4 ways to drive midmarket growth
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As companies adapt to the world of work post pandemic, new workplace dynamics and expectations are emerging. HR strategies in 2023 focus on supporting these trends to help drive organizational growth.
The remote and hybrid work model models that companies had to adopt on the fly in 2020 are here to stay. Now, they’re working to hone those models with an eye on employee development and business agility. At the same time, they continue to face volatile market conditions and pressure to contain costs.
A recent IDC study focused on how HR is taking the lead to drive growth in midsize organizations. Sponsored by SAP, the survey of midsize business executives, revealed HR strategies for success with four core themes:
- Focus on workplace flexibility
- Embrace digital transformation
- Prioritize employee development
- Staying agile for sustainable growth
Improving the employee experience in 2023
Organizations of all sizes are realizing the importance of the employee experience and how employee satisfaction has a direct impact on customer satisfaction and overall business success.
As they prioritize the employee experience, top HR strategies are work-life balance and workplace flexibility, the IDC survey found. After the pandemic, employees expect this flexibility and companies that offer it gain competitive edge.
Implementing hybrid work models, supported by digital technology, can foster seamless and efficient communication among team members, resulting in higher productivity.
Employers achieve higher employee satisfaction and employees enjoy a better work-life balance while still being connected to the office.
However, this evolution to hybrid work requires new ways of working, and new levels of trust.
How to improve employee well-being: Humanity enters the workplace
By making wellness a priority and leading with compassion, modern HR leaders are improving employee well-being and boosting morale.
Digital strategies: Modernizing HR operations
Digital transformation – by incorporating technologies like artificial intelligence and machine learning – is no longer a trend, but an essential strategy for business operations in 2023 and beyond.
By adopting modern processes and technologies, companies can streamline HR and talent-related functions to increase efficiency and agility.
Advanced core HR and payroll systems offer the flexibility employees today expect. They also boost work-life balance by ensuring swift and mobile-enabled access to core HR functions.
As IDC notes in its report, having the right HR systems and technologies in place supports sound decision making to help midsize organizations navigate market changes.
HR cloud solutions: The benefits of modernizing human resources
HR cloud solutions provide intuitive, agile, innovative, and easy-to-use system designed around what employees need and how they work.
Meaningful training, engaged employees
Investing in employee training and development is a crucial HR strategy for maintaining a prepared, productive, and agile workforce.
Training helps reskill and upskill employees, identifies hidden talent, and aligns employees with suitable growth opportunities. This helps boost talent retention and helps ensure the business has the skills it needs to reach its goals.
Increasing access to personalized, focused, and meaningful training opportunities fosters a positive work culture and demonstrates an organization’s commitment to employee growth and future readiness. Engaged employees will be more motivated, productive, and apt to stay.
Connecting CX and EX for true customer centricity
To succeed in a hyper-competitive digital landscape, companies need to connect CX and EX to provide a complete customer-focused experience.
Driving sustainable growth: HR strategies 2023
Employees look for organizations that are dedicated to growth and flexibility. Organizations that remain agile and adopt modern solutions are better positioned to achieve sustainable growth.
As market demands and technology continue to evolve, flexibility becomes essential in responding to dynamic challenges.
By continuously embracing innovation, organizations can foster an environment conducive to long-term success.
The evolving world of work requires a strategic approach from HR leaders in midsize businesses to ensure organizational success and employee satisfaction.
By taking steps to improve the employee experience and embracing digital transformation, organizations can cultivate a positive and agile work culture that attracts and retains top talent while remaining competitive and adaptable in an ever-changing business landscape.
