On a call hosted by HR Policy in India and HR Policy Global, leaders shared the challenges CHROs will face with a workforce whose needs and expectations have changed since the pandemic.
Panelists spanned corporate leaders, consultants, and leading academics. Shantanu Jha, CHRO at Cognizant India; Binny Rieder, Vice President of Global Compensation at IBM; Kashiana Singh, Management Consultant; and Ramesh Venkateswaran, educator and author of “The Happiness Trail: A Road Map to Success,” encouraged employers to think creatively to engage with their employees.
Employees are more knowledgeable about their pay. Ms. Rieder emphasized that transparency and clear communication around compensation are increasingly important as employees become more knowledgeable in this area. As employees more often look at the whole package, she encouraged employers to constantly benchmark and stay competitive on bonuses and incentives. However, panelists reminded participants that compensation is just part of the equation to attract and retain talent.
Employees want a purpose to come to work. Ms. Singh suggests the pandemic has forced people to reflect on their life and broader purpose. “The workforce is pressing a pause button”, she commented. Additionally, younger generations are more motivated by purpose, which may be related to social or personal convictions. She urged companies to help employees to find purpose and customize them to an individual level. Professor Venkateswaran pointed out that the nature of business is seeking profit, focused on quarterly or even monthly goals, which naturally generates stress for employees, making it critical for employers to understand and address employee wellbeing.
Employers should help employees find a match with their jobs and organizations. The panelists encouraged the participants to reevaluate if employees’ competencies and skills match their jobs and offered ways employers can provide flexibility to help employees adapt to a changing work environment, which adds challenges in building company culture and engaging new hires.
Integrate technology with HR work: The panelists also shared that companies should leverage technology to help line managers with administrative work, constantly invest in employee development, and identify key talent who are forward thinking and willing to use technology to help business.