Will Sri Lankan family firms be around in 3 years?
View(s):There are three corporate decision makers in Sri Lanka right now, says a HR solutions firm.
“First, the founder of a company, hesitant to hand over the reins of a company that took him or her years to build. His or her children are uninterested in taking over the family firm or intent on pursuing dreams elsewhere. Next, the one who inherited their parents’ company and must navigate their family dynamic. Lastly, the new boss who took over the business and is faced with a change resistant mould,” according to HR Consortium (Pvt) Ltd, a total HR solutions provider.
Like many Asian countries, Sri Lanka too is confronted with family firms realising that change needs to come fast and this is where HR Consortium (Pvt) Ltd is raising the question, “Are Business Chairpersons managing their organisation’s Human Asset with the same rigour as they do their Financial Assets?” Or is it too late now?”
It says the recruitment landscape has shifted rapidly from a buyer’s market to a seller’s market. The biggest challenge today is to attract and retain people. Gone are the days that the recruiter could specify the salary and job objective to filter out the ideal candidates for the job vacancy. Now candidates broadcast their personal brand and set their conditions. They chase a clear idea of what they want; unless they find it at work, they will not commit. Who are these elusive individuals? Millennials.
Millennials find their job interesting and worthwhile if their voice is heard and their ideas implemented. On the side of the management, there is no thought about how employees add value to the business. The HR Consortium sees the employees’ need to be involved in the decision making as their value proposition. “The last ‘employee satisfaction’ survey report lies untouched on the HR Head’s table. Has the company’s research partner done a good job gathering data that could possibly be included into the business plan for the next quarter? Probably. But it is insight, not data that can be translated into action,” the company says.
The business research unit of The HR Consortium, Second Curve (Pvt) Ltd, has gained insights by recording the ‘employee displayed emotions’, enabling them to measure their ‘emotional stamina’. The significant patterns are used to build action plans and initiatives. It doesn’t stop there. Unfortunately, most companies have trouble putting suggestions to practice.
Second Curve offers an Employer Brand Tracker that is more than a document picking which employee is an asset and who needs to be kicked out. It is an expansive study blending the different visions of the boss, the board of directors, the senior managers and each employee. Second Curve collects insights, strategies and solutions and passes them on to The HR Consortium. Then a holistic answer is developed to solve the multitude of issues.