Building a sustainable inclusive future – the role of business: – Leveraging HR Technology for competitive advantage
The time to discuss sustainable, inclusive growth is always propitious. The tone for the next decade of growth can be set by the role played by business in building a sustainable inclusive future. The pandemic has highlighted the world’s need and ability to build global partnerships and collaborations to overcome common challenges. One salient undisputed common challenge is moving beyond elementary economic growth towards prioritizing and focusing on sustainable and inclusive growth.
The critical enablers of sustainability and inclusivity are universal partnerships for fair trade, climate transitions, foreign direct investments and humanitarian relief, customer requirements, business acumen among other driving forces. The role of business is augmented by such enablers. The prime role of business today is to co-create innovations and establish appropriate policies towards greater sustainability and inclusivity. For small businesses and large corporations alike, the human resources department is important for business success. Effective human resources in a business can help develop a company’s strategy, the organization’s employee engagement activities and the overall company culture. HR plays a key role in developing, reinforcing and changing the culture of an organisation. The world of work has changed and shifted over time. The future of work is being talked about at large. It refers to informed perspectives that businesses need to know about how work has shifted and shall continue to do so, given technology and digitalization trends; plus how businesses and workforce are dealing with such shifts
Technological transformation has been accelerated by the COVID-19 pandemic. Emerging technologies have the potential to bring considerable economic benefits and new opportunities. But they entail disruptive adjustments and require ambitious policies for the future world of work, jobs and skills, to ensure inclusivity and sustainability. Knowledge management, backed up by strategic leadership, can provide tactical instruments for achieving sustainable competitive advantage in such an environment. HR makes an important contribution to knowledge management simply because knowledge is shared between people. Even India’s G20 presidency is aimed at fostering digital transformation which will include digital economy, digital education, digital health, digital government and digital finance. India will work towards bridging the digital divide and ensuring that everyone has access to digital technology. B20, the official G20 dialogue forum with the global business community also centers round the overall vision of ‘RAISE: Responsible, Accelerated, Innovative, Sustainable and Equitable Businesses’.