HR Challenges 2023: Talent Surplus and Logistics Industry
It has long become a norm that the business cannot win the profitability war without logistics. The Logistics business is revolutionizing through technology, intrinsically gaining exposure to new challenges, including HR challenges. To overcome this, the transportation and logistics industry must democratize knowledge about Artificial Intelligence, automation, and other evolving technologies among its populated workforce. Let us look into the HR Challenges in 2023 and what it has to do with the talent surplus in the industry.
CEO Insights Magazine Recently Interacted with Radharamanan Panicker, Managing Director, Dangerous Goods Management India. When asked about the logistics industry's human resources challenges, he says, “The major challenge is obtaining the right sector talent. For many people, logistics is the last option. People do not naturally gravitate towards the logistics industry. As a result, we have people who are basically left behind and unable to find work come over here; we want the industry to become the first choice for young professionals. For that, the sector must make itself appealing. Logistics in India is not a professionally set up system. Hence, we need to create a culture shift in which logistics businesses are the first choice rather than the last.”
Employees are increasingly seeking a more comprehensive value proposition encompassing career development, skill development, inclusiveness, belonging, fairness, trust, authenticity, purpose, a supportive culture, and wellness. HR teams must be positioned to address this challenge using their pulse on the workforce. They can obtain clear directives from employees as they revamp the employee experience.
In the context of drawing talent to the organization, it is worth emphasizing that talent acquisition remains one of the major HR concerns in 2023. Almost half (47 percent) of respondents in a recent HR Executive study identified hiring and retention as their top challenge. This problem is exacerbated by the historically low unemployment levels, making it difficult for many organizations to fill open positions quickly.
Companies that invest in their employee value propositions and experiences showcasing how they create strong values and a clear sense of purpose, will be able to recruit and retain the greatest personnel. While flexible work arrangements are crucial, they may not be sufficient in some businesses. Companies, on the other hand, are in a good position to recruit and retain the best people when combined with other cultural characteristics such as a sense of fairness, autonomy, a supportive team in a healthy atmosphere, diversity, a learning emphasis, and a vision that inspires prospective employees.
Importance of Talent Mobility and Skill Building
In 2022, HR professionals will prioritize ‘quiet hiring,’ which entails a needs-based strategy to fill skill gaps through a combination of talent mobility and skill-building. Employees must have control over their growth and development for quiet hiring to succeed. Managers play an important role in this process and should not be overlooked merely because technology allows corporate executives to make an offer straight to the employee.
Employee Health and Well-being
Employee stress levels are at an all-time high, and HR managers must prioritize their employees' well-being. While typical benefit packages such as health insurance and retirement plans are important, they may not always be enough to address workplace stress and dissatisfaction. Companies could consider providing additional benefits such as mental health services, wellness initiatives, and flexible work arrangements to boost employee well-being. HR managers should also search for strategies to help managers understand what they need to do in order to succeed and assist their staff.
This could entail offering tools and resources for more frequent 1:1 meetings as well as more effective performance and development discussions with direct reports. HR can assist in creating a happier, more productive staff and reduce employee turnover by focusing on employee health and well-being.
How does Technology Boost the Growth Logistics Industry?
The technological development of the twentieth century pushed the entire logistics business to unprecedented heights. Enterprises with cutting-edge technology capabilities currently dominate the industry. Technology is rapidly converting into a crucial engine of an enterprise's performance, competitive edge, and innovation in today's logistics services sector.
Panicker says, “Today, almost everything depends on technology tracking, GPS or IoT tracking of the material where it is going supply chain and analytics tells you which the major routes are, what is costs driver moving around? Now, much technology will be utilized to monitor the truck driver and look at numerous parameters".
He adds, "All of these analytics are now possible because of advances in technology, and this analytics is critical for determining how much capacity to allocate to a specific route. I'm referring to the transportation aspect of it. However, the same is true everywhere. As a result, we live in an interconnected world where everything is done digitally. Unless you become digital, you will never be able to engage with customers on the worldwide trade".
Strategic Impact Overcoming Challenges
HR leaders play a crucial role in altering work and boosting a company's overall success. To become active members of the C-suite, they must have a strategic mentality, business acumen, and an operational focus. HR leaders can build a convincing case for transformation and work towards business goals by recognizing the company's risks and demonstrating how people-based initiatives can solve them. However, in order to avoid burnout, it is critical to combine strategic work with self-care. HR directors can create a more meaningful and engaging work environment for themselves and their team members by transforming HR into a strategic asset.
The problems that HR managers will face in 2023 may appear formidable, but they also present an opportunity to reinvent HR strategy and revolutionize work fundamentals. HR managers can help reinvent work and allow workforce success by putting people at the center of everything they do. To accomplish this, human resource professionals must be proactive in resolving difficulties and developing new solutions that prioritize employee well-being and productivity.