As the post COVID world unfolds in front of us, the Businesses and employees have to face certain challenges and adapt to evolve amidst these crises.
We hosted a webinar on ‘The new normal in the Human Capital Space’, where the industry HR leaders - Charu Gulati from Everstone Capital Pvt Ltd. and Varindra B. from IQVIA shared their insights on the evolving ecosystem in Human Capital space.
They answered queries about key areas concerning the workforce and also to the participants’ questions, later on, adding to the discussion. Below we’ve highlighted some of the excellent insights throughout the webinar.
Shifting interest in skillset post COVID
Associating to the current situation Charu highlighted the evolving demand for certain key skills that would be sought after by organisations.
- With more organisations embracing remote work culture, virtual team collaboration has become imminent.
- Managing distributed teams comes with their own set of challenges. Fostering productive team collaboration would be of utmost significance.
- Working at home requires great organizational skills and self-discipline. Establishing a sense of discipline to draw boundaries from office work and household chores will be vital.
Company outlook towards cost management
Varindra shared the new models the companies might adapt to where remote work culture scenes may become the new standard.
- Companies will have a rapid shift of focus on the deliverables rather than employee attendance.
- Organizations would require to centre their goals towards assigning best remote support towards a project rather than keeping track of attendance or headcount mappings.
- Organisations would adapt to smaller local spaces that would hold a limited workforce that essentially cannot carry work from a remote scene.
- Shifting from huge office spaces would also help to mitigate costs for organisations.
- Certain sectors like the manufacturing are facing an imminent revenue hit essentially cause of the fact that their work structure cannot be carried out on a remote basis.
Change in leadership and administration post COVID
Charu helps us walk through the evolving nature of how organisations are making operational changes in their management and leadership.
- Embracing technology in terms of Payroll processing and other operational functions would be a progressive change that companies eventually adapt to.
- Leaders should be prepared with skills and policies to support their teams. This might involve being more flexible about the hours in which employees work. Things are much more fluid now, and managers need to lay a certain level of trust on their employees.
- Resetting of policies and processes that suit the remote workforce would be the new norm.
- The employer and employee would need to get on board with the new Adhoc changes in terms of parameters used to evaluate the performance in this new ecosystem.
Unprecedented measures adapted by the HR post COVID
Varindra shares a list of measures undertaken by the HRs across the industries to sustain business continuity amidst COVID crisis.
- Virtual Hiring
- On-Boarding and off Boarding employees virtually
- Remote counselling for employee wellness
- Conforming to a new productive work schedule
- Promoting extensive virtual team collaboration
CHRO’s plans for abundant talent in market post-COVID
- With news of hiring freeze being implemented across industries, Charu points out that there is a higher possibility of encountering abundant talent in the market post COVID.
- But then it is highly questionable if this talent would have enough relevancy to the current job market.
- She also attributes the current layoffs to the lack of relevant talent that could not keep up with the evolving nature of work.
- As the world moves towards virtual recruitment, hiring managers would need to upgrade their screening processes.
- Candidates would require to upskill to fit in the new normal at work and be more relevant.
Unable to make it to the webinar? You can watch the full recording here, and catch some more interesting questions coming from the participants