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Oct
15

The Disruptive Trends of HR – How FIIB Fits The Cog-wheels Of Change

Disruptive innovation has transformed the way we live, from how we book our daily rides to the cat videos we like on instagram. It has also revolutionized our job roles. So, what impact does it have on the most important function of every organization – Human Resources?

In the Corporate world, where everything is data-driven, Human Resources will still consider people and emotions, but does that mean, HR decisions will be instinct and intuition driven? Is it possible to sort out your salary issues with a few clicks without technology? we don’t think so. With the pace tech trends are changing, the way HR works has transformed too. Human Resource has come up with innovation to optimize the interaction between employers and employees. Technology is playing a vital role in finding suitable talent and understanding the psychological behavior of the employee. “Where earlier human resources (HR) decisions were largely made based on relationships, intuition, and trust, technology disruptions and increased use of analytics has changed the way organizations are thinking through their people management. Although the benefit to HR departments of insights into employee engagement is undeniable, yet, most organizations seem to struggle with appropriate and effective models for connecting workforce measures with business outcomes. Through  conferences on contemporary topics such as these, FIIB fulfills its promise to advance the practice of management by superior thought leadership”, says Ms. Radhika Shrivastava, Executive Director, FIIB.

At the recently held National HR Conclave – a unique initiative by FIIB every year to educate the young graduates about the challenges, perspective, and futuristic trends of HR that they are stepping out to, several industry practitioners like Amit Malik, Chief People Operations and Customer Services Officer, Aviva Life Insurance India and AK Gupta, GM-IT Services, IFFCO spoke how AI and Technology are paving way to new world of work.

What are they saying ?

Technology has altered the way of two-way communication and recruitment process. Initially, the way of hiring was traditional which was a time taking a process and involves large capital. Now, digitization is playing a vital role in determining market trends and analyzing productivity.

Mr. Amit Malik (Aviva Life Insurance)“HR function is reactive than proactive, The primary role of Human Resource is optimizing the relationship between employee and employers.  AI challenges the human resources and emphasize on the upskilling the human skills to cope up with such a dynamic environment, since a lot of work is automated, HR can now focus on adding the people who can innovate. Artificial Intelligence is about understanding the behavior and the action of the candidate. The advancement of technology in Human resources has reduced the money involved in training and development.

Ms. Aparna Sharma, Author, Between You & Me – “There are technological trends in Human Resources which are helping it grow on a wider basis, HR has a different forefront with different maturity level. Let’s look at hiring, Video interviews are changing the scenario of hiring young talent from a different part of the cities, web-based interviews are the new trends for hiring young talent, a majority of the screening is now done through video conferencing. There are 3 buckets of  Human Resources; Business Strategies, Asset Allocation, and Manpower Execution. All the challenges related to these are now easy to solve, thanks to technology. There is numerous transformation which has taken place after the evolution of Technology in Human Resource. Despite the tech, The Human part of HR will remain the same.”

Mr. A.K Gupta GM-IT Services, IFFCO“HR innovation is part of a job today, hiring top talent is the top most priority of every organization. Looking at the blockchain and cryptocurrency trends, it looks like in future they might be the appropriate technology for payroll management. Cloud computing has solved the challenge of data sharing and file transfer. There are tools available now at our fingertips for collaboration across cross-functional teams; Intelligent Applications and Analytics are playing a vital role in improving the performance of the employees. Analytics also play an important role in analyzing the performance of the employees. All appraisals and incentives are now based on the historical performance data, a trend of improvement, and a pattern of growth.

HR managers are posting jobs on social media platforms, there are facebook and whatsapp groups for hiring. Resume parsing softwares help find the right fit, Cutting-edge Applicant Tracking systems can perform background checks based on their social media profiles. Organizations are using mobile apps to improve work experiences, cloud services are making it easy to work from remote locations, Big Data helps the HR managers to market the job openings to targeted candidates, thereby reducing the budgets considerably, Predictive analytics helps them understand the candidate’s behavior in future so that they can find better fit. Organizations have to adapt quickly, only then can they  expect to build the talent for the future, while meeting present needs.

What does it mean for management students?

 It is extremely important that management graduates of today must adapt to these changing trends and question the traditional approaches to HR and people management. As HR managers of today are forced to realign to these shifting paradigms, they are also now compelled to find fresh talent that understands this shift and are trained with the tools and practices needed to keep up with the rapidly changing trends.

What does it mean for B-Schools?

At a juncture when the traditional ways of managing HR are no longer enough, B-Schools have to reshape their curriculum to meet the developments of the business world. As the responsibility of bridging the gap between raw talent and professionalism lies on them, initiatives and courses that build design thinking, analytical skills, and decision making are imperative in the curriculum. Only then, they stay market relevant. FIIB sets the standard by teaching its students analytics driven courses like Visual Storytelling, Big Data, and Demystifying Analytics that prepare the students to take on the new world challenges head-on.