Meaningful HR policies are the way forward for the Indian business environment

03 May 2019 2 min. read
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As the deadline to meet the Milennium Development Goals approaches rapidly, global professional services firm Deloitte has urged that an increased emphasis on developing social enterprise is crucial for businesses in India and across the world to the remain competitive in the future. 

The rapid rate of economic growth in India has created a scenario of expansive transformation in the market. A number of trends are currently unfolding simultaneously in the country, a large portion of which are in the domain of talent acquisition and development.

Firms in India are looking to develop a future-ready workforce, which includes the recruitment of individuals who are well-equipped with skills in the digital domain. In five years, analysts predict that one in ten jobs in India will be of an entirely new profile, brought about by AI integration.

Meaningful HR policies are the way forward for the Indian business environment

As the focus shifts to managing and developing organisational talent, the demand for advanced HR policies is greater than ever. In recent years, the business environment in India has come under criticism for an overall lack of HR policies – a scenario that must change in tandem with global trends.

Big Four accounting and advisory firm KPMG emphasised in a report earlier this year that HR transformation policies are central to the business environment of the future. Now, Big Four rival Deloitte has made a similar assertion, observing that a focus on social enterprise is a growing trend in businesses across the globe.

The firm has analysed businesses across the globe, using ten HR-related trends as a criteria of evaluation. These include alternate workforce, redesign of jobs, leadership, employee experience, teams, rewards, accessing talent, learning, talent mobility and HR technology. On each of these indicators, there is a discrepancy between the high importance ascribed and the low resources deployed.

“The report not only confirms accelerating growth in the role of social enterprise but also supports the social enterprises’ positive link to financial performance. Increasingly, organisations need to focus on purpose – both at the organisational level, and the individual level. We need to reinvent our structures around creating a meaningful employee experience,” said Gaurav Lahiri, Partner and Leader of Human Capital at Deloitte, when interviiwed by the Economic Times.