Weekly Roundup #15: The Question Of Collaboration In 2024

Hey Adapters! Welcome to another edition of the Adappt Chronicle.

Riddle me this: I am not one but become stronger when we're two.

The answer: Collaboration.

In this edition of the chronicle we are going to look at:

1. The importance of CIOs collaborating with CHROs
2. India's Real-Estate Market is Growing Fast. Will it Last?
3. India's growth according to Raghuram Rajan
4. The top workspace tech acquisitions of 2023

So grab your cup of coffee (or energy drink) whichever helps you give us our full attention and let's dive in.

Maximizing Employee Experience: The Pivotal Role of CIOs and CHROs

Revolutionizing the Workplace Through Integrated Leadership

In today's rapidly evolving business landscape, the synergy between Chief Information Officers (CIOs) and Chief Human Resources Officers (CHROs) is becoming increasingly crucial. This partnership is instrumental in creating an exceptional employee experience, leveraging the power of technology and human insights. Understanding the critical role of CIOs and CHROs in enhancing workplace culture and efficiency is essential for any forward-thinking organization.

Key Insights: The Transformative Impact of CIO and CHRO Collaboration

1. Redefining the Employee Experience: Gartner's Digital Worker Experience survey highlights a surprising trend: employees perceive the CIO's influence on their work experience as more significant than that of the CHRO. This insight underscores the need for a collaborative mission between CIOs and CHROs, focusing on enhancing the Employee Experience (EX) through technological innovation.
2. The Bot Platform's Vision: At The Bot Platform, we're dedicated to empowering organizations with digital tools that enrich the employee experience. Our observations confirm the growing importance of the bond between HR and IT teams in achieving workplace excellence.
3. The New Employee Experience Landscape: The modern workforce seeks dynamic, supportive, and flexible work environments. This demand coincides with the increasing integration of technology across business functions, necessitating proactive leadership in implementing comprehensive tech solutions.

Why HR and IT Must Collaborate?

The intersection of employee experience and technology is more prominent than ever. A staggering 49% of employees are ready to leave leaders who fail to provide necessary technologies. When HR and IT unite, sharing data and insights, they can more effectively address employee needs. The HR Director reports that 70% of deskless workers believe additional technology would enhance their job performance, particularly in areas like communication, operations, and training.

Five Strategies to Enhance Employee Experience:

1. Elevating Employee Voice: Smart CIOs recognize the importance of harnessing technology to amplify diverse employee voices. IT can aid HR in driving engagement through feedback surveys, with data showing employees are five times more likely to excel when they feel heard.
2. Streamlining Onboarding: Efficient onboarding, supported by agile technology, is crucial for talent retention. Studies by Gallup and Glassdoor reveal only 12% of employees are satisfied with their onboarding experience, with 91% feeling more connected at work when onboarded effectively.
3. Enhancing HR Processes: Sage research indicates that small business employees spend 5.6% of their time on administrative tasks due to inadequate systems. IT collaboration with HR can streamline these processes.
4. Revamping Training Programs: With technology reshaping work demands, HR and IT collaboration is key to creating engaging digital learning experiences.
5. Driving Digital Transformation: Gartner emphasizes the critical link between technological investment and employee satisfaction. HR and IT must collaborate to find innovative solutions that enhance the employee experience, thereby boosting retention and productivity.

India's Real Estate Boom: A Dynamic Market on the Rise

The Unprecedented Surge in India's Real Estate

India's real estate sector is experiencing a remarkable boom, highlighted by the rapid sell-out of a major luxury residential project in Gurugram. This event, involving the sale of 1,113 luxury flats worth 7,200 crore rupees within just 72 hours, underscores the dynamic nature of India's property market. Owning a home in India is not just a financial investment but also carries immense emotional and social significance.

Evolution of India's Real Estate: From Independence to a Trillion-Dollar Market

• Post-Independence Focus: Initially, the emphasis was on public housing for accessibility, followed by land reforms in the 1950s and 60s.
• Private Housing Emergence: The 1980s saw private housing enter the market, growing substantially with the 1990s economic liberalization.
• 2024 Perspective: India’s real estate market is among the fastest-growing globally, with skyscrapers and construction defining its major cities.

Market Value and Economic Impact

• Current Worth and Future Projections: Valued at $265 billion in 2023, the market is projected to reach $1 trillion by 2030 and $5.8 trillion by 2047.
• Contribution to GDP: Real estate’s contribution to India's GDP, currently at 7%, is set to rise significantly, impacting related industries like cement and steel.

The Surge in Residential Markets

• Top Residential Markets: The prime focus is on India's seven largest cities, witnessing a 31% increase in house sales since 2022.
• Economic Drivers: Stable economic growth, strong fundamentals, and a rising middle class with disposable income are fueling this surge.

Luxury Real Estate: A Growing Preference

• Defining Luxury and Ultra-Luxury: In Indian metros, properties above 1.5 crore rupees are considered luxury, with ultra-luxury starting at 40 crore rupees.
• Sales Growth: The sale of luxury homes jumped by 130% in the first half of 2023, while ultra-luxury home sales rose by 200%.

Challenges and the Road Ahead

• Affordability and Bureaucracy: Rising land costs and complex bureaucratic processes pose significant challenges.
• Legal and Financial Hurdles: Legal disputes and the complexities of home loans are additional concerns.

Conclusion: India's Real Estate - A Reflection of Aspiration and Progress

Despite challenges, the positive sentiment in India's real estate market reflects the country's journey and its role in realizing dreams, one brick at a time.

India's growth according to Raghuram Rajan

In a recent and brilliant interview done by Nirajita Banerjee where she asked Mr Raghuram Rajan about the lack of opportunities plaguing India's job market

According to Mr Rajan, the greatest hindrances in creating opportunities for all

1. A mix of capabilities is essential: What skills do workers bring to the table?
2. A shortage of firms: He questions if there are small and medium firms that are growing fast and want workers to close this gap
3. Boosting employment at the local levels: Local governments in India employ a lot less than foreign governments but solely relying on a government job is a dead end these days.

The top workspace tech acquisitions of 2023

Revolutionizing Workspaces with HqO and VTS The merging of HqO and VTS is a game-changer in the realm of workplace experience and commercial real estate technology. This powerful combination is poised to offer businesses an all-encompassing solution, bridging the gap between physical and digital workspaces.

Elevating Talent Management: Workday Acquires VNDLY Workday's strategic acquisition of VNDLY reinforces its stronghold in human capital management. This integration promises to streamline talent acquisition processes, elevating both candidate and employee experiences.

SAP and Signavio: Redefining Process Management SAP's move to acquire Signavio is a significant leap in the business process management sector. This integration is set to revolutionize how businesses optimize their operations and make insightful, data-driven decisions.

ServiceNow and Hitch: Crafting Engaging Workplaces ServiceNow's acquisition of Hitch underlines the rising importance of employee experience in workplace technology. This integration brings a suite of tools designed to enhance workplace communication and productivity.

Ivanti Unifying IT Management with Cherwell The combination of Ivanti and Cherwell marks a significant development in unified endpoint and IT service management. This merger aims to enhance ITSM capabilities, enabling businesses to deliver top-notch IT services.

What's in store for 2024?

A lot more strategic alliances and acquisitions are on the way. Worktech entrepreneurs know that the conventional way of working, leasing, and buying property is no longer the norm, but with the rapid evolution of AI integrated into intelligent decision-making, the best worktech solutions will be the ones that tune themselves to the beat of the end-user.

So that's it for this edition of the Adappt chronicle, tune in next week to read up on how your workplace can work smarter for you!