EKAGRA 4.0

REI MAGI NI NG HR HR - No Longer Human Moonlighting Rethinking DEI at Workplace

FOURTH EDITION

A U G U S T

2 0 2 2

FOREWORD

AUGUST 2022

prof. nagarajan ramamoorthy DIRECTOR, iim amritsar Over the years, the role of HR has become more strategic in the decision-making processes of organizations and has been quite instrumental in driving business strategy. With the 21st Century’s focus on the knowledge economy and the emergence of multiple opportunities for job seekers and huge competition for talent, the HR function has to reimagine, realign and reinvent itself. The challenges facing are not simply related to the recruitment, orientation, development, reward management, and retention of talent. The HR function has to compete with newer forms of using technology such as artificial intelligence, virtual reality, etc., in managing its various functions.

McKinsey Global Institute estimates that about 27% of the US employees are engaged as gig workers either as primary gig workers or secondary gig workers or both. A similar study conducted by the NITI estimates that the country currently has 7.7 million gig workers or approximately 1.5% of the workforce. By the year 2029-30, the gig workforce is expected to increase to 23.5 million workers, or a two-hundred percent increase over the current level. With the advent of COVID, the pace of growth of the gig workers has only hastened and may well become a permanent feature of the future 21st-century workforce. The future workforce for any organization may come from any part of the world and may well be transactional in nature.

With the emergence and growth of gig workers, the HR function has to look more deeply both inwards and outwards. With the multitude of employees such as regular, contractual, temporary, and globe trotters, organizations need to face the challenge of creating and sustaining the culture of the organization. Additional challenges will arise in terms of several policy decisions such as recruitment policies, employee development, the organization’s investment in human assets, compensation policies, and retirement income security, among others. These policies may have to be adaptable in nature depending upon the nature of the employment between the workers and the organization. Job security may well disappear and a firm’s attractiveness to prospective employees may well shift to intrinsic factors like the nature of the job, interesting assignments, and flexible work arrangements, to name a few. Hence, it is time for HR to realign, reimagine and reinvent itself.

AUGUST 2022

REIMAGINING HR: A LETTER FROM OUR MENTOR Human resource management has undergone significant changes over the past several years. The functional domain of HR is caught between being a support function and a strategic partner in many firms. As our working style changes, so does HR's role. From globalization to generational shifts in job expectations, the company faces everyday challenges that demand them to reformulate how they seek, hire, and manage exceptional performers. HR must help management foresee and navigate these transitions to overcome these issues. However, the pandemic compelled HR to adjust and redefine its real contribution toward the business imperative in every organization. The global pandemic also caused widespread panic and forced businesses to adapt; 2021 was the year of restoring faith in the systems and processes of any organization.

The HR responded to the shift it has seen in recent years, from a flexible work paradigm to a comprehensive strategy around employee well-being. The pandemic forced HR professionals to quickly design work-from-home policies and provide tools and platforms to keep employees efficient, engaged, committed, and fit. Long-term forecasting became a thing of the past, and businesses started to make scenario plans for companies to be aware of short-term, almost immediate fluctuations. Hence, HR had to redefine and reassess its role in the business by being the enabler and the strategic partner to address various emergent issues which warranted critical decision-making.

prof. VARTIKA DUTTA CHAIRPERSON, OB-HR AREA

These challenges revealed HR's significance in business strategy. Talent management teams got more concerned with business continuity planning, which catapulted HR to significant leadership responsibilities in tough times. Companies were continuously learning, unlearning, and planning for the uncertain future to better support staff during challenging times, maintain compliance with vaccination regimens, and prepare for ever-evolving viral types. HR professionals have additional obligations like establishing return-to-work plans and researching hybrid work choices while prioritizing mental health. These obligations constitute the "new normal" post-pandemic.

Today HR in most organizations are trying to solve this puzzle of employee retention. They are redesigning flexible work structures to keep the top talent with them. While ensuring the company's health as a whole, businesses had to shift their emphasis from employee happiness to corporate health. Workers today want more from their employers than just a paycheck; they want to feel like they belong in the company, have meaningful connections with other workers, and have a rewarding work experience. Power skills, also known as social, emotional, and highly developed cognitive abilities, are becoming increasingly important to businesses. According to some estimatesd given by the WEF, by 2023 globally, around 52% of all workers will have tried out or be actively participating in the gig economy.

According to a report by HR thought leader Dave Ulrich; management must reinvent content (new ideas about people and organization) and method (ways to turn ideas into impact). No technology can automate a company's empathy, engagement, and loyalty, especially in a continuously altering work environment. Diversity, equity, and inclusion (DEI) are the right buzzwords in most enterprises. DEI projects help address workplace bias, discrimination, harassment, and unfair compensation. Changing work models from in-person to virtual and hybrid has increased the need for DEI. Ekagra 3.0 analyzed deeper reasons and critically analyzed the reasons for the Great Resignation period. In this edition, the various articles and opinion pieces discuss the need and strategies to redefine HR in the "new normal. In this edition of Ekagra 4.0, we recommend organizations refocus and reorient themselves to put their people plan first, and the rest will follow suit. We have an exciting collection of articles discussing the relevance of various focal points which needs consideration both by HR as a driver and an enabler to drive constant changes. The team has curated interesting viewpoints from industry veterans and students to force us to think about how we can reconsider redefining the value proposition that HR now needs to deliver. We sincerely hope that you will read and appreciate the effort put in by the students of the HR Club-HRithvi. Do write back to us for any further comments and suggestions.

CONTENTs

FOURTH EDITION

FEATURES 02

REIMAGINING HR - AN EXCLUSIVE INTERVIEW WITH APURVA PUNDIR

04

EMBRACING DEI - A STRATEGIC STEP TOWARDS INNOVATION - ARTICLE BY PRANAV MITTAL

05

CHANGING LANDSCAPE OF HR WITH AI & VR INTERVENTIONS - AN EXCLUSIVE INTERVIEW WITH SANDEEP DAS

07

TIME TO REIMAGINE EMPLOYEE RETENTION - BY JOSEPH JYOTI

08

HOW GIG ECONOMY IS SHAPING THE HR ROLES - ARTICLE BY SAURABH KUMAR

ERIN BROCKOVICH

Erin knows that the biggest perk at work is not the paycheck but the cause for which she goes to work / p15

TRENDS

KPMG KETTO CONTINENTAL and many more...

09

REIMAGINING HR IN THE TRUE SENSE PROMISING HR INTERVENTIONS ACROSS COMPANIES IN 2022

11

DISCOVERING THE FUTURE OF HR ROLES AN EXCLUSIVE INTERVIEW WITH NIMRATA KAPOOR

13

MOONLIGHTING - ARTICLE BY G. SRINIVAS

14

REIMAGINING "WORK ITSELF" - MOVIE REVIEW BY PROF. MUKESH KUMAR

16

ABOUT OUR EVENTS

TIPS

FACT

18

HRITHVI TEAM

19

ENIGMA

20

LIFE AT IIM AMRITSAR

The key to having a successful HR Tech Strategy is to implement such tools & applications that can harness the power of collective socialization rather than just addressing the needs of two-way communication between the employer and the employee or among small groups / p04

Candidates often fear the ATS (Applicant Tracking System) and feel they will not get a call back if their resume is not packed with keywords aligned to the job description / p11

Check out the latest HR interventions across companies in 2022 / p08-09

AUGUST 2022

REIMAGINING HR “Reimagining HR” has been the hot topic of panels and white papers in the HRM space. The topic was featured in “Emerging Trends in HR” in the last decade; organizations started to invest extensively in proof of concepts across a broad spectrum of strategies. The ways include abolishing rating-based performance appraisal, a gig for internal & external talent, use of AI for skill mapping & talent identification, advanced psychometrics, gamification of L&D, Predictive Analytics, and Mental Wellbeing. All the areas linked to productivity & top-line and some environmental infused concepts as the acceleration of the Hybrid Work Model & People Experience were simmering all this while.

It is indisputable that HR is experiencing ‘concaveupward inflection’ in its maturity curve, and some of the emerging trends in the last decades will become a way of life for HR from now on.

Unlike a ‘rabbit coming out of the hat,’ Reimagining HR is more about carefully trailing the Emerging Trends from the past decade, identifying what works and what does not according to an organization’s need, but at the same time upping the bar for minimum acceptable HR Strategy of a new age.

Q. The rise in remote work has led to HR and talent professionals looking beyond geographical boundaries to find the right person. For many, this provided an alternative to traditional ways of addressing talent concerns, yet these opportunities also bring challenges.

The rise of remote hiring posed challenges for companies such as ghost working, a low offer-to-join ratio, moonlighting, and fraud, has all become challenges for companies across the board. How can these issues be tackled?

The shoots were peeking through long before the need, which was created by the pandemic. The necessity is the mother of invention; it became impossible to survive without a hiring strategy beyond local. As always, with anything new that is created, there come challenges that cannot be foreseen until it begins.

Reported incidences of Ghosting & Moonlighting have been at their peak in the last 18 months in the industry.

Ghosting before joining has been common in the last decade but ghosting within the first week of joining is something that has emerged. In addition, not having a physical joining made identifying a ghosting employee more difficult, especially among mature organization cultures where login & log-off times are not tracked.Organizations have now created more control & monitoring-based onboarding plan than just experiencebased ones, as in the past. As commonly mentioned, the first two weeks of joining were considered the

An exclusive interview with a p u r v a p u n d i r Head-People Process & Operations, Senior Associate Director

‘honeymoon period,’ which is not so much anymore, and led to the rising need for effectiveness from Day one.

Every step of a new joiner from day one, whether administrative or strategic, is being monitored by organizations now in structured reportable models. New joiners’ access to organization systems, attendance to online sessions, timesheets, connections with Team & Performance Managers, and responsiveness to various mandatory activities during the first two weeks after joining are co-ordinately tracked as initial footprints of each new joiner. This footprint map helps to both preempt risks of ghost working and moonlighting.

Also, to further systematically track moonlighting, organizations are strengthening Background Verifications that, for example, even cover government portal checks such as UAN (EPFO) records to identify multiple organizations depositing PF for the person during the same period, as a sign of engagement in multiple employments.

However, it remains a challenging space for industry, and stricter labor laws around such new age situations will also help to discourage such unfair practices.

Q. A comprehensive HR technology strategy is essential to attract, connect and develop an agile workforce for a hybrid world. How can HR executives harness innovation for more remarkable talent outcomes and a more meaningful employee experience in this track?

HR Tech strategy is an essential ingredient of a successful people strategy. Organization cultures are now more experienced in fiber optics than in physical spaces.

Without being inside a multi-verse application /environment, we are already operating through our online avatars, both in work & social life, getting deeper assimilated into the working environment with time and with the expansion of hybrid work culture.

2

AUGUST 2022 Having a unified HR Cloud Application providing employee self-service application for work transactions, training, reporting, performance development, and work socializing is the first step towards a successful HR Tech strategy. Employees should have a one-stop shop technology platform for all their needs which acts as an enabler than a measure impacting the effectiveness of the people in their roles. People in organizations today perceive the culture through the bundle of applications made available to them, which can make or break the employee experience.

Space for rewards & recognition is an essential aspect of people strategy, and tech tools enable HRs to create an environment creating a feeling of social belonging to recreate the Rewards & Recognition culture in the Hybrid environment.

Therefore, the key to having a successful HR Tech Strategy is to implement such tools & applications that can harness the power of collective socialization rather than just addressing the needs of two-way communication between the employer and the employee or among small groups.

Q. As we advance through 2022, what are the plans for KPMG’s employee empowerment strategy? What outcomes are you working towards for the coming year?

Building a progressive and open ‘Internal Talent Market’ is one of our primary focuses. We are enabling employees to have vast options available within the firm to move horizontally and experiment with different career paths.

It is clubbed with upskilling options either internally in the firm or through certifications under firm-sponsored licensed platforms and tenure courses with expenses covered under our ‘Continuous Learning Policy.’

We have also strategically re-aligned our internal Transfer & CLP policies to support this agenda. For example, reduced minimum lock-in in a role to just six months before people can explore other roles & opportunities within the firm.

Q. How is KPMG approaching ‘people strategy’ in the new world of work? What constitutes a successful ‘people strategy’ today?

Beyond Purpose, Learning, and Attracting the right Talent, the following are non-negotiable in the new world of work to have a successful people strategy – Focus on People Experience – Through investment in integrated HR Tech strategy and re-defining each process to align to a Hybrid work environment.

A supportive culture that is inclusive, positive, and fair - Hybrid work culture requires a mindset change in a multi-generational organization. We invested a lot internally in the inclusivity agenda to help people understand diversity not just of gender but also sexual preferences and cultural background and as

very important in the world today philosophy of coexistence among varied life philosophies among generations Gen X, millennials & Gen Z(zoomers).

Rewards & Recognition – Increased focus on rewards as the in-person connections have reduced, enabling people with an internal social & rewards platform to nurture good performance and make it visible.

Actively Promoting Health & Wellbeing – We curated special helplines for mental wellness support for employees and their families. As WFH and the uncertainty of pandemics have impacted people physiologically, we actively promote a healthy worklife balance. We were the first in the Indian context to provide winter vacations even before the pandemic to drive Health & well-being. We took it further with ‘Pens-Down’ days for each business unit once every quarter to take breaks without the FOMO. This was also more felt as a need since employees’ usage of personal leaves has seen a sharp decline in WFH /Hybrid work culture.

Q. Do you think it is time for the world to revisit the core definition of HR itself? What is the most important underlying principle of HR that should remain intact?

If we look at the role of Line Managers now, one will find blurring lines between what HR in the traditional definition does and what Line Managers today are expected to do under their people development KRAs. Moreover, with time, Line Managers and BU Heads will get more empowered and sensitive towards the need of their people than any traditional HR can be from far away. Hybrid work culture reduces the chances for an HR to connect with employees out of context, hence making traditional HR roles disconnected from the pulse of employees on the ground. With an increase in use cases of AI-based bots, the L1 & L2 supports are taken care of.

Hence, employees no longer seek general support from HR in the traditional formats of queries & grievances.

That means contemporary ‘HR’ is more about defining & driving People Strategy, transformation agendas & managing change in the world of ever-growing uncertainties. HR will rapidly become a very specialized internal business consulting role that will operate on a project-to-project basis than having year-long retention roles such as Talent Management, Performance Management, etc.

The ‘Talent Attraction and Acquisition’ will continue to stay relevant and gain more momentum in the coming years. More than that, HR will be seen as synonymous with talent acquisition. From mid-management to leadership level, HR will gain a very strategic seat, and leaders will expect HR to help drive their business agendas through best people strategy hyperpersonalized to their talent and client market.

3

AUGUST 2022

EMBRACING DEI - A STRATEGIC STEP TOWARDS Pranav mittal INNOVATION

PGP 07 BATCH, IIM AMRITSAR

DEI stands for Diversity, Equity, and Inclusion, and one way of defining DEI is an ethos that recognizes the value of diverse voices and centers inclusivity and employee wellbeing as central facets of success. It has become a buzzword around the corporate community, with more and more firms trying to incorporate DEI in their culture not only just to have it but as a strategic move. All the three factors of DEI serve a purpose, and it is essential for the companies to focus on each one to ripe the benefits of DEI. Diversity which is not only visible physical difference but also diversity in thoughts and perspectives can help catalyze innovation in the company. But this is only possible if these diverse perspectives come to the decision-making stage and people pitching these views or ideas have a sense of belonging in the organization.

Evidence of tangible benefits of diversity in the workplace are all around us. A Boston Consulting Group survey of employees at more than 1,700 companies in eight countries and across industries revealed that companies with more diverse management teams achieved 19 percent higher revenues due to innovation.

But despite such compelling evidence, there are still some obstacles that need to be overcome. As one of Mckinsey’s studies shows, many corporations that publicly support the LGBTQ+ community to a great extent are not able to provide the members of this community with the appropriate level of inclusion and opportunities at their workplace. According to Mckinsey’s ongoing Women in the Workplace research, LGBTQ+ women are more underrepresented than women generally in America’s largest corporations. Just four openly LGBTQ+ CEOs head these large corporations, only one of whom is female and none of whom is trans.

Current pandemic has also added to the problem of underrepresentation of certain groups and communities at workplace. As some racialized communities was disproportionately hit by the pandemic and many women-who are expected to manage both work and care-giving duties choose not to come back to work after the pandemic.

These mentioned challenges that companies are facing, in my view, are the results of a high focus on having a diverse workforce without embracing the importance of equity and inclusion in their culture. HR professionals are devising recruitment and selection techniques to hire the best people from different groups and communities for their organizations. But they often forget to understand the changes that need to be brought in company practices to provide these diverse people in their workforce with equal opportunities. Also, a special focus is required to address the cultural and social differences present in different groups and communities to promote a sense of belonging and foster a culture of inclusion among the employees.

Now the important question to ask is that how companies can create and sustain the culture of DEI. There is no step-by-step process to implement a culture of diversity, equity and inclusion. This culture can be promoted and sustained by certain actions such as promoting openness at workplace, bringing transparency in the system, increasing awareness, etc. In the end, the essence of benefiting from DEI lies in taking conscious decisions keeping an open mind and allowing chances to current practices and culture of the organization.

4

AUGUST 2022

changing landscape of Hr with AI & VR interventions Q. Do you think AI & VR has made concrete and indispensable inroads in the HR domain?

No doubt at all. Like many functions, AI and VR has taken huge steps in driving the productivity of the HR function.

Not just in recruitment but also in onboarding, capability building and freeing up time of employees doing administrative tasks. It is important to understand that this is a journey where the continuous evolution of technology will happen. This becomes necessary in India as services play a critical role in our economy and hence managing people will be a huge imperative in driving competitive advantage.

Q. Are we eyeing a future with complete AI-powered recruitment and minimalistic human intervention?

I don’t think this is an ‘either — or’ question where one has to grow at the expense of the other. As organizations grow and the fight for hiring quality talent becomes a critical priority, the primary need for HR personnel will be to have quality conversations with their prospective employees so that their hiring experience is a more memorable one. The only way they can do this is by freeing up their time from performing repetitive tasks at scale. AI and VR systems can play a critical role in this process as they will serve as a critical enabler.

Q. Is there a problem that these AI and VR systems are addressing? Or are we trying to solve a problem that does not exist in reality?

AI and VR are trying to solve a critical pain point — how can you do repetitive and semi-intelligent tasks at scale.

AI and VR can do such tasks better than their human counterparts. By freeing up time for HR personnel, they can focus their energies on having quality coaching conversations with employees, existing and prospective, to drive their engagement and make their professional experience a more memorable one. They can use their time to drive themes around diversity and inclusion, work life balance and sound mental health.

Q. Besides recruiting, what are other ways AI & VR can be used in HR? AI & VR have several applications and are not just restricted to recruiting. Employees are being onboarded through simulated games in the Metaverse. Answers to regular questions which employees may have are being handled by chatbots. Advanced technologies are helping employees in an area they find extremely difficult — administrative tasks like filing expenses. Capability

An exclusive interview with S a n d e e p d a s Global Foresight Lead, Emerging Countries

building is being done using AI & VR so that these programs are no longer boring but bring forward a genuine immersive experience. Employee feedback, especially negative ones, are being solicited by intelligent AI platforms so that employees don’t fear the risk of being persecuted.

Q. According to you, is the corporate world ready to accept the rapid technological advancements in HR? It is difficult to generalize but in my view, corporate India has been quite open in accepting rapid technological solutions. These days, firms are doing employee onboarding by simulating games in the metaverse. There are some startups who are rewarding employees by giving them tickets to events in the metaverse. What the corporate world has to understand is that technology is only an enabler. At the end of the day, the function of the HR is to serve its employees. The function of the HR is not to serve technology. It is a simple difference but a very nuanced one.

Q. By introducing such a quantum of technology, are we missing out on the very purpose of the human resource department? Or Are we losing the Human in Human Resources?

It is important to understand that these are not ‘either — or’ scenarios where one needs to survive at the cost of the other. In my view, both add a certain value. Technology helps in doing repetitive tasks at scale while the human touch is required in having a complicated conversation.

Striking the right balance is the key which many companies are probably struggling with. This balance will become more essential as the fight for quality talent intensifies over the upcoming decade. Personally, I am not in favor of mid management and senior management roles being profiled using technology platforms as they might miss nuances which cannot be codified.

5

AUGUST 2022 Having a unified HR Cloud Application providing employee self-service application for work transactions, training, reporting, performance development, and work socializing is the first step towards a successful HR Tech strategy. Employees should have a one-stop shop technology platform for all their needs which acts as an enabler than a measure impacting the effectiveness of the people in their roles. People in organizations today perceive the culture through the bundle of applications made available to them, which can make or break the employee experience.

Space for rewards & recognition is an essential aspect of people strategy, and tech tools enable HRs to create an environment creating a feeling of social belonging to recreate the Rewards & Recognition culture in the Hybrid environment.

Therefore, the key to having a successful HR Tech Strategy is to implement such tools & applications that can harness the power of collective socialization rather than just addressing the needs of two-way communication between the employer and the employee or among small groups.

Q. As we advance through 2022, what are the plans for KPMG’s employee empowerment strategy? What outcomes are you working towards for the coming year?

Building a progressive and open ‘Internal Talent Market’ is one of our primary focuses. We are enabling employees to have vast options available within the firm to move horizontally and experiment with different career paths.

It is clubbed with upskilling options either internally in the firm or through certifications under firm-sponsored licensed platforms and tenure courses with expenses covered under our ‘Continuous Learning Policy.’

We have also strategically re-aligned our internal Transfer & CLP policies to support this agenda. For example, reduced minimum lock-in in a role to just six months before people can explore other roles & opportunities within the firm.

Q. How is KPMG approaching ‘people strategy’ in the new world of work? What constitutes a successful ‘people strategy’ today?

Beyond Purpose, Learning, and Attracting the right Talent, the following are non-negotiable in the new world of work to have a successful people strategy – Focus on People Experience – Through investment in integrated HR Tech strategy and re-defining each process to align to a Hybrid work environment.

A supportive culture that is inclusive, positive, and fair - Hybrid work culture requires a mindset change in a multi-generational organization. We invested a lot internally in the inclusivity agenda to help people understand diversity not just of gender but also sexual preferences and cultural background and as

very important in the world today philosophy of coexistence among varied life philosophies among generations Gen X, millennials & Gen Z(zoomers).

Rewards & Recognition – Increased focus on rewards as the in-person connections have reduced, enabling people with an internal social & rewards platform to nurture good performance and make it visible.

Actively Promoting Health & Wellbeing – We curated special helplines for mental wellness support for employees and their families. As WFH and the uncertainty of pandemics have impacted people physiologically, we actively promote a healthy worklife balance. We were the first in the Indian context to provide winter vacations even before the pandemic to drive Health & well-being. We took it further with ‘Pens-Down’ days for each business unit once every quarter to take breaks without the FOMO. This was also more felt as a need since employees’ usage of personal leaves has seen a sharp decline in WFH /Hybrid work culture.

Q. Do you think it is time for the world to revisit the core definition of HR itself? What is the most important underlying principle of HR that should remain intact?

If we look at the role of Line Managers now, one will find blurring lines between what HR in the traditional definition does and what Line Managers today are expected to do under their people development KRAs. Moreover, with time, Line Managers and BU Heads will get more empowered and sensitive towards the need of their people than any traditional HR can be from far away. Hybrid work culture reduces the chances for an HR to connect with employees out of context, hence making traditional HR roles disconnected from the pulse of employees on the ground. With an increase in use cases of AI-based bots, the L1 & L2 supports are taken care of.

Hence, employees no longer seek general support from HR in the traditional formats of queries & grievances.

That means contemporary ‘HR’ is more about defining & driving People Strategy, transformation agendas & managing change in the world of ever-growing uncertainties. HR will rapidly become a very specialized internal business consulting role that will operate on a project-to-project basis than having year-long retention roles such as Talent Management, Performance Management, etc.

The ‘Talent Attraction and Acquisition’ will continue to stay relevant and gain more momentum in the coming years. More than that, HR will be seen as synonymous with talent acquisition. From mid-management to leadership level, HR will gain a very strategic seat, and leaders will expect HR to help drive their business agendas through best people strategy hyperpersonalized to their talent and client market.

6

AUGUST 2022

TIME TO REIMAGINE EMPLOYEE RETENTION

BY J O S E P H J Y O T I

PGP 05 BATCH, IIM AMRITSAR

Retention is the most important part of human resources because when your employees are satisfied and happy, they will become loyal to you. If they are not satisfied with their jobs, they will leave and find another place to work. When you have happy employees, it is easier to retain them because they will do anything for you. They will stay long enough so that they can get the things that they want from life.

It is very important to create a good working environment for your employees because if you don’t have good working conditions then there is no way that you can keep your employees for a long period of time. After all, they will always find somewhere else where they can get better pay and benefits than what you give them here at your company. Retention is important because it ensures the company gets the most out of its employees. Employees who are happy and satisfied with their job will be more likely to stay with a company because they have found something they are passionate about and enjoy doing.

The great resignation and the ongoing uncertainty of the labour market are not likely to dissipate any time soon. Employee expectations and company offerings differ significantly, and the gap is widening. As a result, organizations need to reform and update their retention strategies.

Loyalty should be incentivized - The concern of pay must be eliminated from employee compensation. Along with adjusting your total compensation plan, think about providing work-from-home stipends, one-time incentives, and student loan repayment assistance.

Growth opportunities should be provided - Giving the current workforce a bright option to learn and develop could persuade them that you value them even more than potential new hires. For a very long time, the current workforce has been anticipating this vote of confidence. Actively involve in competency mapping and allow interdisciplinary movement of roles within your organization.

Enhance your organization’s purpose - Show your workforce that your company or organization is more than just a source of profit. Put it into practice by modifying what you do and how you do it rather than just talking about it.

Culture & connection should be prioritized - Put your work aside and make time to connect and build relationships with and among your people. Both white-collar and blue-collar workers around the world place a higher priority on having "good relationships with coworkers" than many other job requirements.

Take care of your employees & their families - Provide mental health assistance, acknowledge the individual sacrifices made by everyone during the pandemic & over the last 2 years, help parents with young children by offering or subsidized daycare, and grant additional paid time off. More resources will be needed for some employees than for others. Revise your health insurance plans and provide comprehensive insurance to your employees where they have the best cover for their families too.

Retention strategies including offering incentives like performance bonuses, adding new benefits like flexible working hours or changing shifts, providing training opportunities, and providing opportunities for professional development are one of the most important aspects of a business's operations. When you have a high retention rate, you're able to maintain your workforce and keep them engaged, meaning they're more likely to stay with your company in the long run.

7

AUGUST 2022

BY S a u r a b h k u ma r

MBA (T&HM03) BATCH, IIM SIRMAUR The gig economy has made a radical change in the prevailing business ecosystem, and has largely impacted the business culture of the organizations throughout the world.

In the gig economy, the workers are generally freelancers, and independent contractors without a full-time bond-based employer-employee relationship.

Ultimately, this sort of work offers flexibility to the employee and cost benefits for the employers. In developed economies, between 3 to 10 percent of workers and more than 30 percent in several developing nations use gig platforms as a secondary source of income. By 2023, it is forecasted that the gross domestic product of the gig economy would be $455.2 billion. So, most of the HRs are focusing on gig workers now.

The future workforce will require new human resource capabilities and skills that do not exist today. Research has shown that an increasing percentage of Graduates are looking for flexible work. Young people in the industry sometimes do not know what kind of creativity they must show. Most of them spend half a year or one year on contract-based work or as gig workers instead of being permanent employees. Even IT giants like Cognizant hire contractual workers to cut down on longterm association costs and commitments. It is a good way for young people to get on the right career track. The gig economy challenges people when we talk about progression, career development, and the kind of skills that are transferrable from area to area. Sometimes, a job change needs a new skill set. So, people upskill themselves by getting trained as gig workers, which is different from what they have been doing. The HRs are vigilant of gig workers with the right skillset on professional platforms like LinkedIn. Thus, the Gig economy helps HR hire the best marketplace employee.

Projected Gross Volume of Gig Economy (Billions USD) $500

$455.2 $400

$401.4 $347.8

$300

$296.7 $248.3

$200

$204.0

$100

$0

YE 2018 YE 2019 YE 2020 YE 2021 YE 2022 YE 2023 Source: Mastercard gig economy industry outlook

In a gig economy, HRs have to provide certain perks and allowances to employees that do not cost much to the organization. They have to provide flexible working hours to the contractual employees that do not hamper the prevailing company norms. Consequently, they have to understand individual needs and concerns, understand the work requirement and find some way for it. That makes sense given that millennials have a diverse range of lifestyle requirements and currently make up most of the workforce (by 2025, they will account for ~75% of the global workforce). Certain engagement regulations also need to be updated from time to time. Since each organization is unique. HRs should have the correct intention to get work done in the gig economy.

The old tradition of HR management is no more in the application. Now, HRs take certain talented people from a group of gig workers that fit into the company culture. They do not have to negotiate salaries, perks, and allowances with employees. Many college students work part-time for 1-2 hours for startup companies like Zomato, Swiggy, etc., as gig workers.

The organization-wide culture has also been slowly shifting to hybrid culture. Therefore, businesses must design a restriction-free workspace to attract and accommodate the vast millennial talent pool. Recently, discovered (largely due to Covid) and widely acknowledged ‘work from home (WFH)’ arrangement shall be deployed as it is highly feasible for both parties; so much so that companies like Facebook and Google have allowed full-time WFH for a large chunk of their employees. By doing so, HRs can easily diversify the company’s workforce and bring in creative talent from all over the world by recruiting gig workers, too, without incurring any additional cost to the company.

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AUGUST 2022

REIMAGINING HR IN THE TRUE SENSE: PROMISING HR INTERVENTIONS ACROSS COMPANIES IN 2022 RAJESH RAI VP – People Team & Head HR

Ketto, a crowdfunding platform, has attempted to hire candidates beyond their educational qualifications. They are open to hiring dropout candidates and undergraduates. They believe that enthusiastic candidates who fit the company’s mission and values must be provided with opportunities. The potential candidates go through a three-month internship programme aimed at learning the candidates’ capabilities and assessing their focus and commitment.

After selection, they are given access to online platforms for upskilling themselves. There is no wage discrimination for graduates and undergraduates working in the same role.

INDRANI CHATTERJEE Group Chief People Officer

GlobalLogic, an American software engineering services firm, had launched an initiative called ‘GLhomecoming’, inviting their former employees to re-join the firm. They believe that calling back alumni will play to their advantage as they would not need time to adjust to their ecosystem and work culture. They launched this initiative to facilitate requests from alumni to re-join them, but the company emphasized that there will be no special treatment meted out to the alumni in the hiring process.

VARUN SHETH CEO & Co-founder

Allcargo Logistics has been benefitting from Cross industry hiring. They have been hiring from diverse industries such as FMCG, Pharmaceuticals, Telecom, and Electricals. They believe that senior cross-industry hires come with domain expertise along with people-leading skills. In turn, it also leads to emergence of newer ideas and greater innovation in the logistics industry, challenging the status quo. They look for entrepreneurship skills and are open to cross-industry hiring for middle- management and entry- level roles too. They also emphasize on having experience in logistics for a few roles, but also have a buddy program to bring them up to speed the new ones.

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AUGUST 2022

REIMAGINING HR IN THE TRUE SENSE: PROMISING HR INTERVENTIONS ACROSS COMPANIES IN 2022 Orkla Group, the owner of MTR Foods, has initiated a programme called ‘Junior Board’ to allow young employees to interact and work with the CEO. The youngsters are selected to work on specific projects and encouraged to develop creative and innovative ideas to improve their business. As a part of the selection process, the candidates must submit a video clip and, after evaluation, will have an interview with senior leaders.

The final candidates will work directly with the CEO. This programme aims at developing exposure for young professionals.

KINJAL CHOUDHARY CHRO

Continental India has made retention of employees their priority. The ‘Great Resignation’ has increased attrition in various sectors, including the auto components industry.

They are focussing on two aspects as a part of their retention strategy. They introduced an internal talent distribution model and are performing internal hiring among employees. They provide mentoring, upskilling opportunities, and career guidance for employees seeking a career change. They are providing flexibility by allowing Work from home or working from remote locations, uncommon in their industry.

MILAN CHATTARAJ Chief People Officer

Cadila, a Pharma major, relaunched ‘Soul Mantra’, an employee wellness program focussing on loneliness at workplaces. The program previously was limited to the physical well-being of its employees. Now the company wants to focus on the well-being of its employees in multiple dimensions. They identified that loneliness in workplaces is decreasing employee productivity, and this programme aims to improve their physical, emotional, social, and spiritual well-being by encouraging employees to identify a passion and work towards it.

AJAY KUMAR Country HR Head

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AUGUST 2022

DISCOVERING THE FUTURE OF HR ROLES An exclusive interview with n i mr a t a k a p o o r Founder - NimTalkingTalent

Q. Does the rapidly changing environment of the corporate world have some redefining implications on the functioning of HR people? Are we seeing a phenomenon that will not last forever?

I personally believe that we are seeing an irreversible shift to flexibility and an openness to new ways of work.

HR has firmly moved from being a supporting role to being a true strategic business partner. New tasks such as a crisis manager, culture builder, change leader, and tech+data driven leader have emerged as key requirements for HR managers.

The covid pandemic not only accelerated the pace of change but also brought home the important role HR plays as a crisis manager along with strengthening the culture while working remotely. Social justice, mental health, and diversity have all come centerstage now. HR managers now are change leaders more than ever – laying down the guidelines for employees and managers to navigate change and managing the emotional carnage and human capital risk of a change.

AI, automation, and availability of huge data across the employee lifecycle and environment translate to an ask from HR to be digitally and data fluent. This volatility and flux are predicted to become the norm rather than an exception, and I do not see this as a one-time phenomenon.

Q. According to you, do we really need to go back to fundamentals and redefine the complete HR system?

HR foundational skill requirements have been drastically changed in the last decade. Earlier, the focus was more on administrative excellence, followed by business enabler roles translating business imperatives into HR deliverables.

Today the requirement is to partner with the business to deliver high-impact customer outcomes, provide a supportive environment for innovation and safe working culture, build and strengthen company culture, coach leaders, be digitally fluent, and most importantly, not lose the ‘human’ focus. There is a need to not build over the past successes but reimagine the responsibilities and provide support to deliver HR outcomes seamlessly.

I also see a gap in HR professional skills for fundamentals such as work breakdown and workforce planning, which require strong critical and analytical skills besides an ability to question assumptions and leverage flexible work options. The mass layoffs we see today result from this glaring gap in HR skills and leadership.

Q. Over the years, what is the most striking transition that you have seen in the functioning of HR? I come from an era where in the 1990s, a buzz was created by Dave Ulrich’s book on four roles of HR – administrative expert, employee champion, change agent, and strategic partner. Ulrich, commonly acknowledged as the father of modern HR and a prolific thought leader, set in motion a widespread change in HR roles from being merely administrative experts and employee champions, commonly known as personnel officers.

Becoming an HR business partner was considered as having reached the apex in HR for most HR professionals.

Expert roles like Compensation & Benefits, Employee Relations, L&D, and Recruitment were niche. These roles required a specific inclination and skills, and at times were fewer in numbers.

Then in the 2000s came an era of focus on operational efficiencies, coinciding with the boom in Indian IT & ITES services. Shared Service Hubs became extremely popular across industries, and employee experience and engagement became the new buzzwords. A new set of HR Operations Professionals came to the fore who displayed the enterprising attitude to take on the challenge of running HR Operations for not just India but the world.

India slowly became the center of HR Technology, a fact attested by the myriad startups in this space.

Cut to now, where HR’s strategic role is no longer questioned, and the CHRO is now a partner with the business to understand the customer journey and experience and align human capital strategies. This change over the last 20 years is perhaps the fastest ever in the history of HR. Q. People always debate the overuse of technology for screening and other purposes, especially where the

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AUGUST 2022 involvement of the human element is considered necessary. Do you think this notion is slowly changing?

I would personally opine that this notion of overuse of technology in HR has changed. Tech has invaded our daily life like never before, whether smart wearables, apps, information consumption, or day-to-day living.

Using innovative technology for screening, removing bias, addressing policy and process queries, streamlining HR workflows, and improving communication are some areas where HR automation and tools are a game changer.

Let us take recruitment as an example. Candidates often fear the ATS (Applicant Tracking System) and feel they will not get a call back if their resume is not packed with keywords aligned to the job description. My advice to candidates is to tailor their strategy to technology and humans. By all means, have relevant keywords in the resume, but do not get so carried away that when a human reads the resume, it does not make any sense. Try not to game an AI screening tool; instead, work on upskilling yourself and being authentic.

2009, George Clooney played the role of a corporate terminator available on hire for terminating employees in the Hollywood movie “Up in the Air!” However, layoff communication and handling have been one of the functions that have not really been outsourced so far, though external outplacement and coaching services may be bought.

I would surmise that the ownership of human capital strategy cannot be outsourced, but the engines and wheels to run the HR strategies can, of course, be outsourced. My prediction is that unlike the 1990s and 2000s, when all companies rushed to follow similar models in HR functions, the next age is going to be that of personalization and adoption of unique, adaptable strategies.

Q. What is your opinion on the company's sustainable growth powered by the gig economy? Do you actually see this growth as sustainable? Can HR also be managed through the gig economy?

This is a double-edged sword with several pros and cons.

Gig workers as a key talent pipeline for several activities, and not necessarily low-skill activities, bring the benefit of flexibility and a low-cost workforce pool for organizations. I view gig workers as a critical talent source and playing an essential role in building scalable organizations of the future. This is an evolving area with governments and firms realizing that gig workers need to be better engaged and not be exploited as they are not entitled to social security and other benefits.

So far, the share of gig workers in the global economy is estimated to be 3% and projected to grow to 17% by 2023 (source: Mastercard Gig Economy Industry Outlook and Needs Assessment). Platform workers take on the onus of operational costs, making the platforms assetlight and yet, on average, earn 33% lesser than regular employees. I expect more transparency in platform algorithms, feedback, and perhaps collective bargaining rights.

CHRO and HR Admin Specialist functions are already being outsourced in the MSME space. As organizations scale up, I believe keeping some critical HR mandates inhouse is important to ensure stronger accountability and alignment with the end customer and business outcomes.

Q. Are we eyeing a future where the entire HR department will be outsourced?

The future of outsourcing an entire HR department has already arrived in the case of many MSME enterprises. In

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AUGUST 2022

BY G . S R I N I V A S

TIMES NETWORK, VP EMBA 01 BATCH, IIM AMRITSAR In the current environment, moonlighting is not all about having a second job to earn little extra money, but employees are finding ways to save on the outflow towards taxes.

Despite only bearing a share of the tax burden, workers in the 30% tax bracket pay more than 50% of their gross income in taxes due to direct and indirect taxes. These factors motivate salaried employees to explore consulting as a career option seriously.

Being a freelancer or self-employed professional is becoming more popular these days. The freedom and independence it offers a person or a professional is the basis behind this. Many private sector businesses also give their workers the choice of working as consultants or employees. Sometimes, both the company and the employee benefit most from doing this.

Most of those currently employed hope to one day work independently and establish their own business. They take pleasure in achieving their goal by serving as consultants. Contrary to salaried employees, they must maintain thorough books of accounts to gain the maximum benefits from tax redemptions and other incentives. As a result, their perspective on work also shifts to one focused on increasing their wealth. Critical resources are exploring the possibility of working as consultants due to worries about a significant outflow of tax funds.

A person with the title of "consultant" has a high degree of independence. Organizations are constantly searching for qualified resources in this competitive market. The ideal condition for any firm is when the talent or knowledge can be accessed at an optimized cost.

An individual has the option of working on numerous projects while consulting and increasing their income. The company faces a complex scenario in which it is difficult for the HR manager to safeguard the firm's larger interests and guarantee that crucial resources only serve those interests.

Challenges and potential actions that an HR manager could take Employees possess a significant amount of confidential information. Thus, confidentiality policies for consultants should be the same as for regular employees.

The consultancy agreement may contain a non-compete or exclusive clause to stop consultants from working for rival firms.

They should build a policy that allows consultants to access office premises and spend some dedicated time in the office as a regular employee. That will increase inclusiveness and a sense of direct involvement.

Keep the same rules in place for all consultants and don't make any exceptions. This will significantly increase the organization's level of confidence and help to prevent any feelings of discrimination among the organization's consultants.

The appointment of consultants for particular positions and their consequences, such as moonlighting, is inevitable given the current technology and efforts to reduce HR costs. HR managers need to design employee and consultant-friendly policies to retain key talent that is exclusively and long-term employed by the firm.

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AUGUST 2022

REIMAGINING "WORK ITSELF" Movie Review by Prof. Mukesh Kumar What is your biggest perk at work?

In the initial stage of our careers, we chase high-paying jobs with a highly reputed brand, and there is nothing wrong with such aspirations. After all, life is about adapting to stages. If I do not worry about the loan I had taken for education, and if I do not clear it in time, I am not acting in a stage-appropriate manner. However, a few years later, if monetary perks and brand names still drive me, I might not be readying myself for the next stage in my career.

In my thirties, I watched movies almost every weekend, either in the theatre or on my laptop. My daughter keeps me from watching movies now, but I stole time to watch one of my favourite movies, Erin Brockovich, this month to recollect my favourite scenes for this article. While this movie is set in the background of a legal triumph of people over the greed of a corporate, I will discuss here the other side of this story, which is the triumph of a working professional over personal and professional hurdles. In our life, we are at a juncture where we have to choose between personal and professional lives.

Erin, the protagonist, in the movie Erin Brockovich, faces this dilemma, too.

I have shared the interaction between Erin and her boyfriend, which could have made Erin feel guilty about her actions and could have triggered her resignation from work. She, however, took an unconventional approach and decided to pursue her job. I have shared below the script of the interaction between Erin and her boyfriend, George.

“You need to find a different job or a different guy,” says Erin’s boyfriend. She responds I cannot leave my job, George.

“You can just quit. Many people do this all the time,” Says George.

“For the first time in my life, I got people respecting me.

Up in Hinkley, I walk into a room, and everybody shuts up to hear if I got something to say. I never had that before ever. Please do not ask me to give up,” says Erin.

“What about what your kids are giving up? Look, I am doing more for my kids now than I did living with my parents. One day they will understand that,” responds Erin.

I have found many working professionals crumbling under these demanding situations, but inside their hearts, they aspire to handle these delicate and challenging situations like Erin. I have watched the clips of this movie several times, and whenever I watch it, my heart swells and eyes brighten when I see Erin not giving up on her professional pursuit despite her kids turning their faces away when she is unable to spend enough time with them for a few weeks.

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AUGUST 2022

It is not easy to be the Erin who stores personal grief in her chest and remains ambitious on her face. What inspires me about her is that she goes to work because she receives respect and impacts the lives of hundreds. She goes to work because hundreds of individuals look up to her for justice. I have been inspired by Erin’s undaunting commitment and unwavering involvement with her work. Even though she bargains hard with her employer for a raise, I never feel she goes to work because of this raise.

So, in a nutshell, Erin knows that the biggest perk at work is not the paycheck but the cause for which she goes to work.

Moreover, when you go to work not because of the paycheck, you develop the inner strength not to give up despite personal and professional turbulence. Since I am writing my thoughts about a movie, let me share that, in less than two and a half hours, we see her kids showing understanding of her work and her partner believing in her again. You will not get results in such a short span, but if you want to develop inner strength to never give up on your professional life, look for the answer to what’s your biggest perk at work? I have written this piece not to recommend this movie to you, but if you were still looking for my recommendation, you must watch it if you ever end up facing Erin’s dilemma.

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AUGUST 2022

About our Events EKAGRA | Magazine Release

PERSONA | The Realm of your Emotions In February, we conducted the event 'PERSONA - The Realm of Your Emotions' as a part of the annual Cultural, Management, and Sports fest of IIM Amritsar - Aarunya 6.0. The event saw a fierce cut throat competition amongst 150 participants across Premier B-Schools, 3 Rounds of testing core OBHR skill with a perfect balance of creativity and inculcating the required leadership skills.

For Round 1, short video links from YouTube were shared with the participants. The video contained certain biases and issues related to HR. A detailed analysis of the problem and its solutions had to be submitted by the participants. For Round 2 the participant had to create a recruitment advertisement. For the final round, the finalists had to perform a couple of activities and set up their right department. After performing various tasks such as screening through the resumes, allocating the appropriate package, and many more, the participants had to present their ideal departments to the judges.

We released the third edition of the Bi-Annual HR Magazine “Ekagra 3.0” in January '22. This magazine edition revolved around the theme: The Great Resignation – Myth or Reality. Interviews with notable industry figures, such Srikanth Kalyanasundaram - DGM HR at John Cockerill India Lt., and Shivani Chaturvedi - Former Chief People Officer at MJunction, were included in the magazine, along with insightful articles written by our professors and peers. The magazine also incorporated insights on some budding HR startups, top appointments in the HR industry, and companies with impeccable retention policies. These articles helped in augmenting the learning experience of the students

For the judging panel we had the honor of having Mr. Amarinder Singh from EMBA 01, a professional with more than 15 years of experience in technical, functional, and architectural design in the top cloud computing technologies, and Mr. G. Srinivas from EMBA 01, a pragmatic and visionary business leader with more than 15 years of experience.

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AUGUST 2022

HReform | The Virtual HR Simulation We conducted the event, HReform- The Virtual HR Simulation, as a part of Aarunya 6.0 – The Annual Cultural, Management, and Sports Fest of IIM Amritsar.

The event saw a great response, with 459 participants in 183 teams across premium B-Schools of the country competing to be the ultimate decision-maker. It consisted of two rounds. In the first round, the participants were given a situation that’s commonly faced by the managers on a day-to-day basis. A detailed analysis of the situation along with a possible solution had to be submitted. An online HR Simulation was conducted for the selected teams in the final round. The simulation was based on goal setting and task prioritization, fostering shared leadership, empowering subordinates, the delegation of tasks, rational decision making and emotional intelligence and critical thinking skills of the participants.

HRithvi Induction 2022

We were delighted to host the induction for MBA-08, MBA BA-02, and MBA HR-02. We had a Pre-Induction Task, Reel in Real, which was a group task. Randomly formed groups of 10 students had to choose a movie/series character. Each group then had to prepare a video that would depict "the kind of HR (highlighting the qualities of HR) the movie/series character will be if he/she steps in the shoes of an HR professional." On the induction day, ‘The Octave’ were welcomed through a quick presentation and an insightful activity.

We were privileged to have Mr Manavpreet Singh from EMBA 01, a seasoned professional With over 14 years of rich experience in Banking and Mr Abhishek Joshi from EMBA 01, a senior software engineer at tech mahindra with 5+ years of experience. He has been awarded the ACE award at Tech Mahindra for his consistent, exceptional performance.

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AUGUST 2022

HRITHVI TEAM

Prof. Vartika Dutta Faculty Mentor

Senior Coordinators

Adarsh S

Eeshita Mallik

Anand Dhas

Mohsin Pathan

Akshay Kumar 18

AUGUST 2022

ACROSS

down

2. Recruitment metric that measures the time it takes to hire someone.

1. The process of discussion with a view to a mutual settlement.

4. A one-to-one process between an outside trainer and an employee.

3. This means letting go of some employees, hiring more employees and/or moving other employees around.

6. The business practice of hiring a party outside a company.

7. The knowledge, skills and abilities required to perform a specific task or function.

9. The process of measuring and comparing the practices in your business with those of other organizations in the same industry.

5. A pay structure that emphasises the hierarchy less than job duties, skills and performance.

8. This is a document issued by an employer that shows an employee's gross earnings, deductions from those earnings, and net pay.

Kindly mail the solutions at hrithvi@iimamritsar.ac.in

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AUGUST 2022

LIFE AT IIM AMRITSAR

Photo credits: 50mm - the Photography Club of IIM Amritsar 20

AUGUST 2022

“I am convinced that nothing we do is more important than hiring and developing people. At the end of the day, you bet on people, not on strategies.”

Lawrence Bossidy Former Chairman/CEO, Honeywell International Inc

Learn & Lead with HRithvi write us at hrithvi@iimamritsar.ac.in