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Does hiring a star CHRO impact the employer brand?

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Given the name and fame that back star leaders, the organisations that hire them definitely stand to gain. Not only does their reputation get a boost, but even their processes are impacted and they gain a positive outlook overall. It is just like hiring a hot shot CEO or a CMO, where the clients, customers, internal stakeholders and the employees of the company themselves start taking pride in the person hired. So, yes, in the case of CXO roles, the impact is definitely significantly positive, but what about star CHROs?

Like in any other domain, there exist some very popular figures in the HR community in our country. In terms of their performance, media coverage and social-media popularity, these people have a significant following. When a company hires such hot shot profiles, do they experience a positive impact on their employer brand?

“It is easier to make changes with someone with a legendry background and a history of phenomenal work. This is because, bringing in changes requires winning over the belief of the organisation, and that is pretty easy for someone who is well regarded and has a following”

Shailesh Singh, chief people officer, Max Life Insurance

Charisma and craftsmanship

As per Abhijit Bhaduri, HR leader & author, Dreamers & Unicorns, it definitely impacts the employer brand. He believes that sometimes people are so impressed and mesmerised with the individual’s work and craftsmanship that people tend to get attracted towards them. He cites examples of famous surgeons and doctors who are very popular in their field. As a result, no matter which hospital they work for, people will seek them out. Similarly, in the advertising industry, many a time, when creative directors move to another company, the entire account moves with them, because the clients pay for the creativity and craftsmanship of the creator. “The individual’s craftsmanship, charisma and popularity attract a lot of people, and this applies to the HR world too,” shares Bhaduri.

Limelight can distract

A research paper published in 2007, called the ‘Superstar CEOs’, studied the growth trajectory of more than 250 award-winning CEOs between 1993 and 2002. It concluded that all such CEOs were doing fine in their personal lives but the firms they were working for had started underperforming after their having received such recognitions. The companies had underperformed both in terms of stock returns and returns on assets, over the one-, two- and three-year periods following the award.

One explanation to this phenomenon can be that, such people tend to get distracted on becoming popular ‘stars’ in their domain of work, given the increasing rate of outside interest. They start focussing on authoring books and sitting on boards. This can also be the case when an organisations gets a popular CHRO in its leadership team. There can be a reverse effect.

“A celebrity leader’s craftsmanship, charisma and popularity attract a lot of people, and this applies to the HR world too”

Abhijit Bhaduri, HR leader & author, Dreamers & Unicorns

Team work

As per VDV Singh, former VP-HR, JK Cement, hiring a star CHRO may help but with certain conditions. “Those who possess business acumen and have proved themselves in the field, begin to be respected by the board and the HR function gets a space in the board, which eventually creates an impact internally,” enunciates Singh former HR leader from JK Cement.

Singh, however, believes that creating a strong employer brand requires team work. There have to be policies in place, an ideal environment and a strong culture to create a strong employer brand, which can only be achieved as a team. “I would say, the face of a popular CHRO with no strong team in place to support him, will only result in a short-term impact,” tells Singh former HR leader from JK Cement.

Track record

On the other hand, Shailesh Singh, chief people officer, Max Life Insurance, sees this phenomenon through two lenses. First is a short-term lens where he does agree that hiring a superstar CHRO gives an employer brand a temporary boost. “It is easier to make changes with someone with a legendry background and a history of phenomenal work. This is because, bringing in changes requires winning over the belief of the organisation, and that is pretty easy for someone who is well regarded and has a following,” points out Singh from Max Life Insurance. He cautions, however, that actions speak louder than words. If the popular CHROs fail to replicate their reputation in terms of their actions post hiring, then this positive impact will remain short lived.

“The face of a popular CHRO with no strong team in place to support him, will only result in a short-term impact”

VDV Singh, former VP-HR, JK Cement

Visibility

The impact will be different in smaller and bigger brands. The hiring of a star CHRO by a smaller organisation will catch the imagination of people more rapidly than if the hiring is done by a bigger organisation. In the latter case, building an employer brand and culture is a collective call. “Sometimes, in bigger firms, where things are performed in certain ways, there are no individual heroes. It is a collective effort by all. The overall impact of hiring a star CHRO may not be visible because the company’s brand is bigger than the individual,” explains Singh from Max Life Insurance.

Taking on a star CHRO can be rather eye catching and head turning, as it will definitely give a company’s employer brand a short-term boost. However, if such celebrity hires do not show real action on ground, the positive effect will soon wane.

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Source: https://www.hrkatha.com/employee-branding/does-hiring-a-star-chro-impact-the-employer-brand/

HRTech

4 New UK Business Ideas with Growth Potential in 2021

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There’s never a bad time to become a new entrepreneur – but for some types of businesses, certain times are more opportune than others. If you want to launch a new business, you ideally want to choose a field that doesn’t just present a good opportunity right now but is also likely to remain successful when consumers’ shopping preferences change in the future. You want to choose a field, in other words, that’s evergreen. You don’t want to choose a field in which you’re likely to struggle for years while you wait for consumers to start paying attention to what you’re doing.

If you’re interested in business ownership, here are a few UK business ideas that might be perfect for you in 2021.

Vending Machine Operator

Although the post-COVID economic recovery is well underway in 2021, the reality of the situation is that the virus is far from exterminated, and people everywhere remain justifiably concerned about minimising close contact with those outside their regular family and social groups. Vending machines present a perfect opportunity for doing exactly that. They’re often placed outdoors, so it’s easy for people to use them without coming into close physical contact with strangers. Grabbing a snack or drink from a vending machine, therefore, can present a perfect alternative to entering a potentially crowded convenience store.

There are already plenty of vending machines in the UK, with vending machine operators spending upwards of £70 million yearly on vending machines and the components for those machines. There’s still room for you to enter the vending machine industry, though, if you’re willing to think outside the box a little. There are already many thousands of vending machines dispensing soda, chocolate bars and crisps throughout Britain. Your city most likely doesn’t need more of those types of machines. Today, though, it’s possible to find increasingly elaborate vending machines that can make anything from barista-quality coffee to a freshly baked pizza on demand. While the investment required to buy a more elaborate vending machine is not small, the ability to enjoy high-quality food or a freshly made beverage on demand without waiting in line is likely to appeal to many consumers.

Vape Shop

One of the most rewarding things that you can do as a business owner is sell a product that people absolutely love – and no one loves any product more than a person who has quit smoking and is buying his or her weekly supply of vaping products from a vape shop like V2 Cigs UK. Running a vape shop means that you have an opportunity to promote an alternative to smoking that presents less of a health risk. It also means that you get to play a role in helping to end tobacco use. Public Health England supports vaping as a means of quitting smoking, so the regulatory environment for UK vape shops is very favourable.

One drawback of starting a vape shop is that you’ll have plenty of competition, and that can make it difficult for you to get an initial foothold in the industry. It’s helpful if you can find a neighbourhood that doesn’t have an existing brick-and-mortar vape shop. That way, you can operate a physical store and an online store simultaneously to increase your addressable customer base. While the competition among UK vape shops is fierce, it’s helpful that our nation’s public health authorities promote vaping as an option for smokers who want to quit. That means the total number of British vapers will only continue to grow, so there is still plenty of room for new vape shops.

Local Delivery Business

Have you ever looked at the vast array of local delivery services – Postmates, Grubhub, DoorDash and others – and concluded that there’s no opportunity to start another business of that type? Think again. Restaurants pay exorbitant fees to appear on the major delivery platforms. Customers, meanwhile, are often unhappy because they pay inflated prices for the things they purchase and are still expected to pay additional delivery fees and tips. Although it’s true that local delivery services have played an important role in keeping small businesses afloat during the COVID-19 pandemic, the fact is that consumers and businesses are both often left feeling as though those services are taking advantage of them.

In many medium and large cities throughout the UK, there’s a potential opening for a delivery company that’s locally owned and can offer a pricing model that’s fairer to businesses and buyers. Many businesses would be eager to work with a delivery company that’s locally owned and doesn’t treat them as just another supplier in a worldwide marketplace. Consumers, meanwhile, are tired of being gouged by the delivery companies and paying dramatically more than what they’d pay if they picked the food up themselves. The animosity toward the major delivery companies has created an opportunity for local entrepreneurs who want to do business in a fairer and more transparent way.

Drone Photography Business

If you own a camera drone or have ever thought about buying one, you may have wished that there could be some way of turning your hobby into a viable business or at least a secondary income stream. As it turns out, running a drone photography business – or operating as a freelancer – can be a very lucrative career, with some individuals earning well over £100,000 yearly. Popular photography drones such as the DJI Mavic Pro aren’t even particularly expensive, although the other start-up costs for drone photographers can be a bit high. You’ll want to carry liability insurance, and you’ll also need plenty of spare batteries. You may also need a pilot’s licence to fly a drone commercially.

What are some of the opportunities available for drone photographers? Professional photography can greatly increase the sale price of a home, and nothing is more eye-catching than a great set of aerial photos. Homeowners and insurance companies often hire drone photographers to take pictures relating to roof damage claims. Construction companies often require aerial site photos. People sometimes hire drone pilots to take vacation and wedding photos. If you’re a skilled marketer and are willing to travel on short notice, your potential opportunities are nearly endless.

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Source: http://hrnews.co.uk/4-new-uk-business-ideas-with-growth-potential-in-2021/

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HRTech

Corporates handed out 8% hike in 2021, more to come in 2022: Survey

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The second phase of the Deloitte’s Workforce and Increment Trends survey 2021 reveals that corporates in India are expecting to hike the salary of their workforce by an average of 8.6 per cent in 2022.

The survey also reveals that the corporate workforce of India were given an average increment of 8 per cent in 2021.

In fact, about 92 per cent of companies gave an average increment of eight per cent to their employees in 2021— almost double the average hike given in 2020, which stood at 4.4 per cent, when only 60 per cent companies had given a pay hike.

The 2022 projections show results similar to the findings of 2019. It shows that about one-fourth of the companies surveyed were planning to offer a double-digit hike in 2022.

Organisations would be rewarding their top performers to a greater extent than the average performers, differentiating on the basis of skills and performance. Increments of top performers could be 1.8 times than the average performers.

In line with the boom in IT hiring, the survey reveals that the sector would be likely to award the highest increments to professionals in 2022. The life sciences sector is expected to give out the second highest increments.

Retail, hospitality, infrastructure and real estate are projected to provide the lowest increments, which is in line with their business dynamics.

Deloitte’s 2021 Workforce and Increment Trends survey was launched in July and more than 450 organisations were covered in the study, with the primary audience comprising seasoned HR professionals.

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Source: https://www.hrkatha.com/news/compensation-benefits/corporates-handed-out-8-hike-in-2021-more-to-come-in-2022-survey/

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‘Invest 10% of salary in MF’: SEBI to junior staff of asset management companies

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Securities and Exchange Board of India (SEBI) has issued a new circular, which states that junior employees of asset management companies will have to invest 10 per cent of their compensation in the mutual fund units of the fund house. The rule will come into effect on October 1. Since the rule will be applicable in phases, as per the new guidelines, starting next year, that is, October 1, 2022 these junior staff will need to invest 15 per cent of their compensation in the mutual fund scheme. The following year, this will increase to 20 per cent. Therefore, by October 1, 2023 these junior employees will be investing 20 per cent of their compensation in the mutual funds of their fund house.

The circular clarifies that any employee who is below 35 years of age is considered a junior employee. However, the same rule is not applicable for the CEOs, heads of department and fund managers. As per the new guidelines from SEBI, starting October 1, they are required to invest 20 per cent of their compensation, with a lock-in period of three years.

These rules were introduced by SEBI in April, but have now been revised a bit. In the earlier circular, these rules were applicable only to ‘key employees’, that is, the CEOs and senior officials, including fund managers, chief risk officer, chief information security officer (CISO), chief operation officer (COO), compliance officer, heads of sales, investor relations officers, heads of other departments, dealers of the asset management company, and all those who directly report to the CEO. In the new circular, SEBI has said that the term ‘key employees’ is changed to ‘designated employees’. Apart from all the above, fund managers, the dealers and research analysts are also covered under this rule.

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Source: https://www.hrkatha.com/news/compensation-benefits/invest-10-of-salary-in-mf-sebi-to-junior-staff-of-asset-management-companies/

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Tips from business leaders on establishing a new normal of work

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Business leaders need to work collaboratively with employees to envision the future of work – whether in office, hybrid, or remote. There’s no doubt that the pandemic has changed many employees’ working behaviours, from the way they communicate to how and when they work. And, it’s clear that technology has had a huge role to play in it, but there are also other considerations organisations must make to define the future of work.

Below are tips from eight innovative business and technology leaders on how to navigate the return to the office, and establish a new normal of work.

Simon O’Kane, Head of EMEA at Asana

“With pandemic restrictions having lifted in the UK, many Brits are evaluating how and where they want to work. At Asana we champion an office-centric approach, while other organisations may prefer to return to the office, shift to a hybrid working model or remain fully remote. No matter how companies choose to work, prioritising tools that enable clarity and accountability for all their staff is key, no matter where, when, or how they are working. But, without a clear blueprint for hybrid work, providing clarity and collaboration across the organisation is a massive obstacle.

In response to the sudden shift to remote work, many companies rushed to introduce a plethora of apps. But 18 months on, it’s clear that teams spend far too much time switching between apps to source information and updates. In fact,  Asana’s Anatomy of Work Index showed that knowledge workers switch between 10 apps 25 times per day since shifting to remote work, resulting in longer hours and higher burnout rates across the country.  

To tackle this issue and prepare for the next wave of work, organisations need to evaluate and streamline their tech stack. Businesses must eliminate the tools they don’t use while integrating the ones they do into a single platform that removes information silos and drives clarity even when distributed across locations and time zones. Now is the time for organisations globally to reset and reimagine the way they work for the better.”

Asam Akhtar, Channel Manager, UK at Envoy

“One thing I’ve learned from the pandemic is that employees want and expect the freedom to choose how, when, and where they work. And for many, that means a hybrid work schedule.  They also expect to return to a safe environment. 

To encourage a speedy return, leaders should invest in tech that keeps people safe. Tools that can track workplace density to help ensure social distancing. Technology that can verify vaccine status – or can survey and screen employees before they come into the office.  Rather than relying on gut instinct, use workplace analytics to help guide your next steps. From employee health surveys to aggregated data on how often employees are going in, these insights can provide valuable guidance in setting policies and reconfiguring workspaces. 

Data on how many people work on-site each day can help managers right-size the office layout and minimize wasted space.

This kind of data-driven decision-making is going to be critical to rebuilding an office model that works for everyone and offers employees the right resources to do their jobs effectively.”

Dominic Allon, CEO at Pipedrive

“The ‘work wherever, live wherever’ landscape is here to stay and is only the beginning of a continued digital evolution. IT improvements are often confused with true digital transformation. Upgrading your hardware and software is just the start, but acquiring maturing technologies that use innovative data processing methods to automate practices that transform your business for the better is the real future.   

Businesses globally have proven throughout the pandemic that a rapid shift in digital mentality is possible, and it is vital that we continue on this trajectory. Successful organisations will continue to adapt to their users’ and customers’ needs. State-of-the-art machine learning tools can now monitor, in real-time, trends, variations, anomalies and foresee any potential errors. Automation is not only what your business needs, but it is what your customer wants.   

Replacing human interactions with artificial intelligence will allow for a faster, omnichannel and data-backed positive customer experience. More importantly, these tools will continuously adapt their process and provide feedback and actionable insights about customers back to your business, which can be used to improve marketing, sales and customer service practices. Unifying valuable information to create a customer-centric approach will continue to play a vital role for organisations of all sizes in the coming years.”

Stuart Templeton, Head of UK at Slack

“The pandemic has shown us that the office is no longer the ‘gold standard’ of productivity. Less time wasted in rush hour commutes means more time to spend on things that really add value. Flexible work also helps retain employees who need to shape work around life in different ways. Businesses must therefore use this moment to take learnings from the past year, and reimagine the future of work. This is crucial as our recent research of over 1,000 UK knowledge workers, examining current working habits and how employees feel about the future of work, found that the majority (42%) of UK employees who have worked from home in the last year are concerned they won’t have the same level of flexible working in the future. 

While every organisation will approach this challenge differently, staying aligned must remain the top priority for all business leaders. Now that physical offices are so much less a part of the employee experience, having a digital headquarters—a central place for work and social interactions—has become critical. It’s not just a reflection of flexible, asynchronous work; it’s also an enabler of it.”

Damien Brophy, Vice President EMEA at ThoughtSpot

“The future of work will be characterised by insights at the core of everything. Not only will every employee be expected and empowered to find insights, but connecting systems together means those insights will trigger actions across the business. This is the evolution of work. Not just more informed, but insights powering processes.

It’s people enabled by modern technology (machine learning, AI, and automation) to drive innovation, uncover hidden insights, and provide business value, using self-service analytics to answer urgent problems.

A world where users can simply ask and answer questions without sifting through data. The future of work will revolve around AI-driven insights using algorithms to uncover hidden insights automatically, surfacing answers to questions that staff didn’t think to ask, yet.

With this freedom we are all empowered to provide more business value using less time and effort. Imagine spending less time writing reports and more time refining business processes, improving operations, reducing financial risks, simply doing the job much better, and adding ever-more more value. Where workers can change the way business is done and how their customers are served through smarter insights, quicker answers, and deeper, more inclusive thought, it’s positively redefining the future of work.”

Jamie Milroy, CEO & Co-Founder, DASH Rides

“September marked a gradual return to the workplace for a huge raft of employees as organisations kick-started their return to the office strategies. Whilst the transition back to a physical workplace will be welcomed by many, enterprises need to demonstrate that they are empowering people with safe and sustainable travel options.

After almost two years of being in and out of national lockdowns, our relationship with the daily commute has irrevocably changed. Employees are increasingly calling out for new modes of travel that improves their health, wellbeing and productivity but their environmental footprint too. With many UK workers citing the daily commute as a barrier to a full-time return to the office and 82% stating they would like their employer to use COVID as a catalyst to revamp their employee benefits, such as travel or cycle to work schemes, we’re already seeing sustainable travel become central to the future of work.

Attitudes around work have fundamentally changed and as we begin to build a ‘new normal’ in our working lives, employees are placing a higher value on workplace benefits that address these challenges. Perks and benefits that are both easily and immediately accessible and help contribute to healthier, more fulfilling and sustainable lifestyles will be increasingly important as we rebuild. At DASH Rides, we’re working with companies to help supercharge their workplace travel through the cycle to work scheme. Each ride, on one of our e-bikes, is carbon offset by 400%.”

Clare Loveridge, Vice President & General Manager EMEA at Arctic Wolf

“As teams gradually return to the office, many businesses are still working out what this means for their future operations. For many, this is bringing a whole new set of cybersecurity challenges, which in some cases are even more complex than going fully remote was a year ago. If worker devices continue to move between different networks, their company security can quite easily be compromised, identity and access management becomes harder, misconfigurations are easier to miss — all increasing cyber risk. 

It is therefore vital that organisations, of any shape and size, are actively taking the time to review their security practices and protocols, with a hybrid, often disparate networks, in mind. Businesses must ask themselves these questions; how fast they can react to an incident; how quickly they can pivot from investigation to containment, and how well do they know the environment and what runs within it? Only then can freedom from cyber risk be truly realised.”

Dahwood Ahmed, Regional Director UK&I at Extreme Networks

“Hybrid working looks here to stay as workers continue to desire the flexibility to choose where and how they work. Businesses must therefore continue to break down geographical barriers and organisational silos to keep their employees connected, engaged and productive. However, during this process, organisations must avoid only prioritising the software and hardware they use. They must instead reflect on their infrastructure as a whole and ensure they have a robust, resilient, and reliable cloud data-driven network in place to begin with, as only then can the benefits of any technologies be realised. With the right networking infrastructure in place, businesses and their employees can maintain operations and achieve the infinitely distributed connectivity needed to power the future of work.”

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Source: http://hrnews.co.uk/tips-from-business-leaders-on-establishing-a-new-normal-of-work/

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