“Steve Jobs has said that innovation is the ability to see change as an opportunity - not a threat.”
In the new world of work, change is constant but change may not be magnanimous. It's a thought shared by many leaders and especially Sandeep Chaudhary & Subhro Bhaduri, who second that. Nowadays, every organisation is in the business of going back to the drawing board and re-questioning their years of working habits, WFH as well as hybridisation workplace policies.
Yet the main point to notice is that in the last 24 months, the epicentre of the entire focus on business and organisation has been - People. People have been the focus of profits, mutual prosperity and economic strategies. It seems that’s what the fourth industrial revolution will be all about - people.
So the important question arises, how to build a workforce that is :
- Emotionally organised
- Innovative mindset
Overhauling workforce management by DAO
Decentralised Autonomous Organisation [DAO] is a concept discussed by many but applied by few. DAO is a community-led entity with no central authority and is meant to be fully autonomous & transparent. Sandeep and Shubro agree that only those companies will break out, who will be able to get 20% of discretionary work effort from their employees when no one is watching them. Overhauling the workforce management needs two quintessential elements - Self-Motivation and Technology. Self-motivation is a virtue not in abundance but modern technology is the bedrock that will enable the employees to do the deed themselves, without any oversight.
The professional world is asking for decentralised autonomous organisations and it is now possible to have them. Cryptocurrency is a really good example as it is decentralised and owned not by a singular figure but by a community. DAO tokens are getting popular among shareholders and consumers and below are a few real-world statistics on how DAOs are faring:
Stats credits: deepdao.io
Organisations are now focussing on creating a hyper-personalised experience for their employees. Hyper-personalisation is a method where organisations tailor marketing to individual customers using Artificial Intelligence, Data Analytics and Automation. The concept is more on the forefront as AI and data-driven processes have started to make a mark on our world. Until now everyone was looking at the data from a rearview mirror lens and yet, it is the differentiator - the power to give any organisation a head start. Sandeep and Subhro emphasised how data can be the game-changer to decentralise everything in an organisation for the better.
Synergise and Hyper-personalise the workforce
Every business has started to expect its employees to deliver high performance on a consistent basis. According to Subhro, creating a “synergistic environment” is the biggest challenge Aditya Birla has been facing, which may enable employees to be consistent, performance-wise. A diverse workforce also needs to grow and scale and the emphatic vision is required to bring everything together - ‘Synergise’. The same synergy boosted with hyper-personalised service is expected to work wonders when it comes to seamlessly deliver customer deliverables.
DAO will enable the integrated view of analytics to assess productivity, which would help organisations onboard the necessary talent. This may especially help when organisations are looking to target poorer talent areas in India - the areas would do well with an empowered and decentralised system.
Creating a business case for investing in HR Technology and delivering ROI to business
Aditya Birla’s partnership with People Strong has embarked upon the journey of integrating and scaling people processes. In the last six years, both have worked on the integration between all the systems aligned in the workspace. Synergy and Hyper-personalisation wouldn’t remain just keywords for long as the integrated solution is required to leverage the workforce and deliver towards the business requirement. The motivation of the future-ready workforce is divided into two parts: Absorbing the company’s ideals and the company’s responsibility to provide the workforce with the necessary ammunition to kick-start growth. That is something DAO can do, a system which will overhaul workforce management and the industry as we see it.
Check out the full video of the session below: