The One Thing #11: Create New Priorities

“A year is but a little life and life is but a year repeated” – Chinese proverb
So, what can we expect from HR in 2014? To answer this question, a review of the year might be in order. The current year was a somber one for business as we faced an economic slowdown, high and persistent inflation and a sharp fall in the external value of the rupee. Business confidence was low and investment plans put on hold.
Given the impending elections, it is unlikely that a slew of bold reforms will be announced. Large government spending to boost the economy is unlikely given the high fiscal deficit, which the Finance Minister has promised to rein in. Any prospect of an economic revival will have to wait the swearing in of a new government.
Given this scenario, I venture to suggest the following priorities for HR in 2014:
Focus on productivity and efficiency
As businesses are likely to be watchful, HR should make consolidation and cost control a priority. Budgets for new initiatives is likely t