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The new HR Function in the New Economy.pptx

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The new HR Function in the New Economy.pptx

  1. 1. The new HR Function in the New Economy FREDERICK C BUSGANO Discussant Jo Bitonio Professor
  2. 2. What is new economy? Photo Attribution: https://www.forbes.com/sites/bernardmarr/2018/09/02/what-is-industry-4-0-heres-a-super-easy-explanation-for-anyone/?sh=2e0fbf3f9788
  3. 3. Photo Attribution: https://www.intechopen.com/chapters/80514
  4. 4. What is new economy? • New Economy refers to industries that use innovative and state-of-the-art technologies to improve their efficiency, productivity, quality, customer satisfaction, profitability, and nation’s GDP. • The term was coined during the late-1990s tech bubble (which was sparked by the emergence of the Internet and computers) that resulted in the stock market crash. • The service-based economy can deliver high- value-added services because of the integration of information technology, the Internet, skilled labor, and long-term business structures. • Factors like knowledge, change, and globalization drives this economy. Increased rivalry, growth prospects, market expansion, etc., are some of its characteristics.
  5. 5. How New Economy Works? New Economy definition signifies industries adapting to changing technology and employing it to achieve corporate objectives such as productivity, quality, efficiency, customer satisfaction, and profitability. The term was coined during the late 1990s tech bubble (caused by the introduction of the Internet and computers), which ended in a massive stock market crash. It represents the transition from a traditional manufacturing and commodity-based economy to a technology-enabled and service-based one. The adoption of artificial intelligence, robotics, decentralization of services, etc., marks the emergence and evolution of the new economy. Its fundamental components include the globalization of corporate operations and connecting value chains using innovative communication and management technologies. It, thus, results in better production for businesses and instant delivery to customers. Customers in such an economy have access to a transparent market and knowledge that they did not have in the traditional, classic economy. With that, it becomes easier for them to rely on a brand. In addition, innovative technologies, skilled labor, and sustainable business models enable the service-based economy to deliver high-value-added services.
  6. 6. Strategies to be adopted by the new HR function to navigate through the challenges of the new economy • Establish growth and development programs – Once you have recruited your talent, develop programs that will help increase their knowledge-skills. Encourage them to “think-out-of-the-box” through intensive training programs and seminars. • Retention programs – “Superstars” are naturally very high in demand; therefore, to retain these talents, you’ll need to know what motivates them to remain in your company and how else you can empower them to unleash their creativity.
  7. 7. Strategies to be adopted by the new HR function to navigate through the challenges of the new economy • Train senior executives – Senior executives may tend to be more traditional in their ways. They need to learn to manage these new “superstars” and HR is in the best position to conduct such trainings, bringing awareness to the new change across all levels. • Outsource non-core HR functions – HR practitioners should start outsourcing non-core administrative tasks. With that, HR is able to focus more on strategic planning that could help the company’s growth.
  8. 8. Strategies to be adopted by the new HR function to navigate through the challenges of the new economy . • Embrace new technology – Take initiatives to learn new ways to improve your core functions by using tools such as Google Apps for Work (G Suite), a comprehensive suite that can help HR perform their core functions in a practical and efficient manner. This includes functions such as Hiring, Training and Development, Employee Engagement, Performance Management and Safety and Compliance.
  9. 9. Tips To Prepare for Changes in the HR Realm In a dynamic work environment, companies can never be prepared enough. Some tips to strategize better for shifts in HR administration: • Learning and developing efficient ways to engage employees at all times. The traditional model of contacting employees sporadically doesn’t work, leading to a lack of engagement and motivation for employees feeling isolated. • For employees working remotely, daily “virtual water cooler and coffee pot” conversations can allow them to check in and address their concerns. It provides them with a “voice” and an opportunity to seek ideas and exchange suggestions. • Training, development and career discussions make employees feel wanted and suggest they have a future career with the organization. • Checking in on employee mental health allows leadership to head off any major issues an employee might be experiencing.
  10. 10. References: • https://www.selecthub.com/hris/hr-trends/ • https://www.cdc.gov/workplacehealthpromotion/initiatives/resource -center/case-studies/engage-employees-health-wellness.html • https://www.wallstreetmojo.com/new-economy/#h-what-is-new- economy • https://www.forbes.com/sites/bernardmarr/2018/09/02/what-is- industry-4-0-heres-a-super-easy-explanation-for- anyone/?sh=2e0fbf3f9788 • https://www.intechopen.com/chapters/80514

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