The People Lens | September Edition

In this newsletter:?

Should you be sitting on the fence about AI?

How the upcoming labor code changes will impact you

Spotlight: In conversation with Suresh K. Shivraj, CHRO, Muthoot Fincorp?

Editor picks- interesting content on people management from around the world

CHROs: Don't sit on the fence about AI

People leaders are divided (nearly in the middle) when it comes to the application of AI. With incidents like Meta’s AI Assistant recently claiming that Trump rally shooting never occurred, there are early adopters but also skeptics everywhere, even in the HR fraternity.

Some questions are universal though. And we're breaking them down for you.

Is AI ready to create actual impact?

IMF predicts that AI will impact 40% of all jobs currently performed by humans. While it can enable people to do more, those without these skills may find it hard to cope. HR is one function that needs to be prepared the most to deal with the fallout.?

AI can enhance decision-making by looking at data more thoroughly, it can reduce manual processes, and of course create a more personalized experience, if you are ready to fully embrace AI.?

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Should we be paying more for AI features??

In a world of financial austerity and tight budgets, especially in HR, this is a significant question! As always, it comes down to the impact it can have. AI applications are resource intensive- case in point being Anthropic who predicts that the next generation of their AI suite is going to cost almost $1 billion to develop.?

The PeopleStrong take: If you're still dragging your feet, you're going to be left behind. The benefits you can drive from AI far outweigh the budget outlay.

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How can organizations keep AI hallucinations out of their people data?

As popular as AI is currently, the internet is full of AI memes where the much-revered LLMs can be seen "hallucinating". Like any new technology, AI has it's rough edges, and this is something AI creators are working to fix.? How do you keep this out of your AI application? Reducing input bias and providing proper Context is key.? At PeopleStrong, we have inbuilt checks and balances that neutralize AI hallucinations to a significant level. Our AI relies on clean input data and proper enterprise context. This reduces the errors to a great degree.?

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Sandeep Chaudhury , our CEO unveiled PeopleStrong MAAX, a Multi-agent Architecture-driven Experience that’s poised to revolutionize how you interact with your HR systems today and answered many of these questions. Take a look at the keynote ?? ????

Now onto an aspect that's less in the spotlight, but equally important- staying compliant.?

How Will The New Wage Code Impact You?

Did you know you’ll soon need to factor in the freelancers you work with when it comes to compliance?

There are more such fundamental changes that have been laid out in the 4 new Labor Codes that are expected to come into effect from 1st April 2025. That's just over 200 days away!

?? Minimum wage: The central government will set floor minimum wages with the probability of different minimum wages for different states and regions.

?? The Provident Fund: Opting out of the provident fund will be allowed

?? The Payment of Gratuity will be reduced from 5 years to 3 years.

??The Payment of Gratuity: Gig and unorganized sectors will now be covered under the act.?

We sat down with payroll and compliance experts with over 100 years of combined experience to create an insider's guide so that you know exactly what to do and stay compliant.? And you can get it now!?Grab your copy HERE or click below ??

SPOTLIGHT : In conversation with Suresh Kumar Sivaraj , CHRO at Muthoot Fincorp Ltd.

Muthoot Fincorp operates from 4,000+ locations, 3700 branches, 21+ offices with 24000+ employees. We sat down with their People & Culture Team to understand how they are using PeopleStrong's Super App to:

??Ramp up their monthly hires from 450 to 1,200.

??Ensure 15,000 onboardings, 3,500 transfers, and 3,500 promotions.

??Increase their learning module's completion rate to 85% (much higher from the industry average of 20-30%)?

EDITOR'S PICKS

HR AROUND THE WORLD

"Hushed hybrid" - What's this now?

The latest HR buzzword and it has more impact than you think.

Read Now >>

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10 Proven Strategies to Attract Top Talent

Build the team of your dreams and get the best talent?interested in working for you.

Learn More >>

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