It’s no secret that the Indian economy is the fastest-growing economy in the world. Yet, with this growth comes new challenges for how to successfully manage this ever-expanding workforce. That’s why experts have tipped human resources to be the next frontier for advancing India’s economic growth. This article outlines the importance and growth of HR in India and offers some conclusions about its implications.
India and HR
India has about 1.2 billion people, which means the workforce has a lot of potential for being an economic asset. The country’s growing population is also creating challenges for this sector, including how to manage that many employees with different backgrounds and work preferences. Now more than ever, India needs to develop its human resources sector by focusing on that workforce.
Supply and demand
As companies grow and expand, so too does the demand for effective HR solutions. The opportunities for business in India are expanding, and so too is the demand for effective HR professionals to manage the workforce. The role of HR managers in India has evolved over time to become more business-focused, adding value at all stages of employment lifecycle management, including recruitment, talent acquisition, training, engagement, and retention.
Human resources in India is expected to grow by 9.8% in the next year, adding close to 100,000 jobs for qualified professionals. However, even with their growing importance and a large pool of available workers, HR departments are still not meeting the demand for their expertise in India. Companies are usually willing to outsource these functions in order to meet the needs of the business, but then there is always that risk that they may not be getting exactly what they need when working with external resources.
Focus on Development
If you are looking for an HR solution that focuses on the development aspect of the workforce, then you need to focus on your employees’ strengths. The most successful companies are those which see their people as assets and provide them with opportunities to develop their full potential. This is achieved through training, developing leadership skills, identifying workplace strengths, providing career management, and creating rewarding work for employees.
Successful businesses that focus on their people as assets will be the winners of future India’s workforce has potential to play a significant role in developing India’s economic growth, but this is only possible if HR solutions address the changing needs of companies.
People’s mindsets will have to change in order for the human resources sector to take full advantage of what this population has to offer. HR needs to use technology as an enabler for training employees and finding the right talent, rather than as a replacement for it. The focus also needs to shift from transactional to strategic relationships. This way, HR can achieve long-term goals and better manage the work/life balance for employees. The future of India’s workforce is in the hands of HR managers and their ability to create high-potential workplaces that maximize opportunities for people and businesses.