The Global Economy is experiencing a period of uncertainty not seen before. Factors like Brexit, US Economic / Immigration Policy, Tariff war between US & other countries like China and India, rising Nationalism in many countries, climate change, disruptive business models, disruptive technologies and digital disruption, is creating an evolving landscape that is increasingly complicated and unpredictable for business to operate.
The rate of change is faster than ever before.
“What’s worrisome is that as the paradigm shift we are in continually accelerates the pace of change, one or two years in this digital age might compare to a decade or two in the analog era. You can fall perilously behind before you realize what’s happening,”
says Robert Bolton, Head of People and Change Center of Excellence, Partner, KPMG
Many businesses are facing uncertainty and inertia. Uncertainty in this era, is today’s new normal. As the world of business and work evolves, the HR organization will need to evolve and rethink, adapt & shape itself to meet the changing demands of the stakeholders.
There appears to be a noticeable gap between those HR leaders confidently riding the wave of change engulfing businesses and those trailing behind. CEOs & CXO’s are casting an eye on the ‘people agenda’ — until now the unchallenged turf of the HR professionals.
A latest report by KPMG reveals two sides to this story. Out of the surveyed 1200 global HR executives from 64 countries, 39% of forward looking and confident HR leaders are harnessing the resources and insights to redefine obsolete models, and implement technologies such as analytics, digital labor and AI. However, most of the HR leaders remain confused and overwhelmed by so many new additions, thus facing a risk of extinction. They are either struggling to adapt to this digital era or ignoring.
Time is of the essence and today’s HR leaders need to be initiating and sustaining “the right conversations” with business leaders.
HR needs to take on the mantle of leading this change and help business to understand what makes people engaged, what cultures drive the most productive workplaces and what equations enable a true merging of human capability with technology.
HR is undergoing change. Not just small-scale change, but a fundamental seismic shift. A change that will see traditional HR falling behind and be replaced by a new set of skilled HR enabled by Technology, Social Media, Freelancers, Digital Labour which will alter the way we attract, hire, train, reward, retain & exit the workforce of the future and seen as adding value to Business.
The future of HR has arrived, and it is now
and as Dr Peter Drucker exhorts
“The best way to predict the future is to create it.”