The events of the past two years have pushed organizations to redefine business models and adopt the new normal. As economies and businesses are trying to offset the impact of these events, human capital and investments around human capital development are likely to take a center seat. Right from accessing and hiring the right talent to build a resilient and digital-ready organization, human capital development
is going to be the key.
The new normal is likely to witness the hybrid working model. Although this is a positive change, the new working model would restructure the existing organizational culture. Therefore, organizations should look to create an employee-centric work culture that is in line with the core values of the organization as well as adaptable to both in-office and remote working. Organizational structures would change and become more flexible. The ultimate goal would be productivity and performance, but employees would feel more inclusive and valued. All these changes would be done keeping in mind the safety protocols, and here we are talking about both physical and mental well-being.
Employees have gone through a lot of uncertainties and distress during the pandemic. Organizations should stand beside them and think about restructuring compensations based on market dynamics. It is no longer about the number of hours spent, rather it has now become an outcome-based model where incentives and pay are directly linked with productivity and output. Productivity can be enhanced further when you take care of your employees’ professional growth. Help in upskilling their competencies and make them more future-ready. This will benefit both the organization as well as the employees – a win-win situation for both parties.
A very valuable ally that has helped organizations transform and adapt to the new normal is data and analytics. Sounds technical, right? But data and analytics have immense potential when it comes to human capital development. What are the market realities for compensations? How to monitor and measure workforce productivity? What are the gaps that need immediate attention? Yes, data and insights gathered from data can help you drive answers. HR analytics will help you stay competitive in the modern business world. You can optimize your human capital development
by adequate resource allocation, analyzing employee performance, and make data-driven decisions to decide on the future strategy of the organization.
Use technology and insights from data for optimizing human capital search services.
Tap into a diverse skill set, access a wide pool of candidates, and reduce hiring costs by adopting a digital-first hiring strategy. You can use AI/ML for resume scanning, cultural fitment tests, conducting background verification, and laying the foundation of high value-driven decision-making within the organization.
The whole world is evolving and gearing up to embrace the new normal, and it is talking about ‘digital today’ and not tomorrow. Human capital search is no exception. Integrate disruptive technologies, digital tools, and the latest equipment to accelerate this digital transformation, this journey toward becoming truly data driven. The new normal is here and it is shaping the future of human capital services.
Let us act now, live with it, and make the most of it.
At The Taplow Group we not only help you source the best-fit for your organization’s leadership through our executive search consultants but also train and develop them to hone their skills. To know more about our human capital search services like leadership coaching, professional hiring, management consulting, reach out to us at www.taplowgroup.com