The world of work: Strategy and HRM

  Henry Ford, in 1908 rolled out the first vehicle model through Ford Motor Company. Due to the overwhelming demand he introduced mass production methods producing a standard product in larger numbers. The buyer had to buy what was offered, But today, customer preference is what drives the evolution of the motor industry. A customer can make or break a company. What relevance does this have for Human Resources? For Human Resource professionals, employees are the customers and candidates are the potential customers. Human Resources can no longer rely on the standard set of practices to attract and retain talent. Companies operate in volatile, ambiguous, uncertain and complex (VUCA) environment. This requires them to be able to adapt faster and react faster to changes. The Human resource function should be able to support the company's strategies at that speed. This will require HR to focus on getting the right person, at the right time, for the right role a...

In my last blog post we referred a McKinsey article on "The Future of Work" which identified three changes: Remote work, E-Commerce and Digital Technologies.  In this post, I wanted to briefly discuss how the pandemic accelerated changes in the Human Resources function of organizations. These points were gathered post-discussion with the HR professionals of my organization which belongs to the consumer durable sector. 1. Remote Operations:  The company has looked at remote work as a solution to ensuring safety of workers during the pandemic. This has led to changes in the way human resources professionals manage their workforce, which include in areas such as hiring and onboarding employees, providing training and development opportunities, managing employee performance and employee engagement efforts, which have all considered integrating virtual components. 2. More focus on Employee Well-being: The pandemic was able to emphasize the importance of employee well...

  The business landscape has been on a continuous cycle of change commencing from the first Industrial Revolution where the economy changed from a agrarian and handicraft based economy to that of a industry and machine manufacturing economy powered by coal.  According to sciencedirect.com the focus is now shifting the 4th Industrial Revolution powered by internet and renewable energy to a 5th Industrial Revolution elaborated by them as one which encompasses the notion of harmonious human–machine collaborations, with a specific focus on the well-being of the multiple stakeholders (i.e., society, companies, employees, customers). Though these transition through history has been gradual, the recent COVID pandemic took the entire world hostage, pushed businesses towards the 5th revolution in an unanticipated and accelerated pace.  The McKinsey article written on 23rd January 2023 on the topic " What is the future of work?" identifies three trends accelerated that were by t...