With entering into 2018, employers are bound to face challenges and obstacles when it comes to hiring and retaining talent. India's overwhelmingly young workforce has resulted in a demographic dividend for the fast - growing nation. This is also creating new challenges for HR every year. Over the next 12 months HR professionals will have to find solutions to these obstacles and ways to evolve and adapt to keep the business steady. From new laws and regulations to demographic trends, technological changes and cultural shifts, employers are compelled to review their workplace policies and procedures in a meaningful way and defined periods. The biggest challenge for any HR professional in the near future will centre how they leverage the evolving world of technology and countless systems designed to improve efficiency and productivity, without losing sight of the humanity that enables people to thrive in their role.
The media/radio industry is no new to these challenges; in fact the rate at which the industry is growing it needs a lot of talent scanning and attention. Ruled by the choice of the consumer the media and entertainment is expected to achieve the USD $100 billion mark by 2025, according to a BCG research. To sustain this growth, HR's need is to identify and fight the obstacles and design solutions.
Disruption in technology : The focus on technology is increasingly becoming bigger. HR technology space in media has evolved from the days when companies used to maintain their database of employees in excel sheet and today most of the companies have in-house full - fledged ERP systems, either a People Soft or Oracle or SAP to take care of their entire employee lifecycle, right from joining to separation. With technology surging in the area of people management, the key question remains unanswered that can we build HR software that really improves productivity, promotes collaboration and helps teams work better together?
Retention of millennial & Gen Z population : It's a hard fact for companies to accept that by 2020 more than half of the workforce will be millennial & Gen Z and 91% of such population are expected to stay in a job less than 3 years. This will present new challenges for HR leaders looking to figure out how this new generation brings something fundamentally different to the workplace, and what it may take to prepare millennials to lead them. Since, gone are the days of tackling Gen Y, we are now dealing with Gen Z. It is tough to decide who can make an impact on their fresh minds. Selecting internal people carefully on the basis of their experience and people understanding is the way to go. Since these people have seen the system and know the details well, they are the best to mentor Gen Z. To complicate this further, technology and the Internet have enabled new avenues for entrepreneurship. So not only do companies will have to compete against other companies wooing away their young talent, but they now have to also compete with their passion and entrepreneurial aspirations. Therefore cracking their mind - sets and retaining them will be key a challenge.
Talent Management : Talent development should be a firm's key focus. Keeping the employees abreast with the latest developments in the industry and upgrading their knowledge to survive the fierce competition. When it comes to skill enhancement of employees, only the best is what one should choose for people, from International Industry Experts to country's best coaches on behavioural skills. With radio industry capturing a very small pie of readily available talent as compared to other's in media. It becomes all the more important for companies to have in-house programs to hire, train and deploy talent consistently without loss of time and with exceptional cost - efficiency. Companies will have to create a bench of talent which they have to train and deploy as per their requirements. As these programs ensure internal training of resources, they are most apt and cost - effective.
Inclusion of total rewards in compensation : Gone is the era where incumbent use to talk about take home salaries, with increasingly global business environment people are looking forward for holistic pay packages that involves compensation, benefits and wok life effectiveness. The key here for the organisation will be to identify individual needs, customise and integrate total rewards with compensation. With the objective of keeping critical employees from leaving, attractive long term retention schemes are a must have. ESOP scheme for the top 10% talent in the company comes handy to serve this objective.
Financial issues are always on top of mind for owners. Along with it another area many companies struggle with is human resource management. For this, it's important to know common HR issues to put the right policies and procedures in place. Understanding the complexities of employee and leadership development, and other areas helps the organisation stay ahead of the competition and meet the business goals this year.