THE DYNAMISM OF TALENT IN TODAY’S WORLD
Contents News/Article Date :17th February 2023
Relating to which Act: The Indian Constitution grants the Central and state governments the powers to enact laws to protect the employees and foster a professional work environment. Based on the industry, nature of the work, number of employees in the company, location, and more, there are various legislations like the Industrial Disputes Act 1947 (ID Act), Factories Act 1948 (Factories Act), and Shops and Establishment Acts in relevant states (S&E Act).
Applicable to which State: Acts and Rules are applicable to all States
Type: Report on Various industry trends
Pertains to: Establishments and Employees in all types of Organizations running businesses for profit or non profit
Relevance of this news: Karma Global is in the business of HR Services, Payroll, Outsourcing and Regulatory Compliances right from its inception in 2004 and since then, has brought in a lot of efficiencies and technological upgradations with experts on its roll, to ease the hassles of Payroll Processing, Temp Staffing, On-boarding, Employee Life Cycle, Statutory, Regulatory and Payroll compliances by providing customized solutions to all its elite clients.
Now Karma Management is also fully into labour compliances for nearly 18 years and is helping both establishments and workers for fulfilment of obligations as per the laws of the land. It has over 200 staff, both direct and indirect on its rolls and operates on pan India basis. Recently, it has diversified into foreign shores as well, into countries like US, UK, UAE, Canada, and South East Asia for handling payroll, outsourcing, recruitment, compliance and governance.
Karma Management handles the obligations of all provisions contained in the labour acts and rules. Employees are entitled to several benefits under the Employment Act, including annual paid leave, sick leave, maternity benefits, paid public holidays, etc. Employers must ensure that they meet all of the Act’s standards and that the contract conditions reflect this.
Businesses must comply with the following requirements of the Act in particular:
- Minimum wage
- Maternity benefits
- Revision of wages
- Safer work environment
- Adaptive work culture
- Issuance of employment contracts
- Social contributions
- Health care and insurance
- Holidays and annual leave
- Termination, severance pay, grievance handling, redressal
And in this instance: If you look around the globe, so many changes are happening which never existed before, of course, there has always been a dearth for talent and the war for talent would get heated up now and then, but the calamities of layoff in numbers to about over lakhs of employees, hiring freeze, cost cutting, redundancy, moon lighting, project based working, etc. has been witnessed for the first time. Yes, there was earlier the Great Depression and the Great Resignation but this trend of huge layoffs has caught the industries in a whirlpool of down turn.
Everything was normal 2 years ago before the pandemic hit the industry and the people very baldy affecting their normal way of life. It changed not only the working style of people but changed the entire dynamics and this certainly caused erosion in the workplace and especially the tech market.
Some of the latest trends emerging today and the most important ones are listed below:
Subject: THE DYNAMISM OF TALENT IN TODAY’S WORLD
Appended is the complete news item
THE DYNAMISM OF TALENT IN TODAY’S WORLD
If you look around the globe, so many changes are happening which never existed before, of course, there has always been a dearth for talent and the war for talent would get heated up now and then, but the calamities of layoff in numbers to about over lakhs of employees, hiring freeze, cost cutting, redundancy, moon lighting, project based working, etc. has been witnessed for the first time. Yes, there was earlier the Great Depression and the Great Resignation but this trend of huge layoffs has caught the industries in a whirlpool of down turn.
Everything was normal 2 years ago before the pandemic hit the industry and the people very baldy affecting their normal way of life. It changed not only the working style of people but changed the entire dynamics and this certainly caused erosion in the workplace and especially the tech market.
Some of the latest trends emerging today and the most important ones are listed below:
IS TALENT WAR OR BATTLE OR SIMPLY SOME SKIRMISHES OR FIGHTS OR LETHAL SHOWDOWN:
It is the age of technology, the AI and the Machine Learning which has paved its way into the work flows creating turbulences in traditional working style of people. As per industry trends, there is over hiring, which means that people are over staffed, more than required. So in this sense, there is plentiful of talent. The question therefore arises that is this the right talent for the right job or is it wrong talent for wrong job. The right answer is that because of the sudden surge of AI and other technological devices, led to a sudden demand for talent, however, the people required have not been up to the mark.
In the latest scenario, we hear of big tech industries in India, removing people who have failed the test numbering to over thousands of them. It means that these people did not possess the skills required to tackle the rapid digital transformation leading to adaptation in the change of work flows. Also, the fact that due to moonlighting and people leaving full time jobs to seek engagement with multiple jobs like freelancing, assignments, etc. this has led to exits in the industry causing death of talent.
In the end, it is only skills, capabilities and competencies that keep the best talent going as compared to the fresher’s and the latest Generation who seek faster growth without embracing added skills and enhancing their work profile.
Being multi-skilled is important
It is an accepted fact that demand for good talent will always remain, no matter what turbulences and erosion take place in the industry. The pandemic changed the very looks of working from office to home and being altogether a new concept, revolutionize the home working with the onset of newer technology that required to cope with home working. Thus the demand increase for acceleration of digital transformation and for new skill sets. But the people being acclimatized with one or two skill sets found it difficult to solve the complexity of digital problems. Thus the acute scarcity of multi skilled workforce has gained momentum for employers to seek people with multi-tasking, multi skilling, and it is only these things that will bridge the demand and supply gap and will create a future workforce in 2023 with a 180-degree turnaround from the traditional and formal working or learning methods.
Managing the workforce in a hybrid era
Earlier times, there would be a common factor bundling or engaging or tying up various people together but today, each individual person comes with a different definition and a different meaning and therefore, one definition may not be the same for all, but for all people, each one would have a different meaning and this is the purpose of how every person will get attracted if one goes by this proposition.
Once the talent comes in, most of the industries allow the new hires to go around fending for their own needs and earlier in the interest of their own selves, people would move around their job role. But today people look beyond this and depend on the higher ups for understanding business needs, seeking newer skill sets, engagement programs, learning and development, career path and a sound growth culture over and above, an attractive compensation and benefit plan.
If these things are missing, certain an employee’s mind gets diverted and look beyond the regular working where there will be avenues for enhancing their interests.
Employers have now become aware and are creating designs in their workplace where there will be room for hybrid kind of working with acceptance of some days devoted to full time working, coupled with working from home and leaving the week ends for undertaking special assignments and projects.