The report, titled “India’s HR Revolution: Building the Workplaces of the Future”, was launched at the FICCI Innovation Summit in Mumbai on Tuesday.
Purpose-driven culture through ESG and sustainability, evolving talent management practices, enhancing employee well-being and engagement, unlocking potential through diversity, equity and inclusion, creating bionic organisations through GenAI-driven HR and leveraging predictive HR analytics are the six critical components that, according to the report, are shaping the future of HR in India.
Jyoti Vij, Director General, FICCI, said, “The business landscape is evolving at an unprecedented speed, driven by technological advancements, changing workforce dynamics and the imperative for sustainability, making the role of Human resources “It is more important than ever. By embracing these emerging trends and incorporating Diversity, Equity and Inclusion (DEI) and Environmental, Social and Governance (ESG) principles into their core strategies, organizations can create resilient, innovative and purpose-driven workplaces that are well-equipped to meet the challenges of the future.”
According to the report, 55% of CXOs believe their organizational culture is fully aligned with stated values and missions. 2 out of 3 CXOs strongly agree that environmental responsibility has become more important to the organization over the past 1-2 years. 84% of CXOs feel ESG initiatives are essential to driving HR strategies.
4 in 5 organizations identified increased productivity as the primary goal of upskilling initiatives and 70% of organizations hire contingent workers based on their needs. Nearly 3 in 5 Indians (58%) reported experiencing burnout at work. As a result, only 23% of senior executives report very high levels of burnout. Employee Engagement in their organizations. Organizations are waking up to this urgent concern: 72% of them are leveraging policy changes to facilitate employee work-life balance. Although 2 in 3 CXOs strongly agree that diverse teams improve performance and engagement, less than half (49%) of organizations have diversity-related metrics at all levels. 49% of CXOs see resistance to change as the biggest obstacle to DEI initiatives.
Ashish Garg, CEO of BCG, said: “Diversity, equity, and inclusion (DEI) initiatives are becoming critical, with senior executives recognizing that improved performance and engagement are key outcomes of fostering diverse teams. Companies are moving beyond the pilot phase with predictive and generative AI, scaling across the HR value chain and investing in developing GenAI expertise.”
Interestingly, despite 70% of organizations reporting improved decision making through real-time analytics, less than half (47%) have reported increased reliance on predictive models and simulations and even fewer organizations (34%) have integrated analytics into workforce planning.
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