Career Management: The Necessity
The new millennium is fraught with predictions. That it is with a sense of optimism and hope is people looking forward to the 21st century. While work on an economic front is being taken up by nations across a wide variety of countries, first, second and the third world, focus on people has fortunately become a priority in a majority of countries that have seen the emergence of the intellect as a predominant form of competitive advantage. HR has now a significant role to perform in ushering in the new economic era by integrating its role with information technology and knowledge management strategies.
Careers form the foundation at the HR end of a 21st century priority. People impact a knowledge economy. Surely there cannot be a doubt on the role of the human mind and the intellect to make the knowledge economy perform. Advanced economies are knowledge based & weightless. The economy is driven by fundamentals of performance that are influenced by service industries, information technology, media, Internet and technologies that are dependent on utilization and absorption of knowledge. Traditional weights that influenced market capitalization of companies like manufacturing capabilities, market shares, quality, strategic planning, dominance through globalization, mass production, shareholder perception on fundamentals etc. are being replaced, if not, energized by intellect driven advantages.
Brands, research, innovation, converging technologies in IT, new product development, E Commerce, niche market dominance have become an important part of the service economy. There is a 80/20 dichotomy in labor force and its meaning in the new world. 20% of the labor force comprising of the knowledge workers would take away 80% of the compensation of the corporation. Traditional skills and capabilities are available at a price cheaper than ever before, thanks to concepts like outsourcing, supply chain rationalization, contract manufacturing, vendor management for inventory costs, externalizing work of components and parts that are no longer viable to be manufactured within the company.
In an “Intangibles economy” – 92% of GDP of the world economy by 2020 would emerge out of the service industry and human capital as a lever for driving the intangibles economy is real. There is a growing realization of the obsolescence of today’s organizational competencies: e.g.: financial management, human resources, purchasing, treasury management if done within the corporate premises. Market size for HCM implementation is over $ 15 Billion for 2017.
There is as a consequence a desperate urge for defining tomorrow’s effectiveness parameters. Organizational effectiveness does have an elusive definition in the current context. Is it asset size, customer base, market capitalization, served markets, global presence, financial ratios, and growth rate? Or is it a function of the classical Mckinsey debate: Market Capitalization vs. Customer Dominance/ Interaction:
What is big and is big better?
Surely a new organizational model is emerging. Strategy based on intellect and a search for functional / divisional / matrix /networked/web/chain structures are under creation. Race for growth & an urge for divestment syndrome are very real amongst corporations. At the people end “people – systems” is replacing the traditional “systems-people” thinking, where people believe and feel their control over systems that influence their effectiveness. Broad based, unfriendly organizational systems are out and have been jumped over by people friendly, user dependent systemic activities. There is a new marketing model: e-commerce and every aspect of our life and our lifestyle is being influenced by e commerce.
This has meant a competitive advantage through management of people.
Is career planning from an HRM perspective an oxymoron? Is there an inherent contradiction in asking for careers, implying longevity of employee staying in one organization in a world fraught with discontinuities? Does career planning facilitate learning divestment & knowledge acquisition or specialization VS specialization? Do people in organizations sense their contribution in creation and ownership over intellectual property: individual or organizational rights and are demanding their right of contribution and consequent reward on intellectual property? How do we then integrate pay to manage changing employee aspirations? And for all purposes motivation is dead, albeit the traditional way (pay/perks/benefits/life style influencer/ and long live motivation of the new kind (intellect/copyrights/ownership/freelancing).
We are now in the business of managing aspirations of aspiring managers.Posted by ZuzukiSX4 Posted on 14 Mar
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