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Adapting to Industry 5.0
Building Engagement, Skills, and Sustainability
In the era of Industry 5.0, organisations are adapting to rapid changes driven by various disruptive forces, from geopolitical shifts to smart technology. The term "future-proofing" has gained traction, emphasising the need for businesses to evolve and build resilience. The pandemic has underscored the unpredictable nature of such transformations, highlighting the importance of robust corporate governance and proactive leadership in navigating these challenges.
Cultural focus is crucial
Culture is an invisible yet powerful force influencing employee behaviour and conduct. Recognising that culture propels engagement and dictates strategic direction, it's vital to nurture the organisational DNA to enhance employee engagement and correlate it with the Net Promoter Score. Conduct regular assessments to align cultural practices with organisational goals. The SEBI LODR for listed companies emphasises the importance of a robust corporate governance framework, which includes fostering a positive organisational culture.
Examine employment and work models
According to Gartner, remote and hybrid work models have minimal impact on employee performance. Companies must strategically enhance tangible and intangible benefits while managing costs to attract and retain talent, considering the multi-generational workforce and the growing gig economy. NITI Aayog predicts India's gig workforce will reach 23.5 million by 2030. Embrace varied work arrangements that cater to employee preferences and also enhance productivity. Invest in technology and infrastructure that supports multi-work models.
Recognising that culture propels engagement and dictates strategic direction, it's vital to nurture the organisational DNA to enhance employee engagement.
AI, Gen AI, and Digital-First will revamp jobs & evolve Skills required at the workplace
The rise of AI and digital tools has made 'prompting' a new skill for navigating platforms like ChatGPT and Co-pilot. This trend is set to persist, driving the imperative for continuous reskilling and upskilling. The World Economic Forum's Future of Jobs report underscores the increasing interactivity in work through gamification and virtual reality. Measure the learning agility of the organisation and assign budgets to provide resources for employees to develop new competencies. Regulations also require disclosures on corporate training and development programs, ensuring a focus on workforce adaptability.
Strengthen DEI and ESG implementation
Millennials, Gen Z, and Gen Alpha demand a purpose driven, equitable workplace. Enhancing sustainable business practices and inclusive work cultures is crucial as the workforce becomes more diverse. This has now become a necessary engagement driver in most organisations. Develop comprehensive DEI and ESG frameworks that resonate with the diverse workforce. Ensure transparency in reporting and involve employees in shaping these initiatives.
Build a human-centric workplace
Progressive companies prioritise listening to employees and addressing their needs through initiatives like flexible wellness budgets, financial planning workshops, and mental health support. It is essential to provide a safe and supportive environment that values employee well-being and fosters an open communication culture.
Conclusion
The future is fluid, and by embracing these trends, leaders can become effective change agents. An engaged workforce is key to future success, and leaders must foster an environment of trust, transparency, and innovation.
Disclaimer: The views expressed in the article are solely of the author and do not represent those of people, institutions, or organisations that the owner may be associated with in a professional capacity.
*Ms. Aditi Mukherjee is the Chief People Officer at NCDEX, leading Human Resources and CSR for India's largest agri-commodity exchange. With over 20 years of experience across IT education, financial services, consulting, and manufacturing, she has worked with esteemed organisations such as Tata Steel, PwC, and NIIT Ltd.
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Ms. Aditi Mukherjee
Chief People Officer - NCDEX, IOD Member
Owned by: Institute of Directors, India
Disclaimer: The opinions expressed in the articles/ stories are the personal opinions of the author. IOD/ Editor is not responsible for the accuracy, completeness, suitability, or validity of any information in those articles. The information, facts or opinions expressed in the articles/ speeches do not reflect the views of IOD/ Editor and IOD/ Editor does not assume any responsibility or liability for the same.
