In the middle of the global commotion, employee skill development is the key for organizations to stay competitive; revealed in an IBM Institute for Business Value (IBV) study. The study titled ‘Accelerating the journey to HR 3.0’ mentioned that 70% of HR executives reported that the global HR function is ready for an interruption.
Currently, only 10% of the companies globally have achieved HR 3.0, which revolve HR into a lively consulting organization that delivers efficient services, along with practicing design thinking to drive innovative solutions, cognitive tools, and transparency in the functions. The study states that the HR must be thoroughly redefined, along with the steering principles of personalization, core-skills, decision-making using data science, lucidity, and agility are all focused on the journey to HR 3.0; CHROs tremendously agrees to this. Skills are the new currency and the key to excellence in the current scenario.
In India, 41% of companies treat skill-developing as a key part of the performance management functions and around 30% of Indian organizations possess skills and capabilities in AI inside the HR function itself. Many organizations are deploying digital technology and AI, during the entire employee lifecycle. 25% of organizations in India, according to IBM are using AI and data analytics to make healthier decisions about talent management like skilling programs and compensation decisions. Over the past decades, Human resources have advanced greatly to get together the requirements of the changing business environment. The world’s finest companies take daring steps to accelerate HR transformation quickly and purposely. HR 3.0 is believed to be the next evolutionary step that represents a major pattern shift for CHROs and teams.
35% of Indian companies believe that the leaders give power to the teams to innovate by creating a purpose, and 29% of organizations in India recognized behavioral skills such as growth mindset and creativity for structuring various flexible teams by AI. Additionally, in India, 28% of organizations take data-driven decisions powered by AI which is significant to the future of HR, and around 25% of companies are enthusiastically investing to upskill HR. Also, 60% of HR executives agree that data from novel sources like financial data, and social-media data support to make better decisions not only about talent but for others also.
This study was conducted in a joint venture with Josh Bersin global independent analyst of the Josh Bersin Academy; it included insights from 1,500+ global HR executives in 20 countries and 15 industries. With practical illustrations of how HR leaders can reinvent their purpose to build a more sustainable labor force, the study offers a roadmap to the next epoch of HR.