So, what is the key to a bias-free and efficient hiring process? How do you ensure the right candidate does not get lost? This is where automated resume screening can help. Leveraging AI in recruitment is an efficient way to streamline the process of initial candidate selection. A good resume screening software can help talent acquisition teams to objectively identify the candidates that align the best with the job role. Want to know more about how and the various benefits of automated resume screening? Then, scroll down to read this blog further!  

How Does Automated Resume Screening Work?

Automated resume screening typically involves an enterprise resume screening software integrated with an applicant tracking system (ATS). When new applications are submitted, the system automatically analyses and parses key data from resumes against predefined criteria set by the recruiters. Such software works by identifying keywords, assessing skills, evaluating experience, and checking educational backgrounds that align with the job description.

Benefits of Automated Resume Screening

The adoption of automated resume screening is an excellent step towards improving the efficiency of hiring processes. Not only does the integration of AI in recruitment remove biases, but it also helps choose candidates that are the best fit for a position, reducing attrition. Here are some other benefits of automated resume screening that you should know before investing in it.

Faster Screening Process

One of the major advantages is the increased efficiency in screening velocity. AI tools can parse and extract crucial data in mere seconds, in comparison to humans who may take longer. When resumes are screened faster, it allows recruiters to focus on other aspects of hiring, which overall accelerates the hiring process. This efficiency can be particularly valuable for staffing companies in India dealing with high volumes of applications.

Reduced Unconscious Bias

Automated resume screening significantly reduces unconscious bias that can seep into manual reviews. AI objectively assesses skills, experience, and education, ensuring that decisions are based purely on job-specific criteria rather than factors like gender, ethnicity, or age. This results in a more diverse and equitable candidate pool that aligns with modern hiring best practices.

Lower Time and Hiring Costs

Using AI in recruitment directly results in substantial cost savings. Automating the initial screening process can reduce the cost-per-hire by a significant margin. As recruiters reclaim a considerable portion of their time, it allows them to engage in higher-value activities such as sourcing and having better initial conversations with candidates.

Better Candidate Experience

A positive candidate experience is crucial for employer branding. Automated systems, particularly those incorporating recruitment chatbots, can engage applicants with personalised conversations and offer timely updates regarding their applications. This can be hugely beneficial as it improves the hiring experience for candidates and ensures the employer’s reputation remains intact.

Higher Screening Accuracy

AI-powered screening achieves remarkable accuracy, with capabilities of up to 90% in matching applicants to job criteria. This process minimises the instances of rejecting qualified candidates and advancing unqualified candidates, for any reason. Automated resume screening ensures that only the most suitable candidates progress, and the quality of hires is high.

Data-Driven Screening Insights

Automated tools generate rich analytics and key performance indicators (KPIs) related to screening. It offers in-depth insights on application volume trends, screening velocities, candidate quality indicators, and more. These insights allow recruitment teams to make data-backed decisions and continuously optimise their hiring funnels. It also makes the whole process more transparent for the company.

Improved Compliance and Auditability

AI resume screening systems provide comprehensive audits that facilitate unbiased and ethical procedures. This helps organisations maintain compliance with employment regulations and offers better governance over the hiring process, which is an important consideration for any HR Consultancy in India.

Automated Shortlisting

Beyond initial screening, automated resume screening systems also seamlessly move candidates through the hiring pipeline. They automatically shortlist those who meet specific criteria for assessments or interviews. Such tools also integrate calendar schedules to eliminate delays and ensure greater efficiency.

Conclusion

Integrating automated resume screening into the recruitment process is imperative for organisations aiming for efficiency and effectiveness in their hiring processes, especially when hiring at a scale. By leveraging advanced technology, businesses can significantly reduce costs, save time, eliminate bias, and, most importantly, identify and secure the best talent. 

To know how integrating AI in recruitment can improve engagement with qualified candidates and help you build a workforce that aligns perfectly with organisational goals and values, get in touch with us today for expert insights!

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The Demise of One-Size-Fits-All Careers

Gone are the days when a single career ladder defined success. In 2024, the professional world is embracing diversity, recognizing that the traditional, linear career path doesn’t suit everyone. The rise of non-linear career trajectories allows individuals to explore various fields, experiment with different roles, and tailor their journey to their unique interests and strengths.

One of the key reasons why non-linear career paths are gaining popularity is the desire for change and flexibility. In a rapidly changing world, individuals are seeking careers that allow them to adapt and grow. Non-linear paths provide the freedom to switch industries, learn new skills, and explore different areas of interest. This flexibility enables individuals to stay relevant and navigate the ever-changing job market.

Passion-Driven Choices

It’s time to prioritize passion over predefined paths. Pursuing what you love, rather than what society deems as a “stable” career, is gaining momentum. Whether it’s art, technology, or entrepreneurship, individuals are finding success by aligning their careers with their genuine interests. Non-linear paths are not just about job titles; they’re about weaving a narrative that reflects your passions and aspirations.

Traditional career paths often limit individuals to a specific field, leaving little room for exploration. However, non-linear paths encourage individuals to follow their interests and try new things. This allows for personal and professional growth, as individuals can align their work with their passions and find fulfilment in what they do.

Embracing Change and Adaptability

Non-linear career paths require a mindset shift. Embracing change becomes a valuable skill as individuals navigate a landscape where flexibility and adaptability are key. Rather than fearing uncertainty, those on non-traditional journeys see it as an opportunity for growth, allowing them to pivot, learn, and evolve along the way.

Many individuals who choose non-linear paths are driven by a desire to create their own opportunities and be their own boss. With the rise of technology and the gig economy, it has become easier than ever to start a business or work as a freelancer. Non-linear paths provide the freedom and flexibility to pursue entrepreneurial endeavours and build a career on your own terms.

One of the challenges of non-linear career paths is the possibility of failure. However, failure should be seen as an opportunity for growth and learning. Non-linear paths require individuals to take risks, try new things, and step outside of their comfort zones. It is through these experiences that you can discover your strengths, learn from your mistakes, and ultimately grow both personally and professionally.

Read Also:
• Buildingtomorrow career path for the 50 years old
• Career prospects for the gen x in india
• Shaping careers
• 3 rewarding career opportunities in the saas industry
• Buildingtomorrow ascending the career ladder

Nurturing Skills Beyond the Resume

Non-linear paths often emphasize the importance of skills and experiences beyond what’s traditionally seen on a resume. Soft skills, emotional intelligence, and a breadth of experiences become equally, if not more, valuable. By exploring different industries and roles, you can acquire a wide range of skills that can be transferable across various fields. This versatility not only makes you more adaptable but also enhances your marketability. Employers today value candidates who can bring a unique blend of skills and perspectives to the table.

Ultimately, the goal of any career is to find fulfilment and happiness. Non-linear career paths offer individuals the chance to pursue their passions, explore their interests, and create a life that aligns with their values. By following their own unique path, individuals can find a sense of purpose and satisfaction in their work, leading to a more fulfilling and meaningful career.

In 2024, the career landscape is not about following a predetermined route but about forging your path fuelled by passion. Embrace the non-linear, dare to break away from the traditional, and craft a career that resonates with your authentic self. While non-linear paths may come with challenges and uncertainties, they offer the opportunity for personal and professional growth, fulfilment, and happiness. So, if you find yourself longing for a career that aligns with your passion, don’t be afraid to break free from the traditional mould and embrace the non-linear path. Your future self will thank you for it. As the professional world transforms, it’s the non-conformists who redefine success, proving that the most fulfilling journeys are often the ones less travelled.

If you’re ready to embrace a non-linear career path and follow your passion, start by identifying your interests and exploring different industries. Don’t be afraid to take risks, learn new skills, and seek out opportunities that align with your values. Remember, your career is a journey, and it’s never too late to start pursuing your true passion. So, go ahead, take that first step, and embrace the non-linear path to a fulfilling and meaningful career.

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The Evolution of HR:

Traditionally, HR has been associated with administrative tasks, recruitment, and employee relations. However, the contemporary HR landscape demands a shift from mere transactional functions to a more strategic, data-driven approach. Automation is emerging as the catalyst for this transformation, empowering HR professionals to focus on high-impact initiatives that drive organizational success.

HR Processes Reinvented:

The recruitment process is often labour-intensive, with hours spent on screening resumes and scheduling interviews. Automation, through sophisticated Applicant Tracking Systems (ATS), revolutionises this landscape. From resume parsing and candidate communication to interview scheduling, ATS enables HR teams to expedite the hiring process, ensuring that organisations acquire top talent swiftly and efficiently. With the advent of generative AI, many such processes are getting further automated, giving rise to greater efficiency.

The onboarding experience sets the tone for an employee’s journey within a company. Automating onboarding processes ensures a seamless and engaging experience for new hires. From digital paperwork to personalised training modules, automation contributes to a positive onboarding experience, accelerating the integration of new team members into the organisational culture.

Engaged employees are the cornerstone of organisational success. Automation plays a pivotal role in enhancing employee engagement through tools such as surveys and feedback systems. Regular, automated surveys provide valuable insights into employee satisfaction, enabling HR professionals to proactively address concerns and create a positive work environment.

Continuous learning is a linchpin for employee growth and organisational competitiveness. Learning Management Systems (LMS) powered by automation allow HR to deliver personalised training, track employee progress, and identify skill gaps. This not only fosters a culture of learning but also ensures that the workforce remains adept in an ever-changing business landscape.

Traditional performance reviews are often time-consuming and prone to bias. Automation transforms performance management by automating goal setting, feedback collection, and performance assessments. This data-driven approach enables more objective evaluations, fostering a culture of continuous improvement.

In the age of big data, HR analytics is a goldmine for organisations seeking to make informed decisions. Automated analytics tools provide actionable insights into workforce trends, helping HR professionals anticipate challenges, identify high-performing talent, and optimise resource allocation for strategic growth.

The rise of AI-powered chatbots and virtual assistants marks a paradigm shift in HR service delivery. These automated assistants handle routine queries, providing instant responses to frequently asked questions and freeing up HR professionals to focus on complex, value-added tasks.

Navigating the labyrinth of legal and regulatory compliance is a challenge for HR. Automation ensures that HR processes adhere to these standards, minimizing the risk of legal issues. Additionally, automated reporting systems generate accurate and timely reports, providing HR with the data needed for strategic decision-making.

Human power:

As more and more administrative tasks get done by automation systems and bots, the power of the human mind can be unleashed by building a collaborative and cohesive work culture. The HR folks can invest their energies in planning the careers and succession of the employees into roles that exist today and are likely to be there in the future. Making the workforce future-ready is another part that the HR team can focus its energies on.

Building future-ready HR strategies through automation is not merely a technological upgrade; it is a strategic imperative. By leveraging the power of automation across recruitment, onboarding, employee engagement, learning and development, performance management, HR analytics, and more, organizations can position themselves at the forefront of innovation and agility. As we embrace the future, it is clear that the symbiotic relationship between HR professionals and automation technologies will be the driving force behind organisational success in the years to come. The future of HR is now, and it is automated.

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Scope of automation

Over time, more and more people will use Chat GPT and the NLP system will learn the tenor of the conversations and the language. Repetitive queries can be addressed easily by this chatbot. Right from customer service, employee query resolution, lead generation, ticket booking and handling reservations to interacting with patients on medical issues, recruitment, training and business insights, chatbots can be of great help.

The hiring manager specifies his or her requirements to the HR team. When the requirements are unreasonable, recruiters spend their knowledge of the talent market, time and energy to set the expectations of the line manager around the kind of talent that can be onboarded. Chat GPT when trained, can handle this critical conversation.

Similarly, Chat GPT can create the job description based on the discussion with the hiring manager and the approval received from the appropriate stakeholders. It can easily run queries on the database of the candidates to find suitable matches, reach out to the matching candidates and hold conversations about the opportunity. And the subsequent stages of conversation can be easily handled by the chatbot.

Does this work effectively?

Delivering superior experience to candidates is an important objective of every employer brand that cares for its life in the long term. Candidates have concerns, anxieties and feelings of various kinds that a chatbot cannot understand, let alone work anticipatively. Human capabilities are not easy to be mapped and codified. Hence, it is not possible to code this into an AI system completely.

The differences between good and great can be delivered only when the brand can engage with its stakeholders meaningfully and efficiently. A chatbot is not yet capable of delivering human-like effectiveness. We must appreciate the capabilities and limitations of Chat GPT; accordingly, we must involve it in accomplishing specific tasks that must be chosen carefully.

Must automate with sensitivity

All human beings appreciate interactions where they are treated with respect for who they are.  However, chatbots cannot customise their conversations with enough accuracy. Hence, we have to identify the moments where the interactions are not very complex and demanding. In the name of automation, we cannot deploy chatbots for all tasks in HR.

As AI technology has been evolving and Chat GPT is one of the recent innovations, we have to take benefit of these developments. There are several tasks in recruitment, training, rewards, employee engagement, handling employee information and HR analytics that can be performed effectively by Chat GPT. Compared to normal chatbots, this one has improved capabilities to mimic human conversations and actions; hence, the results are superior. Going forward, we will see further developments and the outcomes can be delivered with greater personalisation and higher effectiveness.

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Do we need them?

Someone said, “You don’t need to follow trends to be stylish.”

Most leaders want to see major transformations happen in the business and earn the trophy of success for their rule. They want to start new initiatives as fast as possible because they believe that the window of opportunity remains open for a short while. They are right that businesses are operating in a dynamic and uncertain environment. As a result, the leaders take risks and move fast.

Point taken, but one has to adopt the right amount of diligence in evaluating the relevance of the programme, defining the objectives and laying down the measures of success up front.

Just because new technologies like artificial intelligence, machine learning, robotics, augmented reality and cloud computing are the new trends, we do not deploy them. The market leader might be using machine learning technology; the media sees it newsworthy and reports it. We do not have to lose sleep over it and be impatient that we will miss the bus of progress.

Sometimes, the market intelligence could be half-baked, for example, the company quoted in the news might be piloting machine learning in just one or two business processes or a few regions. Such market reports about just one or two companies do not qualify as a trend. Secondly, even if we are not using machine learning, it is not prudent to assume that we are missing out on the benefits of new technology.

Another significant consideration is to evaluate if our organisation is ready for the deployment of new technology. If we start the transformation project with an unclear architecture amidst unfavourable conditions, we risk the success of the programme and lose a lot of money, time and other valuable resources in the process.

Leaders have to roll up their sleeves

I have seen leaders get an idea in their heads and ask one of their trusted lieutenants to own this pet project and start a pilot. They delegate the responsibility and review the progress from the head office without adequate integration of the deliverables of the new project with the business results. Such projects even if successful, deliver limited results.

To generate the optimum results, the deliverables of the project have to be the KPIs of the business leader or the functional leader who sponsors the project. For example, a programme to reduce errors, costs and cycle time have to be owned up by the COO (Chief Operating Officer) or CFO (Chief Finance Officer) of the firm if not the CEO (Chief Executive Officer). A programme to introduce new channels of connecting with customers, or attracting new segments of customers or increasing customer retention has to be owned by the Head of Sales, or the CMO (Chief Marketing Officer), or the Business Head.

Sometimes, organisations undertake digitisation or automation projects to either improve an existing system or comply with changes in the regulatory environment. These projects become must-do and normally are assigned to the IT teams to execute. However, some of these become troublesome to implement because the stakeholders do not get fully involved in the design stage; sometimes, the stakeholders limit their participation during the development process. During the implementation, the stakeholders raise multiple red flags and as a result, significant reworks are carried out; precious time gets lost. Hence, someone at the CXO level has to sponsor any transformation project.

Proactive Communication is extremely critical for the success

A thumb rule is to form the project team drawn from different levels in every stakeholder unit even if the members are required to contribute infrequently for the success of the programme. This ensures involvement and reduces the risk of criticism and cynicism at a later date.

Secondly, the Project Leader being at the CXO level must use his or her influence and authority judiciously to keep the cross-functional team fully involved in the programme and enthused about its success. He or she has to actively review the roadblocks and work towards removing them rather than delegating them to people at the junior levels without the necessary influence or depth to resolve the issue.

Stakeholders have to stay involved all through the process by regular bulletins which go out from the project team. During the implementation and for a few months after it goes LIVE and business runs as usual, the bulletins have to continue and must show the impact delivered on the business in terms of the improvements planned at the beginning.

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Can we crystal gaze into the future?

It will be sad if we drop the gains we made during the pandemic and go back to the past. Rather we have to catapult the gains into the future. Organisations could tap into new cohorts of the talent pool because of the flexibility they allowed. We have to make them a part of the normal practice. Doctors, educators and many such specialists could offer their services over the phone and video calls. We have to take them in our stride and adapt fully rather than considering them as the next-best alternative. We shopped online, ordered food online, entertained ourselves online and played e-sports. Many of us continue doing those even if the traditional channels have opened up.

Given the volatile and uncertain times we have lived, it might not be safe to project the future with a high degree of certainty. Businesses have to surely be a lot more agile in adapting to the market trends and seizing upon the opportunities available for them. They have to realign their distribution strategy and supply chain practices in line with the changes in buying behaviours and preferences of their customers. Operational efficiencies would continue to be in focus so that the leaders can deliver the best results for all their stakeholders.

What changes do we need in Leadership practices?

Agility and resilience are emerging as the top two facets which will be remarkably more important than the previous order. Changes and disruptions are going to be normal.

An organisation may have to change its product portfolio, design approach, distribution methods, manufacturing strategy or after-sales engagements. Any of these involve large-scale changes in the organisation; these need to be conceived quickly and spearheaded by the leadership team so that the teams understand the rationale, own up the mission and take them forward.

While implementing the changes, many tactical decisions need to be taken; sometimes, these might involve decisions that involve strategic changes. Speed of decision-making is going to make a huge difference, going forward. Hence, one has to make sure that the organisation’s structure empowers the right people across its rank and file to make those decisions.

Marry humaneness with objectivity

The pandemic taught us the importance of collaboration, interdependence and wellness of the stakeholders of the business. None of these factors is new; however, the pandemic reminded us very rudely that leaders were not paying as much attention as these deserved. Many organisations were treating their human resources as elements or tools to be deployed and returns to be generated. People focus and practices were often running as a set of processes disconnected from the mainstream business leaders. It will be a great loss for an organisation to forget the lessons learnt the hard way by the industry in general and not apply that knowledge into day to day practice. Clearly, the leaders have to be a lot more humane, take a genuine interest in the people they work with and empathise with their team members for the situations they deal with.

At the same time, due to the advances in technology, people are working from multiple locations simultaneously exposing the applications, assets and data to greater risks. Organisations have to tighten the vulnerabilities that exist in their systems and processes and make themselves sustainable for the long run. Advances in technology allow us to use tools and methods to make lives better for our stakeholders, right from the employees and business partners to customers and everyone else. Dashboards and data analytics must be leveraged to drive decisions in an objective and agile manner.

Ref: https://www.mckinsey.com/featured-insights/the-next-normal/business-in-2020-and-beyond

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The case for upskilling and reskilling

With the advent of technology and economic progress, our habits are changing. As a result, jobs are getting obsolete and sometimes, industry sectors like airlines ticketing, bookstores and many others are slowly getting extinct.

Someone who did a sales job in a retail counter in the ’80s and ’90s has to now have a different set of competencies and exhibit them at a certain level of proficiency to be successful in a retail counter. The wares sold in a retail store are no more similar. The language spoken and the topics discussed with customers at the counter have changed. The mannerisms expected of the salesperson have changed, and the process of selling has undergone a huge change. The best salespersons of the yesteryears have had to either learn the changes and adapt or give way to the younger folks who were open to learning and eager to deliver.

Employers need to make it a standard practice to keep orienting their employees across all the functions in the organisation and redeploy them effectively. With the advent of automation, we see Robots, the Internet of things and Analytics are replacing many roles in an organisation that were traditionally performed by humans. Jobs in the supply chain organisations, customer support, passing routine transactions in legal, accounting, administration and operations are getting manned by robots, bots, and process automation software.

This trend is irreversible; employers and employees have to recognise these changes. Employers have to revamp their organisation systems and processes; accordingly, change their structure. Similarly, employees have to either shape up by acquiring new skills required for the new systems and processes or make way for the others. We will invariably see some of them failing in adapting to the new reality, while some will be quite adept at it and thus, emerge as winners.

Reskilling and upskilling existing talent

Progressive organisations will bring in new machines and instil new processes. Not everyone in the workforce will be able to accommodate these changes. it might involve major changes which many need intense studies and passing certification examinations to be able to operate the new equipment or use the new process. Some employees may be high performers in the past; however, the past laurels do not qualify one to be using the new machine or the new process without the process of recertification.

We saw these on a large scale in the banks, postal departments, railways, airlines and various other government agencies when they underwent computerisation and digitisation programmes. We witnessed stiff resistance from various quarters, however, the new systems and processes have settled. Many employees of a long vintage were able to learn the new skills and adapt while some couldn’t; eventually, they retired from the services and several jobs were either eliminated or appropriately qualified personnel started manning them.

Organisations cannot afford to be reactive like many behemoths behaved in the early days of automation. They managed to survive then despite poor efficiencies because our markets were not adequately globalised, the competition wasn’t as intense as it is now and expected to be in the future.

Upskilling fresh talent

Organisations have always experienced a gap between the skills a fresher possesses and the skills they want in the person to start working on a live assignment. That is why they used to offer training during a probationary period. However, in recent times, the needs of the industry have been changing at a faster pace than ever; as a result, the skill gaps are so wide that they are running a course for the freshers to bridge the gaps. This phenomenon is observed worldwide among large companies.

As we are building for tomorrow, irrespective of the size of the organisation, we must be able to define what skill gaps we see in the fresh talent we hire and put together a course that addresses these. There is no running away from this. Many organisations hire young people with a small amount of experience in a larger organisation or a competitor. However, this strategy doesn’t work very well because these people have almost no relevant experience in the skills desired by the new employer. Hence, the only way is to run a good bridging course and build the talent from the scratch.

Organisations have to have a clear path of reskilling and upskilling their workforce continuously rather than doing these as one-time activities linked to specific events of disruption.

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The concept of Industry 4.0 was reportedly first used by Bosch in a trade fair in Hannover in 2011. The idea was to maximise productivity by making the machines communicate among themselves as well as work in a coordinated manner as per pre-decided algorithms. It was believed that production systems can scale up and down easily; further, the industry 4.0 tools will help improve resource utilisation and optimise the supply chain. As COVID-19 is forcing a new normal, is there a change in our journey of transitioning to Industry 4.0?

How the new normal is impacting the journey?

The pandemic has impacted all walks of our lives. We have started leading our lives in ways different from those in the past. Many of us have started buying the essentials and provisions online; people in managerial roles in enterprises are discussing with their colleagues and other stakeholders over video conferences to arrive at decisions – small and big; factories have made changes to the layout to facilitate social distancing among employees. Person to person contact is being minimised everywhere.

Given this backdrop, it is natural that companies have to quickly move into digitisation and automation so that they can leverage the new advances in technology to improve productivity and at the same time become more agile in dealing with the variations in demand for their products. Industry 4.0 is precisely focused on all these.

Why Industry 4.0 isn’t ubiquitous yet?

Many organisations are yet to deploy these tools either due to their lack of awareness and access or due to their unwillingness to rock the boat. However, the transition to greater automation will get hastened in many cases because organisations are facing greater volatility than ever before and thus, have to be more agile than ever before to ramp up and ramp down their production, supply chain, sales and service in alignment with the changes in the market dynamics.

Secondly, organisations have started looking for greater efficiency in everything they do. Connected devices can make the flow of information seamless and quick so that activity levels in all parts of the organisation can be in sync leading to further minimisation of waste and greater efficiency of the production processes. Despite this knowledge, many haven’t been able to afford the costs of implementing the solutions yet; and some times, they are waiting for the right opportunity when the ROI is meaningful for them.

Where is the case for Industry 5.0?

Over the last decade, leading organisations in the world have implemented industry 4.0 in varying degrees and realised that there are micro markets which have very specific needs that are not being fully met by them. The production processes have to be customised in a significant way to cater to a range of micro markets. In a way, it’s a déjà vu in favour of human skills and ingenuity which shows in the product, almost like a piece of art.

If someone wants to buy a car with a certain combination of features, the options for a common customer are non-existent to rare. Can we think of a day when a customer can choose features in a car as we choose among a variety of choices while ordering a pizza or a salad? It calls for a huge change in the organisation across all its functions from manufacturing to sales and service. We need a greater amount of connect between the man and the machine so that the automation in manufacturing processes adjust the process parameters accordingly and control the inputs suitably.  This is Industry 5.0 for us and will surely start getting implemented across the leading organisations by 2030.

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Over the last three decades, manufacturing action in chemicals has shifted from Europe to China and India. The track record of Indian industry in conforming to standards for environment, health, safety and quality has been largely spotless. As COVID-19 pandemic has struck, many things in the world are getting rebooted. The chemical industry in India has the opportunity of evolving into a force stronger than ever before. How can HR partner with the business leaders in this journey?

• Growth mindset

100% FDI is allowed in this sector and hence, the domestic players, particularly the small and medium ones need to prepare themselves to deal with the competition from the older players with longer and wider experience. Their product portfolio is likely to be wider or deeper; their R&D could be stronger; financial strength could provide them a longer runway before they take-off. However, these challenges can never be daunting if we are determined to succeed.

Knowledge of the local conditions such as talent, consumers, supply chain and regulations work favourably for the domestic players. There are opportunities to collaborate, strike partnerships and learn best practices from one another within the sector. Since the headroom for growth is huge, it is a great opportunity for every business leader in the sector to scale new peaks by putting the right strategies to work. HR has to understand this mindset and work out the plans of injecting the same across the organisation.

• Staying relevant

The playground is global and hence, the standard of the game has to be world-class if anyone aspires to win the game and stay relevant in the tournament. In the days ahead, businesses have to grow to leverage economies of scale, deploy the latest in technology to improve productivity, invest in products and supply chain which have a foreseeable future and above all, mobilise the financial resources and the human capital needed for this growth. This is a list of just four imperatives, but execution is a herculean effort and done well, separates the men from the boys.

As a natural consequence, HR has to drive cost efficiencies and process improvements in the HR processes of talent acquisition, performance management, talent engagement and development. These apart, HR has to partner with business in understanding the context, crafting the priorities, communicating the same within the company and most importantly, using those in the HR processes of the organisation.

• Putting them all at work

The challenges ahead are immense and so are opportunities. We need to make the right choices about the products, the investments and the supply chain; and hands of steel for execution of those ideas. Success lies in recruiting the right people, aligning the workforce on the chosen priorities, involving the leaders in defining the key performance indicators and administering them. The rewards and recognition practices have to be aligned with those performance indicators.

Systems and processes have to be laden with technology so that a significant part of the value chain is delivered by human prowess and the value generated out of routine transactions are delivered by automation that compliments the human effort. In summary, we need all the three wheels to run in sync: keeping up the growth mindset, making the right choices around product, technology, supply chain and the investments; and finally, gritty execution!

Ref: https://www.investindia.gov.in/sector/chemicals

Ref: https://www.mckinsey.com/industries/chemicals/our-insights/indias-chemical-industry-unleashing-the-next-wave-of-growth

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COVID-19 has caused some pain to the manufacturing units due to disruptions in supply chain, government restrictions in operations and health concerns of employees. At the same time, there are a multitude of opportunities such as outsourcing of contract research and manufacturing services, localisation of imports and drug development.

Seizing opportunities

Apart from these, we see several forces impacting the sector. Consumers are changing their approach to healthcare and wellness leading to prevention and early detection of diseases, willingness to afford a larger part of their income towards treatment and cure. Advancement in computer sciences such as big data analytics, artificial intelligence are helping doctors, researchers, manufacturers and all others in the healthcare ecosystem to diagnose, treat and cure patients more efficiently than ever in the past. Rapid developments in therapies and health systems are opening new vistas for the pharma sector towards specialty therapies, personalised dosing, enhanced presence in rural markets and striking new partnerships to improve market opportunities.

HR is not a mere support for the business

Given this backdrop, a company has to review the kind of talent it has been drawing so far and make changes needed in that formula. Similarly, leadership style and beliefs need to be re-examined if the people are led effectively and the culture is appropriate for the talent needed to win the game.

HR has an important role in partnering with the business leaders in drawing up the strategies for talent attraction, engagement and development. This is easier said than done because HR has to deal with many moving parts, most of them being intangibles and in the realm of emotions. Leaders in the top rung in the organisation need to see HR as an important component in their action to generate the desired business results. The Board has to drive the message clearly in the organisation and HR has to earn the position as much as Sales and Marketing, Manufacturing, R&D or Quality do.

Automation and more automation

Organisations have discovered many new dimensions during the COVID-19 crisis. They witnessed inadequacies of business continuity plans; their belief about remote working changed; they realised that the basic human qualities such as concern for well-being, perception about the world around us, belongingness to a larger system, mutual trust and care govern motivation levels of human beings. Mature organisations and seasoned leaders have been able to stick to these basics, adapt quickly and make continual improvements in execution.

The crisis has reminded all of us that companies who deliver real value are recognised by the consumers and have a secure future. We live in a free world and competition is intense, particularly in generics. This is not going to change anytime soon; consumers would always be looking to unlock the highest value of their spend. So companies have to innovatively optimise their costs and minimise the cost of poor quality. World over, we have seen that automation brings in reliability and efficiency in the processes. Deployment of technology will enhance focus on tasks at hand, improve transparency, and reduce delays and failures.  Companies will need to find the investments to deploy more and more automation while building for tomorrow.

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