Putting the HUMAN in capital

The future, and the future of work will be greatly shaped by the recent journey through the great resignation, the great reshuffle, with the great reset, leading up to what is now being termed as the great reengagement. Navigating through the pandemic, we all have had great realizations, among them is the considerable revaluation and reassessment of our relationship with work.  

This search for meaning and the readjustment of mindset has set a different mood on work altogether and it is bound to leave a lasting impression on the very nature of work. It has already had a tremendous impact on the way Human Resource (HR) organizations handle the entire spectrum – from recruitment to retention, from crafting employee experience to bolstering employee engagement, that, while adjusting to remote work and facilitating hybrid modes. HR was placed into prominence during the pandemic with virtually overnight changes instituted in policies and protocols. Many of these changes that were made suddenly are now here to stay for the foreseeable future. But there is also an opportunity to continue to sculpt many workplace practices and we all have a role to play in crafting that vision for the future of work. 

All too human

In the last two and half years I have had the opportunity to speak to thousands of people about a myriad of topics. In addition to STEM advocacy presentations and discussion around results of 3M State of Science Index, I have spoken to leadership councils, innovation managers and MBA students. As an individual contributor with a three-decade career, I always find it interesting and illuminating to interact with those who are in people management roles. I particularly enjoyed my sessions with those who are in the very business of people management, such as the Human Capital Management faculty and the students at Columbia University School of Professional Studies and Hult Business school. I recently also had the opportunity to speak to MBA summer interns at 3M and we discussed the topic of human capital with the backdrop of future of work.

A lot has changed. Large demographic swathes are very vocal with specific desires for flexibility, support and opportunity for career development. In fact, our 2022 SOSI results revealed that 89% of respondents believe that employers should offer financial support or reimbursement to employees for upskilling. Beyond financial needs, employers also need to take into account the overall wellbeing of employees which includes their mental health and psychological needs. People desire a fulfillment at work and organizations need to foster a sense of purpose and culture of belonging. This can prove particularly challenging with hybrid work and remote employees and the associated need for customization. Employee expectations continue to be high and highly flexible approaches are clearly warranted.

Human touch

With the pandemic, we have also seen an acceleration in our reliance on data, analytics and automation. However, times like these also require a judicious focus on human interactions. There is discussion that we may never go back to having a largely on-site workforce, hence it is critical to build the organizational culture which accounts for our innate need for connection and belonging. Tools and systems and procedures have their place, but employee engagement often warrants engagement at a personal level. Thoughtful meetings with meaningful agendas are a great vehicle to do just that, and continue to foster and build company culture.

In fact, a recent survey cited team meetings as one of the most desired formats for connection and an important aspect for remote work. However, transitioning in-person gatherings to on-line meetings takes some diligent preparation in the structure and content, with a follow-up mechanism given that we may not ‘run into each other’ at the water-cooler. Running into each other was also a powerful way culture got strengthened – and in the new way of work we need to find other meaningful ways to create those connections. I have previously written about ways to facilitate a sense of community. I am a big fan of meetings and memos at a regular cadence and appreciate leaders’ and managers’ efforts to do the same, mindfully (as in, not check-the-box meetings). Leaders set the tone on the mission, vision and goals but more importantly the values, beliefs and purpose for the enterprise. And these need to be reflected in our interactions, in person or virtually, and in the strategies and tactics we undertake.

Relegating the development of culture to HR or any one part of the organization is likely to yield minimal, patchwork progress. Times like these and change like this calls for integrated approaches where metrics drive meaningful change and don’t counter each other. And we need to be able to build flexible frameworks that are integrated across the stakeholder spectrum and can be tweaked and tuned seamlessly as more employee input and analytics become available. One-off efforts will most likely hit off the mark – this is a complex interconnected issue that impacts all aspects of business success.

Wake up feeling human

With the experience of the pandemic largely behind us, people currently want more control, more flexibility and more meaningful work, in addition to pay and benefits. A recent article citing “remote-work wars” talks about the difficult organizational decision to reopen workplaces, and how many big companies are dealing with it. 3M has established Work Your Way which includes flexible, on-site, hybrid and remote work options that gives individuals the flexibility to work when and where they think they can work best. All in all, the various strategies and tactics being employed currently will yield data for this giant experiment of sorts – and organizations will need to be able to change and adapt to it – again.

But regardless of what is next - whether the great recession is coming our way to alter the dynamics, employee engagement is the imperative – it always has been. Recent Gallup results show that engagement has dropped for the first time in more than a decade. Productivity improves when employees are engaged. It’s also a must-do now, given the Securities and Exchange Commission (SEC) introduced an important new requirement in 2020. Companies have to provide a description of human capital resources that are material to an understanding of their business. The requirement for this disclosure underscores the growing recognition that human capital is a key driver of long-term value.

There has been a great reawakening. Human Capital strategies should put HUMAN literally at the center – in all caps.  

Holistic (well-being) view

Unified (unsiloed) strategies

Meaningful (metrics) measures

Analytical approaches (governance)

Nimble for new (next) normal

I learn a lot from the insightful questions and discussion that typically ensues when I share perspective on this human-centric approach. It is clear that the bar is currently high and earnest efforts are being made to react, rethink and reconfigure the way we work, and the often interconnected professional, personal and social context in which the work gets done. Those who put in the work now, to re-center, will rest easy and likely reap great rewards. 

How do you picture the future of work?