The pandemic may be starting to recede in our immediate memories but it continues to have an impact on our world and business practices. As a result, forward-thinking employers need to stay abreast of shifting trends to ensure their HR strategies remain competitive.
David Plink, CEO of Top Employers Institute, a global authority on recognizing excellence in people practices, says there are three key themes poised to shape HR agendas this year for businesses that wish to remain agile and resilient: diversity, equity, and inclusion; balancing work, life, and well-being in a new world order of work; and humanising HR.
Diversity, equity and inclusion
“The need for diversity, equity and inclusion continues to be underscored significantly with conversations around system racism taking centre stage across many industries. Companies therefore have no choice but to adopt initiatives that support more equitable workplaces,” says Plink.
He adds that organizations should now look beyond tokenistic efforts like quotas but rather focus on making structural changes that offer greater opportunities for people of all backgrounds while also providing measurable benefits like improved recruitment outcomes or increased retention rates.
“A diverse workforce provides many benefits to businesses including higher innovation, better customer relations, stronger employee retention and increased profitability.”
Creating a sense of belonging amongst all staff is critical to achieving diversity, equity and inclusion in the workplace, points out Plink. “Companies should strive to create an environment of acceptance and understanding where everyone feels included and valued regardless of their background or identity and where ideas are shared from various perspectives. This helps create an environment where everyone feels comfortable bringing their unique skills and experiences to the table without fear of judgement or discrimination.”
Work-life balance
Employers also need to acknowledge the toll the pandemic has taken on employee well-being, says Plink.
“Working from home can provide a level of flexibility not available in traditional office settings – but it can also lead to burnout if not managed correctly. Companies must create flexible policies that enable employees to manage their work and personal lives simultaneously. This could include things like offering mental health days off or training managers on how to recognise signs of stress in remote employees,” he says.
Explaining that leaders need to lead by example, he says they need to factor in regular check-ins with each team member to discuss any anxieties or worries they may have.
“It is becoming increasingly evident that for businesses to continue thriving in our digitalised world today, leaders must take responsibility for supporting their teams beyond just professional tasks,” says Plink. “Instead, leaders must consider every aspect of their lives, including mental, spiritual, and financial well-being.”
Cindy Botha, vice president of people operations and engagement at Makosi agrees that employers can no longer ignore employee wellbeing. “Based on the premise that happy people deliver the best results, our culture is firmly focused on the best interests of our people. Rather than pigeon-holing people, we take their interests and aspirations into account and pay a great deal of attention to developing and supporting them. We schedule frequent team chats and give everybody a voice so that nobody feels that they are in a silo or alone.”
Makosi, certified as a top employer by Top Employers, partners with accounting teams around the world to deliver high-quality variable workforce solutions including audit, assurance and advisory services using a 100% remote workforce. The company employs 1 500 accountants in 12 countries offering a compelling employment proposition: the ability to work with international clients and gain international exposure while benefiting from attractive remuneration benefits, professional and personal coaching and development, and good career growth.
Humanising HR
Plink is firm believer in the power of human connections in the workplace, especially when it comes to creating strong organizational cultures through employee engagement initiatives. He maintains that by investing in building relationships between colleagues rather than solely focusing on process efficiency or task completion times, companies can build trust between their staff which then leads to higher performance overall.
"It's high time that HR departments recognize and understand the value of individualism,” he says.
He expects a revolutionary shift in how HR strategies are created and implemented. He says this shift will be characterized by a new acronym: GAIT (Generally Applicable, Individually Tailored) which is an idea rooted in treating everyone respectfully as individuals with unique backgrounds, experiences, set-ups and dreams.
“Companies need to recognise that there is no ‘one size fits all’ when developing HR frameworks and policies. Teams need to account for each collaborator’s individuals needs and allow for personal choices to be made within them.”
While the turbulence impacting the workforce over the last few years has led many organisations to rethink the way that they approach the changing dynamics of work, Plink says now more than ever, companies need creative ways of engaging their people while maintaining operational efficiency.
Botha believes Makosi is already ahead of the curve with its disruptive business model and innovative people-centred employee practices which are geared to creating a great place to work while at the same time creating unprecedented opportunities for team members.
