The impact of Covid19 created significant changes in the way we work and communicate with each other. Many employees now work remotely. Organizations have implemented new software and business processes to better meet customer needs.
In the beginning, many people thought these changes would be temporary. Now we are well into 2021, and an entirely new normal has emerged. Hybrid workplaces are on the horizon. Digital transformations are on the rise.
Businesses have now also shifted their focus from a state of survival towards developing new strategies that will help them thrive in the disruptive business environment.
Increasing business resilience and agility is at the top of mind for leaders in every industry. They are now looking to their HR teams to help them solve their toughest business challenges. Human capital management and transformational practices are now the driving force of successful change.
What is The Concept of Human Capital Transformation?
Human capital transformation is the process of developing strategies that help employees reach their fullest potential. Organizations going through significant changes and digital transformations often fail without strategic plans and investments in human capital. Introducing new business processes and software alone will not improve performance. If your employees resist change or don’t know enough to use them, they will have little impact.
Top Business Challenges for Organizations in 2021
Increased Need for Data fluency and Digital Skills
After the initial health and safety restrictions were put in place in 2020, organizations adapted by enabling employees to work remotely, this created an increased need for employees to quickly learn an entirely new skill set. Employees now need education and training to help them learn how to use the tools and technology they need to successfully work from home.
The following skills are now high in demand:
- Digital fluency
- Data security
- Automation
- Online communication
- Leadership
Talent Shortages and Skills Gaps
Covid19 has changed the business world in another way. Rapid digital transformation has caused many jobs to evolve, requiring new skill sets. However, many organizations now need to fill emerging talent gaps.
Organizations need more learning talent to quickly reskill their current workforce. They need trainers, instructional designers, facilitators for virtual instruction, and more. Filling these skills gaps quickly is critical to increasing business resilience and agility.
A Growing Need for Automation
Business leaders are also focusing their attention on finding solutions that streamline everyday business processes. Many of the day-to-day tasks that were once performed by hand or in person can be automated. This increases efficiency and lightens the workload of your employees.
This has become a critical goal for organizations that want to increase agility and gain a competitive edge. Safety restrictions continue to fluctuate, and adopting new technology can make it easier for organizations to be prepared for changes that may occur.
How HR Leaders are Solving Business Challenges with Transformational Strategies
HR departments have become transformational leaders. This often requires HR transformation. Organizations that invest in modern human resources tools and technology enable their teams to become more effective and efficient.
HR chatbots answer common questions quickly. Digitizing paperwork makes it easier to assist remote employees. Learning analytics and LMS systems make it easier for them to manage training programs and optimize learning content.
Developing Business Aligned Learning Strategies
HR leaders can gather data to help them develop learning strategies that support business goals. Even the highest quality training program will not provide a high ROI without proper alignment. Each piece of training content should support your organization’s efforts to reach its goals.
Remote Friendly Employee Training
Developing learning programs that provide quality employee experiences and improve performance is important. Now it is also essential that learning content is remote-friendly. Mobile accessible learning programs, interactive eLearning, and virtual training programs are instrumental in helping enterprise organizations reach their distributed workforce.
Better Onboarding Practices
Employee onboarding practices directly impact an organization’s ability to attract and retain talent. Organizations that embrace transformational practices can streamline the processes by automating new hire training, digitizing paperwork, and using analytics to track their progress.
Final Word
Today the rate of transformation has grown exponentially. Organizations are looking to build resilience and agility. The process of human capital transformation is a critical part of these processes. They are needed for successful digital transformations and organizational shifts. Learn more about L&D in 2021 and watch the webinar replay From Surviving to Thriving: Overcoming Today’s Digital Challenges.
