How do you see the performance and rewards systems landscape across organisations at present?
SM In my opinion, COVID-19 has accelerated the speed of this change. What we envisaged to be happening 5 years down the line, has become a reality in a span of 6-12 months.
Human interactions are being replaced by digital platforms and artificial intelligence has been outcompeting humans in traditional jobs. New business channels have been growing exponentially due to changes in consumer and shopper behaviour. This means that agility in business and people strategies are a necessity. In the new world, ‘Hot skills will change even more rapidly and businesses can’t afford to rely solely on traditional workforce models.
To be very honest, businesses will need to find new ways to attract, engage, and inspire talent who will lend a competitive advantage through their differentiated skills. Performance and rewards, and more broadly total employee value proposition for one pool of employees may look very different from another...