Reboot 2021: Navigating new competencies & risk management in an unpredictable world

As organisations are exploring new ways to manage new situations, one learning is clear employees are the new 'heroes and assets' to dealing with unpredictable changes.

Disruption, re-designing and risk-management. These are the defining parameters under the 'new normal' of workplace lens as organisations are adapting to a future and unpredictable challenges beyond coronavirus. As organisations are exploring new ways to manage new situations, one learning is clear employees are the new 'heroes and assets' to dealing with unpredictable changes. Therefore, skills like adaptability, collaboration, critical thinking, creativity and digital agility, employee wellbeing are a top priority for organisations within India and overseas.

This has made the one-size-fits-all narrative, irrelevant. People-Planet-Profit in equal measure is, therefore, the road ahead. With the latest National Education Policy (NEP) batting for holistic learning driving the above skills - risk taking and risk-management are critical - for a future where current jobs may not even exist. A recent Mercer report backs reality. It says, Globally, reskilling is seen as a top talent activity most capable of delivering return on investment (ROI) in the eyes of executives. This makes sense given 99% companies are embarking on transformation and reporting significant skill gaps. Combined with the executives' increasing apprehension around talent migration this year (up from 4% in 2017 to 38% in 2020), skill supply concerns are high.

In this scenario an effective risk strategy that identifies strategic objectives, monitors and assesses risks, joins the dots and facilitates effective decision-making is crucial. Hence, risk-management education in leadership development needs to evolve to meet the needs of this highly unpredictable and dynamic environment. Today, the most vital skill for any business and its employees is:learning agility.

This is happening, already.A significant number of Indian professionals are focusing on sharpening their soft skills like communication and virtual presentation to adapt themselves to the changing talent landscape in a post-Covid-19 world. A survey by Talent500 by ANSRs points out that 56 percent of the professionals leverage free as well as paid upskilling platforms to develop as a suitable candidate for large enterprises.

Leaders have to invest in reskilling and wellbeing. As they continue to innovate, disrupt and redesign, it is clear that existing approaches to workforce management are no longer sustainable. How to do it right, then? With high emphasis on technology currently, HR processes are beginning to seriously consider gamification which allows questioning, exploration, mistakes as a new tool for L&D purposes to increase an employee's risk appetite and give an immersive experience. Also, ensuring effective remote working and collaboration are top priorities now along with redesigning businesses and organisation structures. Multi-industry experience and multiple-role knowledge are a big plus today. In this light, organisations need to boldly rejig recruitment processes for ingress of fresh graduates, digital natives and upskill the existing talent pool, instead of releasing them.

These developments have sparked a vulnerable leadership trend wherein a leader is accessible and empathetic, trusts and communicates well with his people, allows risk-taking and cares about their wellbeing. Consequently, this is leveraging a wave of unheard and out-of-the-box solutions by the workforce during crisis situations and are effectively making organisations more resilient in handling any situation.

Albert Einstein befittingly said, "Learn from yesterday, live for today, and hope for tomorrow. The important thing is not to stop questioning." The world is collectively questioning everything as we navigate a new normal. Your plans of yesterday may not be relevant today and if you are open, vulnerable and adapting slowly to anything, it's a sign that you've stepped into the new normal.

The author, Sharad Mehra, is CEO - Asia Pacific at Global University Systems (GUS).

DISCLAIMER: The views expressed are solely of the author and ETHRWorld does not necessarily subscribe to it. ETHRWorld will not be responsible for any damage caused to any person or organisation directly or indirectly.