Articles related HR issues By- Anita SharmaPrestige Institute Of Management, Gwalior
1. Money and lifestyle issues are major drivers of career change, a survey The findings are part of the ‘Kelly Global Workforce Index, which obtained the views of approximately 97,000 people in 30 countries, including India. The survey highlights that the main cause, cited by36 per cent of the respondents for change in career is the need forimproved work-life balance, followed by the need for higher incomeand changing personal interests as shared by 23per cent and 21 percent respondents respectively. One of the major reasons for changein career stated by 75 per cent of respondents is that they believethey could resume their career at the same level after taking abreak for maternity/paternity leave, illness or extended holidays.
Key findings: • Most important element in an individuals career were cited as :- • Experience (80 per cent) • Formal education (20 per cent) • 60 per cent of the respondents said that when looking for a job, the best indicator of a persons talent is -Work experience (24 per cent) - Performance in job interview (23 per cent) - Education (9 per cent) - Job references (8 per cent)
Cont….. • 55 per cent of the respondents anticipate changing their career within the next five years • While determining the cause of changing their career, respondents voted for -Better work-life balance (36 per cent) -Need for higher income (23 per cent) -Personal interests changing (21 per cent) -Concerned about industry getting declined (8 per cent)
Cont….. • 94 per cent of respondents aspire for an executive position
2.The changing role of HR• Shifting workforce demographics, rapid changes in technology and the globalization of world economy have resulted in a shift in the way businesses operate and consequently the way HR functions.• Usually, at least in the past, HR has had the misfortune of being considered as a necessary, but yet unessential or unproductive department in an organization. It was considered an administrative doer rather than a strategic partner and catalyst. HR in that context merely meant regular administrative and record- keeping functionalities. This perspective though, has rapidly changed in todays knowledge era.• Human resource initiatives are a reflection of what we are seeing in todays highly volatile and competitive business environment; where technology, trends and consequently workforces are in a state of constant flux. It is in this light that HR is being perceived differently and is being elevated to a leadership role and that of a key business partner.
Cont….. • In this new model, HR assumes a more strategic role. It contributes towards the planning, formulation and accomplishment of organisation objectives. It then creates its own objectives in line with the overall business objectives, thereby impacting every aspect of its services. • One of the synonyms of this knowledge era is change and consequently unpredictability. Here, HR plays a key and pivotal role in identifying the capability gaps that consequently arise. A capability gap is the difference between the ability of existing systems to meet operational requirements and of whats expected of it. Its the lack of knowledge, skills and abilities in the current system to meet set organizational/individual goals or expected capability. • It identifies these gaps and works closely with the management to fill these gaps by obtaining the appropriate resources, training available resources and through other means. Successful organizations are those that are flexible and are quick to adapt; needless to say the HR team plays a crucial role in this process of adapting.
Cont….. • As a link between the employee and the employer, the HR manager, plays a key role in advocating cordial relations between the two. • It is also the responsibility of the HR to champion change in the organisation, as and when required. Its up to the HR to bring about the changes with the least amount of employee dissatisfaction. • Now, although some of these duties have always been performed by the HR department, its in the increasingly consultative & strategic partnership role that we find the new and changing role of the HR.
3. Compensatory trends differ with age• Today, companies cater to several generations of employees. We discover how the conglomeration of their distinct compensatory needs can be dealt with • A study conducted by the UK based firm YouGov revealed that young workers in the 18-24 age category were most attracted to gym membership (8 per cent) and staff development/talent management programmes (5 per cent), while 25-34- year-olds were driven mainly by money, with 35 per cent being most interested in bonuses. 45 per cent of 35-44-year-olds, however, rated a positive corporate culture most highly. On the other hand, middle-aged personnel (aged 45-54) found flexible working the most appealing option (56 per cent), while over 55- year-olds were keen on receiving health insurance (20 per cent).
Cont……• "Youngsters today are interested in tangible and real-time benefits that offer instant gratification such as retailer deals, concierge services that help them accomplish tasks sitting at their desks, movie tickets, discounts, preference with banks for loans and so on; whereas the older generation prefers wellness- and development-oriented benefits. They are also concerned about their childs education," says Rajita Singh, head HR, Broadridge Financial Solutions (India).• It is thus important to have a 180-degree feedback process to produce tailor-made solutions for your diverse population, says Kavita Rao, head HR, Unisys India.
Different generations, different needs: • 1) Gen Y (entered workforce in 2007): Their compensation & benefits preferences: lifestyle benefits, saving plans, educational programmes, advice on money management; • 2) Gen X (entered workforce in 1993): Their compensation & benefits preferences: maternal benefits, wellness programmes, work-from -home option, life-insurance flexibility; • 3) Gen Jones (entered workforce in 1981): Their compensation & benefits preferences: college savings plans, financial advice and guidance, fitness advice; • 4) Early Boomers (entered workforce in 1971): Their compensation & benefits preferences: critical illness insurance, chronic condition management, cancer screening, retirement plan.