The Indian economy relies substantially on the contribution of SMEs. They employ close to 40% of the country’s workforce, and are responsible for generating millions of jobs; thereby contributing to 45% of India’s manufacturing output. But Indian SMEs have been slipping on productivity, primarily due to their hesitancy in adopting new technology. Upgrading employee skills and realizing the incentive to invest in technology and automation are just a few concerns of these organizations. PeopleWorks conducted a CXO event to explore the lacunae within the Indian SME tapestry of HR processes.
It was a unique opportunity to engage with business owners and HR management from across various verticals during the PeopleWorks event “Business Transformation through HR Innovation”, in Pune on June 18th, 2014. It was our endeavour to also understand the vast number of challenges Indian SMEs are facing in the dynamics of changing market behaviour.
We had a sound amalgamation of C-Suite and HR management from various sectors of Real Estate, Automotive, Advertising & Print Media, Management Consulting, Oil & Gas, E-Learning, IT and more, at the event. Ms. Chitra Duvedi, CEO of Enhance & Excel moderated the event and led the discussion incorporating her inputs from her vast experience in the field. PeopleWorks was represented mainly by Mr. Pavan Chandra, COO, Mr. Sanjay Kamath, Head, Sales-All India and Mr. Ajay Ananda Murthy, Head, Marketing. The conversation was engrossing from the time it began, and the following observations were made within the purview of business transformation:
- The participants expressed their understanding of business transformation and its relevance to their respective business.
- Technology, functions and roles of employees are in the fast lane in today’s world. Everyone agreed change is vital to cope with market pressures.
- Pain areas were identified primarily in the scope of attrition and retention. Attracting the right talent is a big stress point.
- Attrition rates are growing as hired candidates are found to be misaligned with companies’ goals.
- Some guests shared innovative solutions they had evolved to bridge the gap between education and hiring, so attrition could be reduced. From “Retaining to Retraining” of talent, to measuring “Learnability – Trainability” quotient of new hires, some sharp ideas came forth.
- Employee engagement and succession planning is the need of the hour for higher retention.
- Growth drivers were identified to be automation and a people-centric approach with the workforce.
- Millennials and Gen Y are much more in synch with the advent of mobility and apps. SMEs must be geared to accommodate the aspirations of a workforce that is highly interactional on the web and social channels to stay ahead of the curve.
It was well observed that there is a compelling need for streamlining processes via automation for SMEs geared towards their business goals. It was highly agreed that it is vital to fulfilling the expectations of the workforce, as well as providing the creative freedom for HR and employees to become idea-oriented, rather than task oriented. Some speakers felt that there is also a pressing requirement of aligning company goals with employees’ individual career goals, so retention becomes less stressful and business and workforce enjoy the benefits of exemplary growth.
PeopleWorks stands for growth uninterrupted. And we support our customers in their journey of transformation and change by innovating HR to an extent that they veer away from administrative chores, and become a strategic arm for their business. We have designed a unique solution for your organization’s Human Capital Management needs. Our product takes care of end to end employee lifecycle management. And just with a single click. What’s more is that you can calculate your ROI savings before making a decision or access our website www.peopleworks.in for a demo and further details.