The retain and retrench dilemma

#hrpuzzle series

Are you a HR professional? 

The most pertinent question today is how to walk the thin line between retaining talent and staying financially viable while doing so. 

The #hrpuzzle series is an attempt to understand the dilemma of balancing  employee satisfaction and the organisation’s needs. Organisations now face the imperative to increase employee engagement and build a happy workplace where employees feel secure and confident and can work towards both their individual goals and the organisation’s success using their talent and full potential. 

Many organisations are blaming the impact of artificial intelligence as the reason for mass layoffs across industries, specifically, in the IT industry. If we step back to look at the broader picture, automation is not the only reason for layoffs. 

Organisations face a compelling need to scale down operations to cut expenditure, reduce the number of products, and withdraw from certain geographical markets to ensure the business stays financially sustainable. 

A deep dive will help understand and identify few fundamental gaps in the business in terms of lack of a right strategy, right set of people, and clearly laid down blueprint to position and scale the business in a transformative and disruptive market. 

The role of #hr has indeed grown now, more than ever before to include integration of the recruitment strategy to the overall business strategy of the organisations. The challenge for the #hr is the two-pronged need to implement the best employee engagement practices to retain workforce while trimming down the employee size to remain afloat in the business. 

The approach of the #hr has evolved with time to understand the market dynamics, demands of the customers, the required talent to expand results and foster a growth mindset amongst team members enabling them to adapt and grab the opportunities to succeed in their goals. 

Isn’t this too much of an ask from #hr? 

The first team that needs empowerment is  #hr, given the ‘people’ challenges that linger around every department. 

We will be glad to receive your feedback and comments on the compelling role of #hr in striking the right formula to grow the company with a skilled and empowered workforce. We will connect back with yet another #hrpuzzle soon. 

Whether you are looking to keep pace with the industry, hone your skillset, or develop a new skillset in insurance and banking, IRA can help. Check out our upcoming training sessions. Learn from  insurance and banking industry experts in real-time!