Key Challenges of Human Capital Development in the New Normal

 

Human capital development had to go through major revamping and upgrades to adjust to the new normal. The new ways of work brought with them new expectations and scope for development. New tools and training models were formulated to cater to human capital development as we entered this uncharted territory of working amidst a global crisis. This global crisis impacted several economies worldwide and led to major changes which would continue to shape the way we work for times to come.

Technology became our main source of survival through the crisis, as it played a key role in keeping us well connected during times when we were all scooped in our homes. Technology also ensured WFH culture is incorporated smoothly. Human capital development also benefited significantly from this transition as employees could access training programs at their own convenience. All this time spent isolating also opened a new window of self-development and improving one’s skillset. People acquired new skills sitting in the comfort of their homes.

But there are two sides to every coin, social isolation greatly impacted the education and training market. People developed career-related anxiety and their mental health crumbled under the pressure of having a poor work-life balance. The lines got blurry quickly when it came to balancing one’s professional and personal lives as there were literally no walls between our offices and our living rooms.

Shifting Organizational Priorities on Human Capital Development
According to the LinkedIn Learning report (2020), this crisis was a key contributor to change and has accelerated learning. Priorities of organizations have shifted and the focus on human capital development was increased as they require employees that are far more competent. This led to increased investment in human capital consultancy services. Employees at every level are feeling the constant pressure to better themselves and constantly outperform.

Increased Need for Human Capital Consultancy Services
A lot of senior management couldn’t handle the pressure and decided to opt for early retirement amidst the crisis, which posed the challenge of replacing them quickly and finding talent that could lead everyone in the right direction. This increased the need for human capital consultancy services.

Changing Learning Environment to Support Human Capital Development
Classroom training and learning programs were shifted online. No one was prepared for this, and several changes had to be made to the existing learning strategies, including the drastic shift towards digital learning. Zoom calls are our new normal and virtual training seems to be here to stay. Even though technology has been our savior through this, it doesn’t come cheap and such quick human capital development came at a high price. Those who were technologically challenged no longer had a way to get away with it and had to improve their skills quickly to keep their jobs.

There was also a major drop in employee engagement and WFH culture somehow led to higher levels of fatigue. Employees burned out quickly and human capital development efforts had to be refocused on combating these new challenges. People feeling isolated while being in isolation was a given and it was difficult to create the same lively and exciting work environment via screens.

As we navigate through this crisis and its’ never-ending new variants, each organization is struggling to find its’ new normal. Some are trying the hybrid route; some have become far too comfortable with WFH to switch back. Achieving organizational goals in such difficult times requires agility. At The Taplow Group, a leading Human Resource Consulting Firm, we assist organizations to find effective solutions to ensure the continuity of their operations and to help their workforce to cope with this extraordinary crisis. To know more about our services, visit www.Taplowgroup.com