The 'Lighthouse' That Guides Businesses To The Comprehensive Growth
July 7, 2022
Excellent human capital strategies will be the "lighthouse" guiding businesses to adapt to unexpected changes.
Responsive HR solutions – the pillars of business success
The outbreak of Covid-19 has posed various uncertainties as well as unforeseen crises to many businesses. However, on the bright side, this is a true test for businesses’ human capital strength and resilience.
Mr. Nguyễn Anh Hùng, CHRO of PNJ Group shared that PNJ chose to immediately change development strategies in response to the Covid-19 pandemic, turned risks into opportunity by utilizing scenario-based HR planning to be ready to retaliate against any phases of the pandemic. During the peak of the pandemic, employees at PNJ took advantage of the social distance period to upgrade their skills, research, and prepare for a new journey.
As a result, PNJ still remains and even increases their brand awareness as well as ensures jobs, income, and mental health support for employees. Despite the spread of labor shortage, PNJ recruited more than 30 senior officers for many important positions, ensuring business growth and opportunities to increase market share for the pre-pandemic.
At the Vietnam HR Awards IV, 2020, PNJ became one of 12 winning companies – a recognition for their excellent responsive human capital initiatives amid Covid-19.
The new focus on human capital initiatives for 2022
Building comprehensive HR strategies is a long-term journey, requiring investment in human-centric and business-related factors. Be mindful of the situation and focus on the key initiatives also help business to create new opportunities and aim for comprehensive development.
According to the “Global Talent Trends” report from Mercer, there are regional talent trends in 2022, including:
Health: According to Mercer, every one in three employees is willing to forgo a raise if the business offers compensation packages or health benefits to their families.
Build for employability: 91% of employees expressed their willingness to learn new skills and 98% of HR shared that there are gaps in required skills. Therefore, training programs and HR skills development are essential in the current context.
Allocation for internal resources and outsources: HR has received many requests for a work-life balance, together with the pressure from the great labor crisis has brought 2 main challenges to business: talent retention and allocation. Therefore, the outsourcing trend becomes a business trend while facing these challenges.
Listening: 97% of managers say their business is preparing for a total transformation this year. Start listening to your employees can be considered one of the fundamental steps to create an ideal workplace.
Reset for relevance: The number one priority for businesses in 2022 is to provide strategic workforce planning. The new normal demands businesses to adapt and develop more flexible HR policies, and prioritize upskilling and reskilling through listening, learning, and redesigning based on employees’ needs.
From the 5 identified pillars, Vietnam HR Awards – the first and only award on human resource strategy in Vietnam, the 5th season returns with 6 brand new categories selected by our caliber experts and promise to bring all the impactful human capital strategies together while making them the role models of HR strategies in the new now.
Ms. Tiêu Yến Trinh, CEO of Talentnet and Vice Chairwoman of Vietnam HR Awards Organizing Committee shared: “These are the awaited challenges for businesses this year. Also, these 5 trends are the premise for Vietnam HR Awards to identify the 5 pillars for the most suitable human capital strategies.”
According to Mr. Alain Cany – Chairman of Eurocham Vietnam and Jardine Matheson Vietnam, it is rare for companies to effectively create and implement creative and genuine HR initiatives. The ability of HR professionals to apply creative HR solutions also reflects a deep understanding of both their specific company as well as the business landscape generally.
Ms. Đàm Bích Thủy – Founding President of Fulbright University Vietnam also shared: “In fact, many HR still consider the procedure, model and evaluation are the key pivots. Yes, these are important, but not the decisive factors in building a disruptive team.”
Accompanying businesses for years, Vietnam HR Awards has archived and honored timely HR initiatives. Recognized by all members of the judging panel, “taking people as the root” is believed to be the main focus for business sustainable growth. From there, strategies that are suitable for the current situation and aim at human capital development will impress the judging panel and achieve all categories.
According to Ms. Trinh, business success depends partly on employee capacity. An excellent strategy will support business objectives and employee development. Businesses that can balance these initiatives will be ready to cope with any situation.
Vietnam HR Awards is the most prestigious award on human resource strategy in Vietnam organized by the Newspaper of Labor and Social Affairs in collaboration with Talentnet since 2014 and under international standards from Singapore Human Resources Institute (SHIRI). Vietnam HR Awards 2022 is now open for all businesses operating in Vietnam for at least 5 years and have at least 50 employees.
Source: Zing News