Talent executives to double their efforts in the next two years to skill their HR teams in new capabilities: Reveals IBM HR 3.0 Study
A new IBM Institute for Business Value (IBV) study, “Accelerating the Journey to HR 3.0,” reveals that 7 out of 10 human resources (HR) executives report the global HR function is ripe for disruption. CHROs overwhelmingly agree that HR must be radically redefined. Guiding principles of personalisation, skills at the core, data-driven decision-making, transparency and agility are all central to the journey to HR 3.0.
HR 3.0, which only 10 per cent of companies have achieved globally, turns HR into an agile consulting organisation; one that not only delivers efficient services, but also practices design thinking to push innovative solutions, cognitive tools, and transparency into the organization. Right now amid global disruption, employee skill development is key for organizations looking to stay competitive.
Skills have emerged as the new currency across businesses. 41 per cent of companies in India make skills growth a key part of their performance management approach and close to 30 per cent of Indian organisations have skills and capabilities in AI within the HR function.
Organisations are embedding AI and digital technology throughout the entire employee lifecycle. According to IBM, 25 per cent of organisations in India are leveraging AI and analytics to make better decisions about their talent – such as skilling programs and compensation decisions.
“Human Resources has evolved greatly over the past decades to meet the needs of a changing business environment. To bring forth the new era of HR and drive transformation inside organizations – HR itself must be radically redefined. The world’s best companies are taking bold steps to accelerate their HR transformation with speed and purpose. We believe that HR 3.0 is the next evolutionary step, representing a major paradigm shift for CHROs and their teams,” said Chaitanya N Sreenivas, Vice President & HR Head, IBM, India and South Asia.