#12202012
12202012 - that is no unique password to any million dollar account. Unfortunately.
However, decoded, it means more ... 12 months of 2020 and my 12 HR Predictions ... reading dried tea leaves in my morning 'cuppa' !!
So this is what I believe :
1. More people will be laid-off due to economic slow-down. But cutting-edge Talent being in short-fall, will create and find it's own markets, pricing & demand
2. More Cos will rely on Social Media for talent acquisition . More reliance will be placed on psychometric assessments as COs will want to be certain about their hiring decisions.
3. Rewards will drive performance rather than compensation. Measurements & evidence based rewards will be given over the fashionable feel-good rewards being mindlessly doled-out, to many.
4. Variable compensation range (between top, mid and lower Management bands) will shrink. Fixed component in packages will reduce. Variable will climb
5. Logical, quantifiable, analytical processes of H R will start getting machined thru AI tools ... managing the sensitive emotional linkage between the enterprise and it's people will become a critical and real delivery for HR
6. Focus will shift from Employee - Engagement to Employee Strategic Connections and fair governance
7. Career Growth will assume a new meaning in 'Gig economy'. Authentic research on Millenial mind-sets will have to be conducted. Current research on this is grossly deficient. Multigenerational workforces will require a lot of harmonisation work for parallel stabilisation.
8. Infrastructure will have higher cost impact on P& L and not on Balance Sheet as COs will prefer to lease space rather than invest their resources to buy immovable property and assets. Mindless Admin costs will have to be reigned-in. Can't afford.
9. Pressure for performance will be increased...measurements & review process will become more simplified and robust. Coaching will gain credibility and become more acceptable as intervention at senior levels.
10. Management focus will be shifted from socialized offerings for all people in the organisation to bespoke insight based designed offerings to talent contributors ... these will be linked to their direct specific Contributions for Wealth creation.
11. In the age of digitisation and chat-bots, HR guys will have to get more technically savvy ... more and more COs will prefer (low cost) ERP integrations rather than multiple bolt-on specific applications. People decisions will be based on big-data analytics more rather than on the HR Manager's gut-feel.
12. Diversity and Inclusion will be driven by more authentic activities than doling out mindless generous benefits as their EVPs to attract talent.
Many companies had for marketing cheekiness, spelled out sometime in 2015, their VISION 2020. Here we now have, 2020 knocking at our door-steps.Time to quietly sit with their Organisational Strategy 'Ophthalmic' and seriously introspect on these 6 aspects...
- What they succeeded in achieving
- Why they failed where they failed?
- What do they do differently, now ?
- What do they give up ?
- What do they continue doing ?
- What new things they start doing?
And I wish you all a very happy 2020. Good luck ahead.