical skills, retaining them and enhancing workforce productivity are the top three human resource challenges anticipated by companies in India.
According to more than 54 per cent of the HR leaders surveyed in Randstad’s HR Game Changers 2016 study, HR ‘needs’ to be aligned with business and has ranked this as the top HR Game Changer for 2016.
Also 40 per respondents feel that HR has progressed from being a mere support function towards playing a more strategic role of being the ‘business partner’. For HR to earn a seat at the C-suite table and to add value to the organisation, the function needs to be receptive to the dynamic business environment and speak ‘business’.
Managing expectations and aspirations of a multi-generational workforce is the second most important factor, say 35 per cent of the respondents. Majority of the respondents mentioned that today’s multi-generational workforce come with significantly diverse needs and demands pertaining to communication, use of technology, expectations from the employer and meeting their aspirations and expectations is directly linked to top talent retention.
Also, 34 per cent of the respondents feel fostering a culture that empowers employees to take risks and drive innovation is the third biggest factor.
Nurturing and developing a leadership pipeline is another necessity, according to 34 per cent of the respondents. Internal succession planning and cultivation of a sustainable talent pipeline of future leaders at all levels is a key competitive advantage for organisations.
Findings of the Randstad’s survey are based on the feedback of almost 500 prominent HR leaders from India’s most admired companies across industry verticals.
Presenting the survey insights, Moorthy K. Uppaluri, Managing Director and CEO, Randstad India said, “India being a knowledge economy and a human resource power house, the spotlight is on HR as a people function. With the new war for talent intensifying, HR cannot assume a mere transactional role with a short-term focus on hiring for jobs, training for productivity and retaining for cost efficiency.
“It’s about time HR, as a custodian of the talent ‘capital’ move into a more strategic role, with a long term focus on hiring to support a steady career, training for a bigger impact and retaining the talent for creating a differentiation in the market place.”