| | OCTOBER - 2023MANAGEHRMAGAZINE.COM19NAVIGATING THE EVOLVING LANDSCAPE OF HUMAN RESOURCES MANAGEMENT SYSTEMSBy Fazila Banoo Manzur Elahi, Head of Performance & Rewards Management, Bank MuamalatIn an interview, Fazil Banoo Manzur Elahi, head of performance and rewards management at Bank Muamalat, discusses the impact of changing technologies on human resource management. What are some of the major challenges and trends that have been impacting the HR Industry lately?The technological advancements, changes in workforce demographics, and the post-pandemic era have definitely set some new trends and challenges for HR practitioners. Notably, the hybrid work model (HWM) has become a prevailing trend, demanding innovative solutions for managing remote teams efficiently. Employers, regardless of industries, have started exploring the relevance of this model in their respective businesses, adapting it while ensuring high productivity levels. Technically, the hybrid model has been around for quite some time. However, it was common within specific industries such as IT. Personally, I believe the hybrid model is very productive as it allows flexibility in how we work, and the main focus is on delivering results. Nevertheless, the most important aspect to consider in a hybrid model will be the availability of tools that allow collaboration among team members. The rise of artificial intelligence has revolutionized conventional HR processes such as recruitment work, enabling data-driven hiring decisions and predictive analytics for employee retention. There is now a growing trend of interactive chatbots or virtual assistants to handle routine HR inquiries and provide prompt responses; this will allow HR professionals to focus on more strategic tasks. This feature will definitely enhance the employee experience. However, it comes with a high cost, and the ROI will only be evident after a few years. Thus, there is always a challenge to prioritize costs. What keeps you up at night when it comes to some of the major predicaments in the HR Industry?A pivotal challenge lies in effectively managing change, particularly in the context of technological advancements. For instance, the financial sector, renowned for its dynamism, has borne witness to profound transformations in recent years, propelled by the relentless march of technology, shifting customer expectations, and a rapidly evolving regulatory environment. Consider the ascent of digital banking, the ubiquity of mobile payment solutions, and the disruptive influence of fintech innovators. These seismic shifts have fundamentally reshaped operational paradigms, presenting new outlooks of efficiency, heightened customer engagement, and novel revenue streams. Yet, they have concurrently posed formidable challenges to traditional financial institutions that were slow in adapting to this new landscape.It is imperative to acknowledge change and enthusiastically embrace it as an opportunity for advancement and innovation. Effectively communicating CXO InsightsCXO InsightsFazila Banoo Manzur ElahiFazila Banoo is a qualified and experienced HR Practitioner with approximately 20 years' worth of experience in Human Resources (such as Performance & Rewards, Talent Management, Learning and Development, Succession Management and other HR shared services), Office Administration, Customer Service, Marketing & Sales, and Project Management.
< Page 9 | Page 11 >