Innovative workforce policies must for corporates: Experts

Emphasising on the need for efficient HR management in companies, experts said innovative workforce strategies are important for attracting and retaining human capital amid a talent crunch in the corporate world.

HR experts at the HR summit organised by the All-India Management Association (AIMA) today were of the view that HR people should be aware of key areas of concern for their businesses and only this can enable them to hunt for the right talent to deal with problem areas effectively.

"India is unique in terms of the challenges that it faces in contrast to rest of the world. Henceforth, we must work to suggest customised solutions to the problems that are often faced by the Indian corporates," Global HR firm Mercer Human Capital Asia-Pacific Business Leader Fermin Diez said.

"Roadblocks such as new aggressive demands, tougher growth, falling loyalty levels of the employees should be met by implementing innovative workforce strategies," Diez added.

Summit director and Larsen & Toubro Executive Vice-President (E&C) Yogi Sriram said, "AIMA's HRM Summit could demonstrate the potency of HR for developing and sustaining human capital in an organisation, especially in a current scenario when India is suffering from a huge talent crunch."

Tata Group Resident Director Bharat Wakhlu said, "Talent supply chain is critical for the next level of growth and the Indian corporate sector is currently facing problems because of a shortage of skilled talent."

"Corporates needs to get out of the stereotype mindsets and give an equal opportunity to all, irrespective of their educational backgrounds or area of study, provided they had the required domain knowledge," Sriram added.