Latest developments in vaccines have certainly offered us a glimmer of light a the end of the pandemic tunnel. However, organizations will continue to operate in the new normal, with increased economic uncertainty and unpredictable customer demands and employee expectations.
It is therefore, more important than ever that HR delivers better, faster and more compliant HR Services at a lower cost and remain agile and adaptable enough to change in an instant to support a turbulent global environment.
Global businesses require a global HR Strategy
Not only must HR occupy a space in the C-Suite, but it should also start leading it and more CHROs need to step up into the CEO role.
Deloitte predicted that by 2050, the global population is predicted to grow by 50%. Primarily by India and China. Yet today, the majority of the world’s corporate management lies in Europe and North America (70%). Therefore, companies and HR departments will need to prepare to change their global footprint from West to East.
This cries out for an even greater need for HR to be a core strategic function for all global businesses. Not only must HR occupy a space in the C-suite, but it should also start leading it and CHROs need to start stepping up into the CEO role.
This will not only ensure that businesses place talent at the center of their thinking but will also ensure greater integration between HR and the business. In other words, the C-suite and other business leaders will understand how HR contributes to and enables smooth company operations and greater business success.
Global businesses require the best global talent
All businesses need a workforce that’s engaged, skilled and flexible enough to meet their business needs. But this need is further amplified for those that operate across borders. Global businesses require HR to improve their ability to attract and retain a global workforce.
Working across borders has the enormous benefit of being able to recruit from much wider and diverse talent pools. However, in order to take advantage of this opportunity, HR must ensure their talent acquisition strategies are fully inclusive. After all, there is no point having access to the best talent if you don’t have the capabilities to attract them in the first place!
Many organizations have turned to technology-driven recruitment and assessment tools in recent years. This is not only to diversify hiring decisions but to eliminate unconscious bias by focusing on skills over factors such as age, gender, location etc. Job descriptions are also being reworked, in order to eliminate any language that has the potential for being exclusive.
But diversifying talent acquisition strategies would be a waste of time if an organization itself isn’t inclusive and a place where everyone can grow, flourish and unleash their potential. The hotel and resort giant Hilton is one example of a company doing this well. The company recently fostered economic and social integration for almost 11,000 refugees through training and L&D opportunities last year.
Global businesses require global security and compliance
A cobbled-together solution with greater integration and maintenance complexity has the potential to present great risk.
Big data offers endless opportunities to understand and engage your workforce. However, much of the data that HR departments handle is highly private and confidential and in most countries protected by law.
Operating at a global scale means businesses must operate within a global threat environment. Therefore, a cobbled-together solution with greater integration and maintenance complexity has the potential to present great risk.
Global businesses require global HCM
Human capital management (HCM) solutions can and must go global. In a world of increasing interconnectivity, an HCM solution constrained by borders is behind the times and unable to serve today’s global, mobile workforces.
Today’s employees work remotely from virtually anywhere and are likely to continue to do so in some capacity. Therefore, HCM must adapt, adopting a global approach, prioritizing user experience and treating each employee like a valued customer. The user experience must be seamless and frictionless.
Today’s HR teams must battle with the elevated complexity presented by global compliance. A strong HCM partner can help companies reduce regulatory friction, minimize administrative overhead, reduce risk and allow HR managers to concentrate on engaging their workforce.