Source | bwpeople.businessworld.in | Nellie Wartoft, CEO, Tigerhall
Deserted office spaces. Unwanted layoffs. Rapid forced changes across organisations. A decade that many predicted to be a potentially lucrative one has gotten off to a moribund start, casting dark clouds of anxiety across HR departments and boardrooms.
But at the end of every storm, there is a golden sky. Yes, we’ve all been dealing with challenge after challenge during the first year of the 2020s, but let’s not lose sight of the opportunities in front of us. India, for instance, is slowly but surely enhancing its standing as a nation that is increasingly able to attract talent after it climbed eight positions in the latest Global Competitive Index. With the country reported to house the world’s youngest population this year and have the world’s largest workforce by 2027 (according to United Nations population-projection data), this decade still presents plenty of room for optimism.
The key to thriving over the next nine years and beyond is how we manage every organisation’s greatest resource: our people. This is where the role of the HR function will be magnified, especially in dealing with the newfound challenges faced with recruitment and employee engagement, as well as finding the solutions to build a company that is competitive and innovative.
Winning the battle for top talent
Pandemic or not, the best companies want to hire the best employees. Like in cricket where the best batsmen gets you the most runs, outstanding employees positively impact revenue and add an edge over competitors.
But COVID-19 has bowled us all a bouncer. Prospects can no longer be courted by physical benefits of the job such as swanky office spaces with foosball tables, free-flow buffets and fancy travel.
The battleground is now digital. One way that recruiters can attract the best people is through building up a well-known track record of investing in employees’ growth through digital talent development. A recent LinkedIn report revealed that 59% of employees joined companies that provide learning opportunities, which ultimately aids in their career growth. The power of digital learning is set to intensify, especially with more professionals working remotely and digital natives playing an increasingly important role in the workforce.