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Key findings:
Most important element in an individual's career were cited as : Experience (80 per cent) Formal education (20 per cent) 60 per cent of the respondents said that when looking
for a job, the best indicator of a person's talent is -Work experience (24 per cent)
- Performance in job interview (23 per cent) - Education (9 per cent) - Job references (8 per cent)
Cont..
55 per cent of the respondents anticipate changing their career within the next five years While determining the cause of changing their career, respondents voted for
-Better work-life balance (36 per cent) -Need for higher income (23 per cent) -Personal interests changing (21 per cent) -Concerned about industry getting declined (8 per cent)
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94 per cent of respondents aspire for an executive position
Cont..
In this new model, HR assumes a more strategic role. It contributes towards the planning, formulation and accomplishment of organisation objectives. It then creates its own objectives in line with the overall business objectives, thereby impacting every aspect of its services. One of the synonyms of this knowledge era is change and consequently unpredictability. Here, HR plays a key and pivotal role in identifying the capability gaps that consequently arise. A capability gap is the difference between the ability of existing systems to meet operational requirements and of what's expected of it. It's the lack of knowledge, skills and abilities in the current system to meet set organizational/individual goals or expected capability. It identifies these gaps and works closely with the management to fill these gaps by obtaining the appropriate resources, training available resources and through other means. Successful organizations are those that are flexible and are quick to adapt; needless to say the HR team plays a crucial role in this process of adapting.
Cont..
As a link between the employee and the employer, the HR manager, plays a key role in advocating cordial relations between the two.
It is also the responsibility of the HR to champion change in the organisation, as and when required. It's up to the HR to bring about the changes with the least amount of employee dissatisfaction.
Now, although some of these duties have always been performed by the HR department, it's in the increasingly consultative & strategic partnership role that we find the new and changing role of the HR.
Cont
"Youngsters today are interested in tangible and real-time benefits that offer instant gratification such as retailer deals, concierge services that help them accomplish tasks sitting at their desks, movie tickets, discounts, preference with banks for loans and so on; whereas the older generation prefers wellness- and development-oriented benefits. They are also concerned about their child's education," says Rajita Singh, head HR, Broadridge Financial Solutions (India). It is thus important to have a 180-degree feedback process to produce tailor-made solutions for your diverse population, says Kavita Rao, head HR, Unisys India.
2) Gen X (entered workforce in 1993): Their compensation & benefits preferences: maternal benefits, wellness programmes, work-from -home option, life-insurance flexibility;
3) Gen Jones (entered workforce in 1981): Their compensation & benefits preferences: college savings plans, financial advice and guidance, fitness advice; 4) Early Boomers (entered workforce in 1971): Their compensation & benefits preferences: critical illness insurance, chronic condition management, cancer screening, retirement plan.