In the constantly transforming global HR space, coupled with rapidly shifting business dynamics, this is the first time that we have such varied and multifaceted array of workforce. With baby-boomers making way, the gen XYZ and the millennials, form the bane of the global talent pool. The need for talent is such that organizations need to get global workforce that can transcend the ethno-specific barriers and should also not be limited by geographical boundaries.
The need for global HR strategists and talent architects who lead the human performance improvement function is becoming increasingly relevant as the focal role of HR is to ensure talent readiness for the future business requirement as well as to build a sustainable competitive edge by attracting and developing the best managerial talent in each of their organizations’ markets. With optimization of labor, HR needs to ensure that the talent efficiency is high and performance optimized, hence human performance improvement is becoming an important aspect of a rapidly expanding organization.
The biggest challenge of the HRBP/Problem solver is around talent and the biggest question one needs to answer is ‘What I have and what I want?’ This becomes the absolute basis of talent skill gap bridging exercise. What also becomes very important for HRBP is to understand and respond to the needs, priority and interest of the internal; clients and solve their problems.
In a recent survey conducted by the‘ Global human capital trends ‘, 78% of the executives feel that L & D is very important for the success of the organization while only 31% feel that the L&D function is capable to provide strategic support for the business growth. Organizations have strong HIPO programs which need to ensure that the High-Potential employees must have a strong commitment to the organization and to building a career with their employer –increasing their likelihood of staying and being engaged in future in more senior roles
Getting talent through inorganic means becomes very important in today’s scenario as the speed of ready talent becomes critical and hence organizations are looking at acquiring talent though M & A & rebadging.
Data reflects that more than 70 percent of all mergers and acquisitions fail to produce any benefit for the shareholders, and over half actually destroy value. Majority of the companies report that their M&A deal failures may be attributed to “people and organization issues” such as lack of shared vision, leadership clash, cultural mismatch, loss of key talent, misaligned structures, lack of management commitment, lack of employee motivation, poor communication and poor change management.
Pre-work and post -work in rebadging is a different ball-game altogether. The best practices are heavily dependent on the organizations, industry, the rationale behind rebadging and the country/region. Since organizations that opt for rebadging look at an option of near-shoring, the contract between the two organizations becomes extremely critical and HR needs to be aware of the finer nuances that one might face basis the agreements. Business leaders who have undergone rebadging endeavors will appreciate the value add that can be brought to the table by an experienced HR practitioner. A new type of rebadging, becoming very popular in the IT services industry, is the Reverse Partnering Business Model. This rebadging of the bench is helping organizations considerably reduce the labor cost.
For HR, the “go to” market strategy has to be for the internal clients, keeping in view the requirements of their clients. A win win situation is reached when we have an optimized talent pool and our HR talent strategy is aligned to the organizational business strategy. After all employees can be and will be happy only if organization has a direction that leads them to growth.
Global HR Transformation Strategy for an MNC should have the following important ingredients;
1. Break localization- becoming Glocalized is the new mantra.
2. Constant Talent Acquisition
3. Develop a Global Talent database
4. Identify your leadership Capital
5. Identify your mobility pyramid
6. Bridge your Bench strength and skill gap
7. Move to pay for performance model
8. Create a culture of recognition
9. Drive innovation across all levels
10. Empowerment and accountability across the organization
Like any other domain, the global HR role and its nuances keep changing and getting reinvented, in tandem with the dynamic business realities and also, influenced by factors both external and internal. The global HR strategist needs to be a reliable sounding board to the leadership team, who contributes proactively to the business through innovative and relevant talent initiatives and delivers effective results