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Top Trends in HR and People Management 2020 – The Surge of the Gig economy – Part 2

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Given that 50% of the people employed will follow the above values in 2020, there is no doubt that the Gig Economy is the only way out to cater to this workforce. It is the only way to string together Technology Comfort (especially Smartphones) + Connectivity (telecommunications) + Flexibility (work life balance) + Work for a purpose + Continuous Feedback on work and its impact + Continuous Learning and Development + Stability. Its all about creating a workspace where they – the millennials- are King … their Work and Life are of paramount importance . They are ready to work hard on jobs that give their life meaning and for employers who help them learn and become better at their life work. In such a workspace, they live their life with flexibility and in a space of stability – working and delivering while being true to their own happiness.

So what does this mean for People Managers? How are we to navigate this new Surge of the Gig Economy?

The given are HRMS / HRIS systems, which are compliant with the Legal framework and compliance norms. These include modules on Hiring, Compensation and Benefits, Learning Management System, Attendance management system, Employee policy portal, Performance management and Attrition Management. One in three companies have around 10 HR / People management systems that each employee has to access .. and with advent of AI and Tech bots, there is a high chance of some of these systems being old (legacy) systems and some new smart systems.

With 50% of the employees (millennials) in 2020 wanting everything on a smart phone with anytime access, it’s difficult to get them to engage with and respect the HR systems. Thus, we need to focus on building a smart way to integrate decisions across the many legal compliant systems and make employees willing participants in the process and become willing feeders of data into these. After all, no data-based decisions can be made if the quality of data is not good, with some people not feeding the required data at the required time into these systems.

The carrot and stick approach work best. Now that we know what “Employees” want, we can use that to build a set of frameworks that can help us in stringing together a lot of these requirements.

  1. We need to use technology based smart systems which help us honestly (unbiased, peer- comparison enabled) assess talent to make unified, quantifiable decisions across all aspects of Talent Quantification and management. Such a Talent Assessment system should be used across the different levels (hierarchy) of the organisations so that it can help make
    1. Transparent hiring decisions based on fitment of skills, values, behavior, maturity and mindset, interests and potential for growth
    1. Learning needs identification per employee based on the same matrix of skills, values, behavior, maturity and mindset, interests and potential for growth
    1. Promotion / Performance Management and Succession Planning based on the same matrix of skills, values, behavior, maturity and mindset, interests and potential for growth
    1. Internal Job Movement (IJM) and Career Path Definition per employee based on the same matrix of skills, values, behavior, maturity and mindset, interests and potential for growth
    1. The Compensation and Benefits team will create compensation parity (annually) based on the same matrix of skills, values, behavior, maturity and mindset, interests and potential for growth

How this will be implemented:

  • The Process will involve each employee to engage with a Talent Assessment Platform for a series of assessments (investment of approx. 1.5 hours every 6 months / 1 year) . The same platform will be used at the point of Hiring , for candidate evaluation.
  • The Qualitative Feedback on the same parameters on the same Talent Assessment Platform for a 360 degree appraisal process will also be acquired – which means another investment of approx. 30 minutes (average) per employee.
  • The data will be stored in a central repository where the Hiring / IJM team, the L&D team, the Comp & Ben. Team, the Reporting Managers, the Performance Management and Succession Planning teams will have access to the same
  • A unified, per employee, dynamically updating (every time an assessment is taken) set of information will thus be created for common use in HR which will allow for the following outcomes
    • Hiring Benchmarks (Performer Competency Scores) across Jobs in the organization – Hire / Internally move people who meet these scores
    • Learning Gap (difference between Performer Competency Score vs Employee) will give the personalized Learning Needs – Provide Learning and Coaching Intervention based on this Gap – which will identify Urgent and required interventions.
    • Compare Potential (for next level of jobs) Competency Scores of a pool of peers – Use the best Potential Competency Scores to decide on Promotions and Succession Planning
    • The percentage of Fitment to the Job Role and therefore, higher productivity potential – Use this to decide the compensation at the point of Hiring as well when working on Pay Parity decisions (post hiring)
  • A repository of Job Descriptions and Job KRA / KPI should be created by the HR in the same Talent Assessment Platform. This will be especially useful to create the Percentage Fitment Score. It will allow for Competency Benchmarks to be realistically set – based on current start performers – and these benchmarks will keep getting updated when the attributes change – since the assessments will happen annually / bi-annually.
  • We need to measure the engagement, the drivers of engagement and the values that the employees hold dear to them. This will not only help us understand the relevance of the existing policies but will also help define how to best spend the Engagement budget, today. The Values that employees espouse and want support on changes over time . And all this needs to come through in 1 Survey in the year which combines all of this.

Each employee would end up spending about 20 minutes on the anonymous survey. The outcome would help understand the engagement and which values drive which section of employees in the organization. It also helps understand the policy level actions that will enable the employees to be engaged and productive in the organization

The above 2 are examples of frameworks that can enable the organization to maintain a uniform thread in its decision making across the Employee Lifecycle. Unified frameworks across People Management coupled with clear ways to improve the Employee Experience and create for the Short Term Job roles with stability – which is what they want from the Gig Economy – are the types of well thought through initiatives that HR and People Management functions need in 2020.

PexiScore is one such organization which enables Smart HR and People Decisions using unified, 1 data platforms for People Management. With cloud based technology integrated with HR analytics and proven Competency frameworks and Survey Frameworks, we assist organizations to use a uniform yardstick for measurement and actions across employees. The use of such measures help meet KPIs in the space of People management (Create talent benchmarks for Hiring, Learning Path creation, Promotions for better Talent management, increase Revenue per employee, Reduce Absenteeism, create Mental wellness programs, etc.) We do this with a combination of Assessments and Surveys followed by analytics, giving clear insights and roadmaps for organizations and teams. (Please view sample reports at https://pexiscore.com/assessment)

What gives us an advantage is our capability to merge Qualitative feedback with Quantitative scores from the Assessments to give a holistic output which helps organizations make best People decisions for growth and profitability.

Pexiscore (Pexiscore.com) is our product website which enables all our Assessments and Surveys are online with real time results and dashboard support. All assessments are available in English and Hindi, with the option to convert into any other Indian language. The following features are free on the PexiScore system – It is cloud based, mobile friendly, dashboard driven decision system.

REACH OUT TO US

(Note: Customers we work with include Saudi Telecom Company, Crowe Mak, RSWM Ltd. , Parijat Industries, Hitachi Metals, Samasta Microfinance, Saltside, Tardid Tech, GHCL Ltd, Manipal Global, Jain University, Symbiosis University, Redpine Signals, Worxogo, Glass Onion, Equiskill etc.)

Sources :

https://economictimes.indiatimes.com/jobs/the-economic-times-india-dialogues-gig-economy-not-best-model-for-job-creation/articleshow/71750416.cms

https://www.forbes.com/sites/johnfrazer1/2019/02/15/how-the-gig-economy-is-reshaping-careers-for-the-next-generation/#1da70d4349ad

https://www.investopedia.com/terms/i/intrapreneur.asp

https://apac.aonhewitt.com/home/insights-at-work/millennial-workforce-increase-employee-engagement

https://mep.purdue.edu/news-folder/how-manufacturers-can-attract-and-retain-millennial-talent/

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