Based on the Deloitte document content, in my view, the document focuses on the strategic shift required in global HR, the importance of data and technology, the necessity for cultural competency, and the evolving role of HR as a business partner in global mobility.
Outline below are my findings;
Economic reasons can be broken down to the points below;
- Increasing intertwined of the global economy and heightened competition force organizations to optimize operations and strategically leverage human capital.
- Skills shortages, particularly in emerging markets, demand proactive talent management strategies.
- Cost pressures and the need to maximize return on investment, for HR initiatives push organizations toward efficiency gains and data-driven decision-making.
- Rapid pace of business change and the emergence of new business models demand an agile HR function capable of adapting quickly - SHRM promotes flexibility in HR practices.
Social reasons can be broken down to the points below;
- Employees desire opportunities for professional development, a healthy work-life balance, and engaging work experiences therefore talent management strategies that prioritize employee well-being and growth is required from a HR perspective.
- Increasingly demand for greater transparency and accountability from organizations regarding their HR practices are being looked at not only by employees but by stakeholders, people in public thus measuring HR effectiveness in their contributions and initiatives demonstrates their impact and ethical practices.
- A more diverse and globally dispersed workforce demands culturally sensitive and inclusive HR practices.
HR functions and roles
- A significant shift has occurred in HR, moving away from purely administrative functions such as executing payroll and benefits for employees to a strategic, business-partner role where HR professionals are key drivers of organizational success, actively involved in strategic planning and aligning HR with business goals.
- The evolving global business landscape necessitates a comprehensive talent management approach, expanding beyond traditional recruitment to encompass global mobility and strategic talent development which requires specialized HR expertise in managing international assignments, including compliance, compensation, cultural considerations, workforce planning, succession planning, and leadership development.
- Understand and adapt practices to diverse cultures while collaborating closely with all departments to ensure HR strategies are fully aligned with business objectives, supporting effective communication, teamwork, and talent management.
- Technological advancements are revolutionizing HR, enabling data-driven decision-making which allows for more efficient data management, process automation, and informed choices regarding global talent issues, global mobility, and compliance across various regions by executing in depth data analysis.