"Experience & Engagement Is New Mantra To Build Talent Capital"

From the HR perspective, 2023 has been the year of realignment of priority. HR leaders across sectors are emphasising on enhancing workplace experience. The world ‘inclusivity’ has assumed a broader connotation, as employees expect their employers to take care of the well-being at workplace, offer them learning opportunities.

The year 2023 also brought the focus back on the aspect of competitive talent management. In 2023, the talent war increased across industries with many companies adopting strategies to nurture and grow talents. Companies have been grappling to acquire the right talent to manage operations and onboard leadership talent that makes a difference with the right ingredients of a leadership brand to accelerate business and grow the enterprise. The reality that has emerged from the phase is that there is not enough talent available in the industry which will support the next growth phase. The way to bridge the talent gap is to grow from within and simultaneously attract from other industries and retain them.  

Therefore, talent development and retention became the top priority for all growth-focused organisations. Training modules are undergoing transformation to train talents hired from other industries. There is an urgent need to relook at all employment and workplace-related policies and make them aligned with the needs and aspirations of the employees. Productivity and profit-linked incentive schemes need to be made more competitive. There should be a clear path to career progress and opportunities for skill development all across.

Enhancing employee experience became extremely critical for attracting and retaining talent and building a stronger Employer Value Proposition (EVP). A great employee experience boosts employee engagement and productivity in a big way. In multi-location operations set-up, companies are increasingly using new-age technologies to build smarter workplaces and collaboration platforms. Experience, engagement and a sense of belonging have become the new mantra to build talent capital. The organisational structures have also undergone key changes, as companies are re-evaluating the practicality of some performance metrics and employee engagement posturing.