"Financial Security & Planning Back On HR's Agenda"

In the dynamic landscape of today's corporate world, the criticality of Human Resources in any organisation’s success is undisputed. However, over the last three years, the function has taken centre stage and there is a much wider appreciation of its contribution to organisational success – an aspect which was earlier limited largely to C-suite executives. This has also led to organisations committing themselves to many softer people issues which have emerged as critical success factors for the business. Continuing from the pandemic induced awareness, 2023 saw a high degree of focus on Diversity, Equity, and Inclusion (DEI), accompanied by a long-awaited recognition of the importance of employee mental health and well-being. The emphasis shifted from traditional welfare measures to fostering psychological resilience and ensuring a sense of safety and security among employees. The necessity for integrating DEI into mainstream business has also increased with the evolving work landscapes — transitioning from traditional in-person setups to virtual and hybrid environments. These initiatives now encompass addressing bias, discrimination, harassment, unfair wages and tackling other workplace issues. The significance of a financial safety net has gained prominence, especially for middle and lower-income families, bringing back financial security and planning on the agenda of HR. 

Looking forward into 2024, it is a given that the factors mentioned above will continue to dominate HR’s attention. In addition, artificial intelligence, especially generative AI is rapidly transforming HR’s capability to engage and communicate with the workforce. The coming year should see a wider acceptability and a deeper, pervasive adoption of this technology in the flow of work. Personalisation, always-on self-service, more comprehensive and data driven talent ecosystems are areas which are set to transform with integration of Gen AI tech. The other big change which is rapidly gaining momentum is the aspect of skills in a changing world. The world is experiencing a historic transformation in how people work, where they work and even why they work. As advancing technologies change how we work and even the kind of work, the skills system must be able to cope with jobs which are not well defined, standardised, or specific, with clear skills and tasks attached to them. In order to remain competitive, Human Resources will need to change its game - continuously developing in the workforce an adaptive resilience and diverse skillsets, with at least baseline digital skills. The third biggest change which has already been upon us for some time but is expected to gain more momentum is the need to balance personal space and interests with requirements of the job. Employers will increasingly need to move away from fixed hours, locations, days and other rigid rules of employment and allow flexibility to individuals while keeping output and productivity at the centre of all such policies.

The hospitality industry in India is expected to continue its growth trajectory in 2024 and at least a few years beyond. The talent crunch which had impacted the industry in the post pandemic boom is gradually easing. However, the industry will continue to struggle with intake of good quality talent in the longer term due to more lucrative career opportunities in allied sectors like retail, airlines, real estate, hospitals and related service industries. There is a strong need for the industry to put in a conscious effort of aligning its people policies to be competitive with such industries. 2024 should see the beginning of such realignment with hospitality companies redefining their value propositions which are more contemporary and competitive. 2024 is set to witness a notable evolution and amplification of remote work adaptation, increased focus on enhancing employee experience, a heightened emphasis on skills development and reskilling with mental health and well-being initiatives. 

The role of HR in propelling growth has never been more pivotal. As we traverse the evolving landscape, professionals should glean insights from various sectors, embracing innovative practices and strategies to confront the challenges and capitalise on opportunities that lie ahead in 2024. The journey of HR is an ongoing narrative, and each chapter must be written with adaptability, empathy, and a keen eye for the future. The priorities for CHROs will differ based on industry based on industry, their own organisation’s life cycle maturity and organisational objectives; However, the ability to adapt to change is going to be crucial for organisational success. HR must lead the organisation in foreseeing future trends and prepare for disruptive changes to established ways of working.