"Talent Retention And Organisational Agility Top Challenges In 2023"
Talent retention is one of the top challenges in the HR space in 2023. The post-pandemic period has seen increased churn in various industries, with employees seeking new opportunities or reassessing their career choices. As a result, organisations had to develop innovative strategies to retain top talents, such as career development opportunities, flexible work arrangements, competitive compensations, and inclusive workplace culture.
Another significant challenge is organisational agility. The business landscape in the financial sector is developing rapidly, and organisations must adapt to changing business needs, dynamic talent landscapes, industry reforms, geopolitical scenarios, etc. Organisations must be agile in responding to these changes, whether through talent acquisition and development strategies that align with new industry requirements or by fostering a culture of continuous learning and adaptability.
Some of the trends that I foresee are:
Mainstream Integration of Mental Health in HR - Mental health and well-being have become critical to HR practices. The focus on mental well-being signifies a transformative development, with mental health not just merely being an initiative but the foundation for all our HR interventions. At Axis Securities, we focus on creating a nurturing and supportive environment for our employees and prioritizing mental health. Some of our initiatives include - having dedicated in-house mental health counselors who provide timely guidance and support and fostering our commitment to employee well-being. We also believe that the art of conscious pausing can do wonders. To encourage this practice, we've introduced our "Pause Pod" within the office premises. The pause pod helps our people get a quick energy boost, reconnect with themselves, and improve their productivity. Additionally, we also conduct regular webinars and workshops, led by experts, on mindfulness and mental health.
Inclusive and agile workplaces - The evolving landscape of HR will demand a more inclusive and agile approach. We believe diversity in thought processes, experiences, age, gender, and beyond will be essential for organizational success. Our strategy involves fostering a workplace that truly values and leverages the unique strengths and backgrounds of our workforce. We are creating a culture where everyone feels valued and heard by taking conscious steps toward keeping the Diversity, Equity, and Inclusion flag high. D, E, and I policies, Hiring of People with Disabilities (PWD), LGBTQ, Returning Mothers, Giga Opportunities, and Hybrid and remote working are some initiatives towards this endeavor.
People managers as brand ambassadors - People managers serve as the bridge between the organization and its workforce. Our focus is on the development and empowerment of people managers, who will continue to be our brand ambassadors. We believe empowered people managers can best nurture their teams to represent the organization and its culture.
Empathy - We have included empathy as a part of the competency framework of the organization. This strategic addition reinforces our commitment to creating a nurturing and supportive environment for our employees and prioritizing mental health.
