Exponential HR: New-Age HR Management Framework for CHROs
A new set of issues emerged across the globe as we entered the 21st century. Such challenges comprise social, economic, technological, customer-centric, and political. Hence, new ways of working came into force across industries. Unprecedentedly high expectations from customers, society, and the workforce were already set. And to cope up with the same, industries gave themselves a makeover in terms of the working methodology to be able to fulfil the overwhelmingly high expectations.
As per a 2019 report by Delloite that involved 10,000 global hr leaders, 84% of those believed that they need to rethink hr to improve the firm’s productivity. Also, it was found that CHROs are finding it hard to deal with the pressure of adapting and moving with the pace of the rapidly-changing market conditions.
Exponential HR: The Prospective Solution to Changing HR Needs
In a nutshell, exponential HR is a practice of breaking away from the conventional hr operating models and moving to the digitally-empowered hr tech based solutions to achieve significantly better work outcomes.
The way the workforce and the enterprises have changed in the last ten years has transformed the manner in which the work gets done in the present times. A completely new future set of tasks have emerged in the hr business function fueled with the revolutionary hr tech.
To ensure positive business performance, a digitally-inclined mindset, constant focus on customer trends and tastes, knowledge of emerging disruptive technologies within the industry domain, are some of the prerequisites an hr transformation leader in the c-suite must be aware of. Especially, the dependence on technology is uncompromising in today’s times. Advanced technological infusions in the field of hr have quickly become a norm in the global hr domain, such as the use of AI in HR, and applicability of AI in recruitment.
Exponential HR: 5 Best HR Practices to Stick To
The best hr leaders in the present times are struggling to keep up with the pace of ever-evolving changes in the hr technology. And hence, shifting to exponential hr framework has become a must in order to thrive in the global markets, and to sustain your professional career.
Exponential HR focuses on making the business move faster, embrace innovation, adapt quicker, anticipate future challenges, and stay extensively committed to accomplishing business outcomes.
Here are the five best practices to be followed by hr professionals and leaders for being in sync with the exponential hr framework:
#1. Output Over the Amount of Labor
Often, hr professionals are found measuring, designing, and reporting on the daily activities than focusing on the measurement of business outputs the activities were supposed to produce. The domain has conventionally been gauging the activities like number of days spent on hiring for a specific position, the number of vacancies to be filled before the hiring deadline, among others. Yet, less stress had been given on the real business goals behind these tasks being performed in the first place.
The reason behind the hirings is to amp up the productivity and efficiency of the organization, and to better the financial gains of the company. And therefore, the focus should have been on a deep evaluation of the performance of the new hires.
As per the mindset of an hr professional following exponential hr practices, the deeds carried out must achieve the following objectives:
l Stress should be given over working on the business rather than working in the business.
l The mindset should drive you to not to design business solutions in isolation. Instead, you should embrace working in tandem with the multi-disciplinary teams while carving out an hr solution.
l HR division’s impact on business goals should be considered of paramount importance, rather than measuring and reporting hr activities.
#2. Speed over Perfection
The modern-age business-currency is speed. Digitally-enabled businesses these days rely on constant innovation and adaptation to tech trends. Exponential hr respects the obsession towards the speed at which every business entity in the current times desire of innovating. And therefore, it promotes agile practices that comprise iterative design cycles for testing the developed business solutions.
#3. Recognition of Employee-Centric Data
Exponential hr acknowledges the infusion of science and technology in the hr domain to achieve better results. As per it, the workforce-related data should act as vital piece of information for hr leaders to take business decisions. The exponential hr framework focuses on utilization of employee data to forecast trends, perform business analysis, and predict workers’ behaviors. The statistics on all these factors assist a lot in bettering the financial business outcomes.
#4. Catering to the Employee-Experience
84% of the hr leaders across the globe believe that addressing the subject of workforce engagement and employee experience is the biggest priority for them. Exponential hr framework recognizes the fact that the way we treat employees should be completely different from that of the way we treat customers. Employees across the industries and geographies have personal equations with their respective employers.
The workplace environment involves social acceptance, and thus, is built around communal relationships and connections. Employees do seek a sense of purpose in their daily work. Catering to such individual aspects should be the HRs primary responsibility.
#5. Digital-Integration, and Adaptation to HR Technology
Hr technology has intruded into our daily lives as well, apart from the professional life. Exponential hr believes in hr automation, that means, all the hr tasks that are repetitive in nature must be addressed by introducing automation to it using disruptive hr tech. AI, and machine learning-based hr solutions are examples to the expressed notion.
Exponential HR seeks to derive real business value out of the revolutionary hr tech. It is aimed at building unified digital engagement portals that help employees gain access to relevant information from anywhere, and at any time.
The mentioned framework promotes raising of questions by hr divisions of global corporations such as:
l How can the chatbots and workers communicate better with each other?
l What sort of rules govern machine learning and AI?
l What factors AI-recruiters consider important while hiring candidates?
Keeping up with the pace at which the hr tech is evolving is a big challenge for hr leaders across the globe at present. Exponential hr framework, to a large extent, succeeds at delivering the best for your organization in terms of hr contribution to the business. Do embrace it to meet the future challenges of work in the intensely disruptive marketplace and the ever-changing workplace ecosystems.