In the coming year, there will be a prominent pursuit of long-term and fundamental actions.
A restraining sense of caution, which will be prevalent amongst organizations and individuals, will lead to inertia in the talent market. With the way the economy is shaping at present, there is a growing uncertainty on what the future will unveil. From the Indian perspective, there are some industries that have felt the repercussion of the possible recession while some have not. While there is no clarity on how widespread the recession will be, there is already a sense of caution in how organizations plan to move forward. The situation is such that organizations are not gung-ho about making business expansions, nor are they comfortable standing still. This will propel organizations to look at short–term acceleration plans, such as hiring people on contractual basis. With organizations aiming to optimize on talent and therefore maybe even cutting numbers, there will surely be an increasing sense of caution from an individual stand point as well. Individuals will prefer to hold on where they are rather than move jobs. They will tend to further their equity in their current organization rather than push their chances with new employers. Therefore, there will be a certain amount of moderation in individual immediate expectations.
Organizations will not introduce anything new this year given the uncertainty. At the same time, they will seek to optimize the benefit from their existing Performance development and other Talent management systems. The focus will be management of high potentials and how they can be made to feel worthy in the organization. This is the time that organizations will also take the opportunity to clean the deck and action exits based on performance / potential assessment. Thus the focus will primarily be on sharpening the performance practice and consequence management.
While organizations will need to engage its people, they would not have the luxury to throw money given the market conditions. Therefore, they will adopt fundamental ways to keep employees fully connected, which will lead organizations to initiate non-monetary modes and practices for employee engagement and reward and recognition.