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Industry Overview

2020 transformed management and raised difficult questions about the future of work. HR professionals must navigate an unknown future, and they need new insights to do so.

Human resources professionals must contend with the ways Covid-19 has radically transformed how we work and live. To develop human resources strategies for a post-Covid-19 world, they need profound insights and accurate data about the new challenges they face.

 

Challenges

1. Making remote work, work

The shift to remote work has led to a feeling of isolation by 45-50% of the US workforce, according to Control Risks, a global crisis consulting firm. Prior to Covid-19, it was fairly easy for HR professionals to offer social gatherings and other face-to-face events to drive engagement and foster connections. After Covid-19, things aren’t so simple. Over a year after the pandemic began in earnest, many people still work remotely. HR professionals have to come up with substitutes for the face-to-face connection building they once took for granted.

How to understand employee engagement in this new environment and build a stronger sense of common purpose?

To successfully navigate this new world of work, companies must understand remote-work best-practices and how HR professionals across industries drive talent engagement and build common cultures.  They also need to learn what talent within their industry emotionally value and what makes them feel connected to one another and their companies.

 

2. Delivering on Diversity, Equity, and Inclusion Promises

The #MeToo and #BLM movements have heightened the necessity for companies to reckon with diversity, equity, and inclusion (DEI). Paying lip service to these ideas isn’t enough; companies must act and achieve results. A 2019 McKinsey study found that companies in the top quartile for gender diversity on executive teams were 25 percent more likely to have above-average profitability than companies in the lowest quartile. Post-Covid, as companies recover from a global pandemic and recession, any competitive advantage will carry significant weight.

How companies can gain a competitive advantage by understanding what it takes to drive diversity, equity, and inclusion impact?

HR professionals need to learn how best-practice companies succeed in their DEI efforts.  Additionally, they must validate their DEI strategies by hearing the voices of minority and under-represented talent and leaders.

 

3. Hiring and Retaining in a remote world

As the global economy recovers, job market for hiring talent has become more competitive than ever. Companies allowing remote work have a powerful differentiator when recruiting for people who prefer not to relocate. To attract top talent, companies need to understand what employees value in the post-Covid era.

How should HR professionals compete in this new hyper-competitive environment?

The best recruiting and retention strategies are powered by insights on why talent chooses one company over another.  HR professionals also need to learn what benefits and offerings competitors are implementing to attract talent.

 

4. Deciding when and how to return to work

Companies and HR professionals developing return-to-work strategies face the challenge of doing so in a safe manner that acknowledges the learnings of the Covid-19 crisis.  Vaccine passports and flexible in-person schedules are just some of the measures being explored, not without controversy.  When and how companies return to work could have long-reaching impacts on employee productivity and retention.

How to find the right working model post Covid?

HR professionals need to connect with other HR professionals to learn best-practices and approaches for returning to work.  They also need to understand workforce sentiment, needs, and ideas not only within their own companies, but within their industry and ecosystem.

The best HR strategies are powered by accurate insights and high-quality data. 

As the world’s leading B2B research company, NewtonX is the partner of choice for HR departments and CHROs seeking to not only survive, but to thrive and win in the post-Covid-19 economy.

Our proprietary, AI-driven NewtonX Knowledge Graph scans and verifies an open network of 1.1 billion professionals across 140 industries to find insights and answers to any business question. We go to every corner of the world to connect you with the right sources, delivering 100% verified professionals to give your thinking a flawless foundation.

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