A report by the Federation of Indian Chambers of Commerce and Industry (FICCI) and Boston Consulting Group (BCG) – India’s HR Revolution: Building Workplaces for the Future – shows that 55% of CXOs surveyed in India believe that the organizational culture aligns with the stated values and mission. The report highlights some key changes in the way HR value chain is being analyzed today and how future HR functions are including the necessary strategic elements.
Around 85% of Indian CXOs surveyed say they believe in the importance of ESG criteria in driving HR practices.
Hiring and retaining good people is one of the central goals of a strong personnel practice, and that’s not going to change. In fact, today there are more innovative ways to achieve this.
Around 72% of organizations consider that introducing policy changes to improve work-life balance is a tool for talent retention. Likewise, prioritizing training programs employee well-being and mental health is also becoming more critical. With 58% of Indian employees reporting high burnout rates, strong wellness initiatives are needed.
Another key imperative has to do with DEI (diversity, equity and inclusion); and 52% of organizations say they have set goals. Jyoti Vij, CEO, FICCI, says: “By embracing these emerging trends and incorporating DEI and ESG principles into their core strategies, organizations can build resilient, innovative and purpose-driven workplaces that are well-equipped to meet the challenges.” of the future. .” Commit to technology
Ashish Garg, Managing Director, Senior Partner and Regional Practice Area Leader, People & Organization Practice, BCG, says: “Enterprises are moving beyond the pilot phase with predictive and generative AI, scaling up the chain. of HR value and investing in developing expertise in GenAI. By continuing to evolve and innovate, Indian companies are laying the foundation for the innovative and purpose-driven workplaces of the future.”
While the path is still developing when it comes to the practical applications and outcomes of AI, the report highlights that the foundation has been laid in many cases, with strong use of data. About 33% of CXOs surveyed say they have centralized workforce planning with analytics.
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