Talent War To Continue With Increasing Digitisation: CHRO, Godrej Housing Finance
In the year 2022, HR will continue to be valued for championing the war on talent. Hiring, onboarding, retaining & coaching will be the focus areas for HR professionals in terms of work. As we emerge into accepting the new normal there will be a need for HR professionals to be harbingers of change. Providing its employees with exercisable options for well-being and work-life integration will be a hygiene factor as opposed to a good to do.
In an exclusive interaction, Ruhie Pande, CHRO, Godrej Housing Finance shared non-traditional ways for HR leaders to adopt in order to nurture talent i.e. increased opportunities for just-in-time or peer to peer recognition, engagement via non-work activities, building a sense of community among teams, multi-functional projects at work. HR can also provide avenues for volunteering which helps individuals contribute meaningfully to the larger good.
1) Acknowledging the lessons learnt from 2021, what should be the focus area for the organisation in terms of employees' growth?
Godrej Housing Finance was born at the start of the pandemic. While we were just about launching for take-off in March – April 2020, the pandemic happened. However, that did not mean there was a spanner in the works for us. We used the time to hire, setup base in the various geographies & train our teams. 2021 was largely a year of finding balance – choosing to modify work norms & adopt hybrid models. Most organisations scrambled to attract and retain talent in this period. With the onset of a brand-new year and the concurrent Omicron wave, it will be imperative for organisations to double down on their talent efforts. While there will not be a slowdown in hiring efforts, this year I foresee that organisations will look inward towards talent – marking out the 'high-pot’s, creating leaders from within, expanding scope of roles & giving additional responsibilities to existing managers. This will also be accompanied by efforts at building capability in the same direction. The recurrence of the 3rd wave has taught us that we cannot go back to our old ways and must take the learnings from the last two years in how we will function.
2) Why is the 'talent war' still on? Is it a long-term impact or a temporary phase? What do you foresee?
There will always be a need for high quality and relevant talent in the market. The Indian talent pool has always been highly valued and therefore competitive. Despite external factors like the pandemic & the subsequent slowdown or decline in pace of growth, talent has been in high demand. Specifically, talent in the financial services space is seeing an upswing. The FinTech space is booming and the need to go digital has meant that the talent wars will continue. This was an aspect of work & life that the pandemic has permanently changed and there is plenty of room for every organisation in almost every sector to adapt towards. The war for talent is surely going to be one with long term impact.
3) What are the challenges encountered in the hunt for digitally skilled talent?
The demand for digitally skilled talent emerged so rapidly that it’s now safe to say the supply was never in place. This has meant that the skilled & high-quality talent pool is limited. This resulted in driving up the cost at which this talent is being hired. Clubbed with high volatility there was the rapid movement of talent between the highest bidding organisation and 2021 was the year where we witnessed, what is termed as the Great Resignation. It also did not help new work preferences also surfaced – an affinity for working in project-based roles, the emergence of the gig economy for example. The digitally skilled talent also tends to comprise the younger emerging workforce which lives by a very different set of values. Stability and status quo are two elements that are rejected and instead change newness and preferring experiences over tangibles.
4) According to you, what are the most impactful strategies/plan for efficient hiring?
One of the most impactful yet most overlooked strategies is - the building of the employer brand. Candidates today want to know what working with you is going to “feel” like. They want to get to know their to-be bosses before the interview has even taken place. They want to know what a day-in-the-life at your organisation goes like. Employer branding can achieve all this for you. When this is in place, all other aspects like attracting candidates, selling the role/ the job/ the organisation falls into place. Engaging with talent even before they are your potential applicants or candidates is what will be effective in helping talent acquisition teams close positions with due considerations to cost, quality and timelines. The next element that I would rate as impactful for efficient hiring would be experience – clear communication of job roles and expectations without overselling goes a long way in achieving hiring objectives. One of the successful outcomes we have seen in our organisation with hiring has been when we have invested in understanding the talent pool, mapping the market for the right talent, and involving the hiring/ functional managers in the hiring process. Close to 35 per cent of our roles are closed via referrals and most of these are from the hiring teams. When this happens the organisation and role have been sold to the candidate already and we are able to onboard sticky talent that is as committed to our Purpose and Values as any existing employee.
5) Latest report shows that overall apprentice hiring grew by 4 per cent in 2021 from the previous 41 per cent, expected to grow by 6 per cent in 2022. According to you, how would the workforce change or be impacted in the year 2022?
In keeping with the pace set by the pandemic, we are seeing novel ways of working that have emerged. Preference today is for project-based working which allows people the flexibility to work from anywhere and at their own pace, along with allowing them the space and time to pursue their personal passions alongside. Organisations are also choosing to work with gig workers who come in with technical expertise and can provide their expertise which otherwise may not be present in their organisation.
