Convergence: Sustainability-Driven Innovation
It’s convincing enough to quote, “Sustainability activities do not only add value to profit but also direct the business model change and act as a basis of effective innovation”. Traditionally the HR function has frolicked a various role whereas, in today’s world, these functions are expected to be a driver of change by building a sustainable impact on business performance and contributing directly to the holistic growth of an organization. Sustainability-driven innovation includes making intentional modifications to an organization's philosophy and values, as well as to its products, processes or practices to work for the specific purpose of creating and realizing the social and environmental value in addition to economic returns. Innovation is about ‘doing something better’ and most of the organizations incorporate sustainability by creating better outputs. Two major aspects that an organization wants to address while driving towards sustaining with innovation related to the HR function are Green HR and TechHR. Green HR is when the HR manager focuses on enlarging its role to support the organization’s environmental sustainability. HRM policies are aligned to the sustainable use of resources and the natural environment by using ethical and fair practices. Green employers can witness several benefits as a result of green HR implementation, including increased employee motivation, engagement, and confidence. Employees are not only likely to show increased productivity but they are also likely to become more loyal to the organization which will, in turn, lead to less staff turnover. Social responsibilities are widely recognized by initiating green programs and aid HRs to attract high-quality employees as a green business is regarded as more appealing. TechHR is an application of technology within HR processes and it brought immense improved HRs ability to deal with such changes such as integrated HRMS (HR analytic) where data is stored and analyzed holistically or specific solutions to the company’s varied need in areas like learning and recruitment, AI applications have improved the accuracy of hiring and helped businesses tackle biases while the emergence of e-learning programs made learning more accessible and employee-centric programs more possible. HR analytics is a data-driven approach to managing people at work. HR analytics, also known as people analytics, workforce analytics, or talent analytics, that revolves around analyzing people's problems using data to answer critical questions about organizations. HR analytics, when applied to organizations, offers predictive and prescriptive analytics functions that help us answer questions like ‘what can happen?’ and ‘what should be done?’ However, HR analytic isn’t only about collecting several data but using it to create tangible value by inserting it into decision-making and further formulate strategy, tactical execution, and performance tracking. Artificial Intelligence aligned with the HR role is an emerging field to be cherished but cautiously. Today, Artificial Intelligence (AI) is reshaping the means that an organization manage their personnel and make HR plans and policies, which indeed increases productivity and employee engagement in general. AI is involved in the domain of HR function these days which happen to be fulfilled by the workforce’s creativity to meet the standard level of the market, it is very necessary to deploy AI in an organization but it is certainly not possible for AI to replace the service rendered by the employee because of the lack of emotional intelligence.
All this has enabled HR professionals today to be more strategic in problem-solving and adds value to their businesses.
Erudition’19 with its theme ‘Convergence: Sustainability-Driven Innovation’ would cast the spotlight upon those Innovators who changed their business models because of Sustainability and have also been able to generate profits from Sustainability related activities and decisions. We seek to enlighten the participants about how more purpose is accorded to the mannerisms of conducting business and how the people who drive these ensure that the paths of Innovation and Sustainability come together to create the business models for a better tomorrow.
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