This archive report was first published on 8 November 2019.
As we navigate the future of work, it's essential to recognize the critical role of the Human Resource function. In an era where technology and social media dominate our lives, HR must adapt to stay relevant, just as a goalkeeper is essential to a football team's success.
HR beliefs and practices of the past cannot be applied to the present, and certainly not to the future. The employee of today requires a different approach, one that is informed by research and a deep understanding of people and trends.
Research is no longer a luxury, but a necessity for any organization seeking to remain relevant. As Wale Akinyemi, Chief Transformation Officer at PowerTalks, notes, 'Relevance is a function of researching people and trends to be able to understand the future.'
Unfortunately, this is not always the case. The collapse of powerful companies like Enron is a stark reminder that even with influence and power, irrelevance can still strike. In 1995, Barrings Bank was brought down by a 28-year-old rookie, Nick Leeson, who was given a prime position over a whole region. The bank lost over a billion dollars, and the HR function failed to prevent it.
Today, with the rapid pace of technological change, the stakes are even higher. If HR did not know something was wrong at the bank in 1995, can you imagine the potential for disaster that companies face today?
Studies have revealed a direct correlation between research and winning the future. As Akinyemi emphasizes, 'If we do not research, we will live in a world created by those who do.' The HR function of the future must be at the forefront of research, driving organizational success and insulating the company from irrelevance.
But what does this mean for HR practitioners? According to Akinyemi, they must acquire research skills and be able to sell the future to management. They must be able to understand human behavior in the workplace and help leaders navigate the complexities of the modern world.
As the HR function evolves, it will merge with psychology, and HR practitioners will become researchers, driving work transformation and insulating themselves and the organization from irrelevance.
As Akinyemi warns, 'If you are not researching the future, you will be a victim of the future.'
Wale Akinyemi is the Chief Transformation Officer at PowerTalks.
