Business organisations need to innovate, not only to keep ahead of competition but also to retain talent, said Lakshmi Narayanan, vice-chairman, Cognizant Technology Solutions Ltd., on Thursday.
Addressing a conference, ‘HR in a changing world’, organised by the Confederation of Indian Industry (CII), Mr. Narayanan said that “talent acquisition” was vital for Indian companies seeking to bridge the gap with companies in the U.S. and Europe. Companies, he said, must ensure that communication channels functioned well in-house so that talent could be nurtured and retained.
Ajay Nanavati, managing director, 3M (India and Sri Lanka), urged companies to treat human resource (HR) divisions within organisations as “business partners.” Companies should bridge the divide between “old and new” styles of HR practice.
“Companies ought to be more tolerant to failure and focus more on results instead of pure loyalty,” he said. “Select a person, set expectations, define the outline of his/her work and motivate the person — these are the four key aspects of today’s HR,” he said.
L. Krishnan, chairman, CII Karnataka State Council, said the demographic transition in India had resulted in a younger workforce. HR managers should understand business, facilitate change and establish HR as a distinct profession, he said.