Strategic Talent Management & Future Trends In HR

The BW People HR Excellence Summit and Awards recently featured a panel discussion on strategic talent management and future trends in HR. The session, chaired by Savi Khanna, Senior Correspondent at BW People, included insights from prominent industry leaders: Bikram Keshori Nayak (CHRO, Vedanta Limited, Lanjigarh), Trina Balakrishnan (VP – Global HR Head Coforge BPS, Coforge), Vinoda Nand Thakur (Vice President and Head HR, Aditya Aluminium, Hindalco Industries Ltd), and Atreyi Banerjee (Regional Head-HR, Tech Mahindra).

Impact of the Budget on Employment and Skilling

The discussion kicked off with a question about the recent budget, particularly its focus on employment, education, and skilling.
Bikram Keshori Nayak emphasised the increase in capital expenditure and its positive impact on job creation and talent acquisition. “When there is significant spending, there will be jobs and a lot of activities happening. People will be engaged starting from talent acquisition,” he noted. He highlighted the substantial investments in sectors like semiconductor manufacturing and digital technologies, predicting that these areas would drive business growth and create numerous job opportunities.

Trina Balakrishnan noted the positive aspects of the budget from a taxation standpoint, especially for lower-income employees. However, she suggested that the budget could have done more for senior-level employees. “While it helps those at the lower end of the salary grade, the senior levels haven’t seen much impact,” she commented.

Atreyi Banerjee appreciated the employee-linked incentive schemes, which provide benefits to both employees and employers. “There are incentives for both employees and employers, but the details on execution are still awaited,” she mentioned optimistically.

Merit-Based Promotions

The discussion also touched on the topic of merit-based promotions. Bikram Keshori Nayak shared Vedanta's approach to promoting employees based on merit rather than tenure. He highlighted the importance of providing diverse roles and opportunities within the organisation to retain talent and foster long-term commitment. “At Vedanta, we aim to elevate talented individuals to senior roles within ten years, focusing on capability and skill development,” he explained.

Diversity and Inclusion

On the subject of diversity and inclusion, Trina Balakrishnan stressed the significance of inclusivity alongside diversity. She shared strategies like gender-neutral CVs and the Carrier 2.0 initiative, which encourages mothers to return to the workforce after sabbaticals. “If we’re not inclusive, even the best diversity strategy won’t work. We ensure CVs are neutral from a gender perspective to promote meritocracy,” she stated.

Atreyi Banerjee highlighted Tech Mahindra's gender-agnostic and inclusive policies, including local hiring and infrastructure to support LGBTQ+ associates. She shared personal experiences that shaped policies for young parents, providing flexibility and support for both mothers and fathers. “We now have a policy for young moms to travel with a caregiver, allowing them to manage work and childcare simultaneously,” she shared.

Future Trends in Talent Management

Vinoda Nand Thakur predicted radical changes driven by AI and demographic shifts, resulting in a multi-generational workforce. He emphasized the need for reskilling and upskilling, as well as focusing on skills over degrees in hiring practices. “Future trends will bring visible and radical changes. Companies must adopt AI, and skills will become the primary hiring criteria,” he asserted. He also mentioned the potential shift to a four-day workweek and the reevaluation of traditional organizational hierarchies.

Bikram Keshori Nayak reiterated the shift towards merit-based promotions and the importance of talent management programs and mentoring. “Valuing skills over tenure is becoming the norm and will continue to be so in the future,” he noted.

Health and Well-Being

Atreyi Banerjee stressed the non-negotiable priority of health and mental well-being. Despite busy schedules, it is crucial to focus on health, supported by organizational resources like self-care centres. “Health and mental well-being are non-negotiable. Organizations support us with self-care centers and other resources, emphasising the importance of maintaining good health,” she emphasized.

Trina Balakrishnan advised young talent to be patient and understand that quick results are unrealistic. “Patience is key for success; quick results are unrealistic. Gaining experience requires time and effort, which is crucial for both cashiers and the general workforce,” she advised. She emphasised the importance of maintaining the human element in HR despite technological advancements. “Without personal, one-on-one interactions with employees, we lose the essence of human resources,” she concluded.

The panel discussion at the BW People HR Excellence Summit provided valuable insights into the evolving landscape of talent management, emphasising the importance of inclusivity, upskilling, and maintaining a focus on employee well-being.