The document discusses the challenges that HR professionals in the media/radio industry will face in the near future. Some of the key challenges include navigating disruptions in technology, retaining millennial and Gen Z talent who tend to job hop frequently, developing talent through training programs, and implementing total rewards compensation packages to retain top talent. To address these challenges, HR will need to leverage technology efficiently while maintaining a human focus, understand generational differences and how to mentor younger employees, prioritize talent development, and customize compensation and benefits packages.

1. RAHUL NAMJOSHI
Business Head,MY FM.,Noida
BUSINESS MANAGER JANUARY 201823
COVER FEATURE
W
ith entering into
2018, employers are
bound to face
challenges and
obstacles when it
comes to hiring and retaining
talent. India's overwhelmingly
young workforce has resulted in a
demographic dividend for the fast -
growing nation. This is also
creating new challenges for HR
every year. Over the next 12
months HR professionals will have
to find solutions to these obstacles
and ways to evolve and adapt to
keep the business steady. From
new laws and regulations to
demographic trends,
technological changes and
cultural shifts, employers are
compelled to review their
workplace policies and procedures
in a meaningful way and defined
periods. The biggest challenge for
any HR professional in the near
future will centre how they
leverage the evolving world of
The biggest challenge for any HR professional in
media/Radio industry in the near future will centre how
they leverage the evolving world of technology and
countless systems designed to improve efficiency and
productivity, without losing sight of the humanity that
enables people to thrive in their role.
Understand
the
complexities
of human
behaviour
at
workplace

2. BUSINESS MANAGER JANUARY 201824
COVER FEATURE
technology and countless
systems designed to improve
efficiency and productivity,
without losing sight of the
humanity that enables people to
thrive in their role.
The media/radio industry is
no new to these challenges; in
fact the rate at which the
industry is growing it needs a lot
of talent scanning and attention.
Ruled by the choice of the
consumer the media and
entertainment is expected to
achieve the USD $100 billion
mark by 2025, according to a BCG
research. To sustain this growth,
HR's need is to identify and fight
the obstacles and design
solutions.
Disruption in technology :
The focus on technology is
increasingly becoming bigger.
HR technology space in media
has evolved from the days
when companies used to
maintain their database of
employees in excel sheet and
today most of the companies
have in-house full - fledged
ERP systems, either a People
Soft or Oracle or SAP to take
care of their entire employee
lifecycle, right from joining to
separation. With technology
surging in the area of people
management, the key
question remains unanswered
that can we build HR software
that really improves
productivity, promotes
collaboration and helps teams
work better together?
Retention of millennial &
Gen Z population : It's a
hard fact for companies to
accept that by 2020 more than
half of the workforce will be
millennial & Gen Z and 91%
of such population are expected to stay in a job less than 3 years.
This will present new challenges for HR leaders looking to figure
out how this new generation brings something fundamentally
different to the workplace, and what it may take to prepare
millennials to lead them. Since, gone are the days of tackling Gen
Y, we are now dealing with Gen Z. It is tough to decide who can
make an impact on their fresh minds. Selecting internal people
carefully on the basis of their experience and people understanding
is the way to go. Since these people have seen the system and know
the details well, they are the best to mentor Gen Z. To complicate
this further, technology and the Internet have enabled new avenues
for entrepreneurship. So not only do companies will have to
compete against other companies wooing away their young talent,
but they now have to also compete with their passion and
entrepreneurial aspirations. Therefore cracking their mind - sets
and retaining them will be key a challenge.
Talent Management : Talent development should be a firm's
key focus. Keeping the employees abreast with the latest
developments in the industry and upgrading their knowledge to
survive the fierce competition. When it comes to skill
enhancement of employees, only the best is what one should
choose for people, from International Industry Experts to country's
best coaches on behavioural skills. With radio industry capturing
a very small pie of readily available talent as compared to other's in
media. It becomes all the more important for companies to have in-
house programs to hire, train and deploy talent consistently
without loss of time and with exceptional cost - efficiency.
Companies will have to create a bench of talent which they have to
train and deploy as per their requirements. As these programs
ensure internal training of resources, they are most apt and cost -
effective.
Inclusion of total rewards in compensation : Gone is the era
where incumbent use to talk about take home salaries, with
increasingly global business environment people are looking
forward for holistic pay packages that involves compensation,
benefits and wok life effectiveness. The key here for the organisation
will be to identify individual needs, customise and integrate total
rewards with compensation. With the objective of keeping critical
employees from leaving, attractive long term retention schemes are
a must have. ESOP scheme for the top 10% talent in the company
comes handy to serve this objective.
Financial issues are always on top of mind for owners. Along with it
another area many companies struggle with is human resource
management. For this, it's important to know common HR issues to put
the right policies and procedures in place. Understanding the
complexities of employee and leadership development, and other areas
helps the organisation stay ahead of the competition and meet the
business goals this year.
Talent development should be a firm's key focus. Keeping the
employees abreast with the latest developments in the industry and
upgrading their knowledge to survive the fierce competition.
BM