The COVID-19 crisis has drastically impacted the business world on multiple levels, leading to operational disruptions, job losses and many more unpleasant scenarios. Numerous industries all across the globe have suffered a severe dip in demand and liquidity shortages, and many businesses had to permanently shut down their operations. The majority of workforce began working remotely and the companies witnessed a colossal workplace transformation overnight. With the pandemic still continuing, the firms are now reinventing their efforts to adjust to a “new normal”. The modes of communication and work have hugely changed and ‘business as usual’ has now an entirely new definition. The economic recession and the concerns of public health are further adding to the challenges. Undoubtedly, it’s one of the most difficult times and with the changed conditions, the businesses need to rethink their strategies to attain their former glory in the market. The HR department has a key role to play in this. Aspects like managing business continuity, implementing organizational changes, supporting workforce and talent management require heightened focus now. To help the organizations adjust to the new normal, HR teams are now re-evaluating their policies and best practices for informed decision making and helping the organizations recover.
The human resources department has a number of compliance responsibilities under which it has to take care of various laws and regulations, both at local and national levels. Needless to mention, compliance has always been a complex area, having multilayered issues and challenges, and with the governments at various levels becoming more and more stringent about the enforcement of the laws, the HR department needs to be even more informed and skilled. Also, the laws and regulations, today, keep changing frequently and the HR professionals often find it difficult to keep up. Compliance in an organization covers a number of subjects like compensation, training programs, management practices, employee behavior and more. The HR department acts as the front line of defense for any company, and is responsible for ensuring that the employees are treated fairly, they are taken care of and the business complies with all the regulations. Also, a weak compliance program can bring significant legal risks to the business.
The competition in the market is cut-throat and winning the top talent for your organization is increasingly becoming difficult. Also, the market demands and needs are continuously changing and talented candidates have become the greatest assets a company can have. The era where the recruiters used to post job descriptions hoping that good candidates would gravitate towards them to fill the positions automatically is long gone. Today, candidates have multiple offers in hand from which they can conveniently select the organization that they want to work for. This has brought a significant change in the talent acquisition space where recruiters, now, need to actively pursue candidates to hire the best talents for organizations. Also, the trends and methods of talent acquisition are changing and companies are incorporating some really advanced technologies to perfect their processes, making things even more difficult for companies stuck with outdated practices.