Excerpts from a virtual interview
By Dinesh Weerakkody
Celebrated HR Guru Prof. Dave Ulrich who has helped shape modern HR in this interview emphasizes the fact that leaders must learn to harness uncertainty to be able to help countries and organizations to prosper in the unknowable new normal.Prof. Ulrich has consulted and done research with over half of the Fortune 200 companies and worked in over 80 countries.
Dave, It’s a long time since I’ve seen and spoken to you. What has changed since we last met?
Much has changed and until January 2020 the world was moving along and then in January the corona crisis hit and the entire world went through dramatic change overnight.
The global pandemic has heightened HR’s relevance to business. In this context, what should HR be doing to help people and organizations deliver increased value and what are the new practices that will emerge post crisis?
Let me lay out HR’s value creation with three very simple insights. No. 1, we have to create and capture value for others. The goal of HR is to create value for our employees, for our organizations, for our customers, for our investors and for our communities. So HR’s number one issue is to continue to create value both inside and outside the firm. No. 2, to create value to all stakeholders, HR must deliver great people, organizations, and leadership. No. 3, HR has to continue to reinvent itself, through digital HR, through technology, through analytics. In brief, HR’s agenda is to create value outside into all stakeholders, through talent, organization and leadership and by transforming HR .
What has been the impact of the pandemic on HR skills and competencies? What new skills will HR professionals need to develop post pandemic?
We have studied HR competencies for 30 years, through 7 rounds of research and we are now starting the 8th round. As we look ahead, we envision five HR competencies that we think will have an impact. No 1- is information asymmetry, or learning how to source information in this new world even when working virtually. . Number 2- is being able to separate signal and noise. In this world there is a lot of noise, as evidenced with a lot of activity, emails, ideas, and books. How do we sift important signals that matter from this noise, particularly around emotional wellbeing. Therefore the challenges are ;No. 1 information asymmetry. No. 2 separating noise from signal and No. 3. beginning to build integrated solutions, it’s not isolated staffing, training & compensation initiatives, HR needs to integrate these specialists activities into integrated solutions. . No; 4 is social responsibility and Citizenship. HR now needs to be much more aware of and connected to social responsibility.. No; 5 is guidance. HR should access information that offers guidances. It’s not enough to just describe an organization practices- like culture. We should be specific about the “right” culture, given the situation. Those are the 5 skills we are studying and we want to find out how they deliver value to stakeholders. Information asymmetry, separating noise from signal, managing social responsibility and corporate citizenship , integrated solutions and then organisation guidance.
What has technology really done to empower engagement in this crisis?
Technology, like almost everything else, offers good news and bad news. The good news is that technology enables digital information that supports good decision making. The bad news is that technology can be used to distance people form each other. We have seen 4 phases of digital affecting HR. The first phase of digital HR, is efficiency. So technology allows us to be more efficient to do learning or staffing or compensation efficiently. The second phase is innovation. Josh Berson who is the expert in this area said there are 2,700 new digital HR apps, some of which are good and some are silly. The next (3rd) phase of HR digital that is coming is information guidance. How do we use digital to tell us more of what we do? It’s no longer enough to do a best practice. We have to do a practice that creates an impact on key results. Then, the fourth phase, is experience or connection which is where I think HR needs to focus in this pandemic. Technology should enable us, one- to be more efficient, two- to innovate, three for information management and four to have a better experience and that’s where I think we are heading with technology.
Moving on, today what would HR look like in the new economy?
When people tell you that they know the new normal. My advice to you is turn around and run. I don’t know what the new normal is? I think we live in a world full of uncertainty and our job in HR is to harness that uncertainty. Our message should be; don’t be threatened by the uncertainty, but to discover the opportunity in it.Out of the uncertainty that comes from this crisis will emerge a whole new way to behave and do things. These new behaviors must focus on creating value for all stakeholders. Number two, HR will have to add greater value to the people, organization and leadership. Number three, HR will have to reinvent HR, through transforming the HR department, offering integrated HR solutions, and upgrading HR professionals. HR leaders unlike ever before are expected to help their people and organizations navigate this crisis.
What will the new world of work look like post covid?
I think we’re going to see a new ecosystem where and how we work; I think we used to worry about where we work. When I get up in the morning, I go to work, I’m at work and I go home from work. I think that’s gone, or less likely. For example – I could be in my condominium, my office, my car, a coffee shop, or a hotel. No matter where we work we have to be connected through our shared values, and the boundaries of work are not physical, the boundaries of work are the values we share that create value for our customer. So the boundaries of work are shifting from ‘place’ to ‘values’. This means that no matter where one works there are expectations that shape the boundaries of work. These expectations are about the value created for the customer.
What type of skills will disappear in the next two or three years?
I don’t think skills simply disappear, they build on each other. For example, the skill of connection is going to evolve. It is not going to be connection face to face, I think it’s going to be virtually. How do you and I connect even though we’re 12 hours apart? Your night time, my morning even though we’re in different places, but I can still begin to feel that connection, so the reskilling is building on the past. That is, we still set KPIs and goals, but virtually. We communicate, we communicate virtually. Therefore we will build on the skills that we’ve learned in the past.
What are the three things that HR can do to deliver value to a CEO in this crisis?
Take care of your people. Help them feel emotionally cared for by showing empathy. Caring for them can create a great organization that serves customers. Talent, organization and leadership can all of which serve customers. For example, many have said our people are our most important asset, and I think it needs to evolve to our people are our customers’ most important asset. Do our people do what our customers want? Our culture is the identity of our firm in the marketplace. Our leaders must have the competencies that create value for our customers. Everything we do in HR, talent, organization and leadership should create value in the marketplace.
You talked a lot about the organization guidance system (OGS). Tell us a little bit more about this and how can we make use of OGS?
We have found that organizations are spending about 1% of their annual revenue on people and organization initiatives in talent, leadership, capability, and HR, but they are not clear about how to optimize these investments to deliver results. The guidance system will provide answers to questions like: What talent, leadership, organization, and HR initiatives will have the most impact on employee, business, customer, investor, and community result? To answer this question, we can build on decades of research to guide people and organization initiatives that deliver results. Our work shows 5 outcomes -employee, business, customers, financial, and community and there are 36 initiatives, which equal 180 cells (5 outcomes * 36 intiatives). Business and HR leaders need to know which of these 180 cells they should invest in. Simply go to www.rb.ai and take the short survey for each pathway to get a free report on where to focus to deliver key results. This report offers invaluable guidance on where to priorities your people and organization initiatives.
Dave, finally what is your message to CEOs of Sri Lanka?
I’m going to give the same message to the CEOs that I would to all HR and other professionals; here’s my answer to CEOs in Sri Lanka and to others, the best year of your life is the next 12 months. The best is yet ahead. Sri Lanka has a history of resilience and success, of continually rebounding and coming back. My friends and CEOs, my friends in business, my friends in HR, the best is yet ahead, the next 12 months will be the best ever.
- News Advertiesment
See Kapruka’s top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka’s unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.
Unlimited music streaming platform in Sri Lanka
SLT-Mobitel, the nation’s ICT and Telecommunications Service Provider recently partnered with Spotify, to mark their launch in Sri Lanka. Spotify is a paid premium music streaming app which allows subscribers to listen to music to their hearts content. Both, SLT-Mobitel Post-Paid and Pre-Paid customers will now be able to enjoy Spotify by activating a monthly recurring subscription or one-time subscription plan and access unlimited music streaming and downloading facilities.
The subscription charges will get added to the user’s customary billing, where payment will be deducted in real time. Starting from the payment date, the user will be able to access Spotify and download their favourite songs, for the next 30 days. Users who sign up for their first monthly subscription will receive an additional one month, courtesy of Spotify. The one-month subscription plan is not applicable with one-time subscription plans. SLT-Mobitel data rates, depending on the user’s respective broadband charges, will apply.
Spotify also has some exciting features that will provide SLT-Mobitel customers with the opportunity to listen to ad-free music, access millions of uninterrupted music under one platform, play any song they like, anywhere they go, and also be able to enjoy their music offline.
SLT-Mobitel customers can select their preferred premium package under four categories; Individual, Duo, Family, Student. Each category has recurring and non-recurring plans. After one month of free streaming, the package will activate once the offer period terminates. While both, the Individual and Student premiums are limited to one account user, the Duo package offers two accounts and the Family premium is accessible through six accounts. To view Spotify plans, users can log on to https://spoti.fi/3aLWvce
Sri Lanka using ‘sovereign power’ over economy: CB Governor
by Sanath Nanayakkare
Anyone conversant with the elements of a political economy would know that Sri Lanka is using its ‘sovereign power’ to manage the different dynamics of the economy in a sustainable manner, Professor W. D Lakshman Governor of the Central Bank said on Wednesday.
“Some critics are saying that we adopt a so-called modern monetary theory. That’s not the case. In fact, Sri Lanka is using its sovereign power in a number of economic aspects to honour its external debt repayment commitments as well as to reduce its debt burden in the medium term as well as achieve resilient growth in the medium to long term, he said.
“We make policy decisions to boost our gross foreign reserves, meet our external debt servicing, to facilitate monetary expansion, to boost our GDP growth, to strengthen our current account balance and manage our domestic and external economic variables in a sustainable manner. This is not a modern monetary theory. This is an age-old tool used by central banks around the world when the circumstances demand it, he said.
“Certain trade-offs will be necessary when dealing with an economy which has a big fiscal gap to bridge. There are efforts to push Sri Lanka towards the IMF again which would in turn have influence on our policymaking. We have taken policy measures to stabilize the economy and we have adequate reserve levels to meet our debt repayments. Meanwhile, we are in negotiations with overseas central banks and multilateral agencies to further boost our reserve level and it would materialise within a matter of weeks,” he noted.
“One of the tools the Central Bank has introduced is in respect of repatriation of export proceeds into Sri Lanka and conversion of such proceeds into Sri Lankan rupees in order to strengthen the foreign exchange situation of the country,” he said.
The Governor made these remarks while delivering the keynote speech at a webinar organised by the Veemansa Initiative led by its Managing Director Luxman Siriwardene – the former Executive Director of Pathfinder Foundation.
The webinar revolved round the topic ‘External debt situation in Sri Lanka: Are we heading for a resolution or crisis?’
Professor Sirimal Abeyratne, Prof. Sumanasiri Liyanage, Dr. Nishan de Mel and Dr. Ravi Liyanage were the other speakers on the panel.
CSE on the rebound; indices close positive
By Hiran H.Senewiratne
CSE produced signs of a rebound yesterday with both indices closing positive, though turnover remained low. Central Bank Governor W.D Lakshman’s recent statement on managing foreign reserves gave some boost to the market yesterday, stock market analysts said.
The index experienced a zigzag movement within the early hours of trading; thereafter, it recorded a slight up-trend as it reached its intraday high of 7,439. Later, the market witnessed a down-trend at mid-day, followed by a sideways movement and closed at 7,372, gaining 43 points during the month of February, market sources said.
It is said the banking sector dominated turnover with a contribution of considerable parcel trades in Sampath Bank, Commercial Bank and HNB.
Further, the Commercial Bank’s impressive quarterly results during the recent turbulent period also built investor confidence. Commercial Bank was able to register a18 percent net interest income when other banks were reporting a decline. Its share price increased by Rs. 3 or 3.5 percent. On the previous day, its shares started trading at Rs. 85 and at the end of the day they moved up to Rs. 88. Due to the positive growth results, the bank announced a Rs. 4.40 dividend per share, plus a Rs. 2 script divergent for every share.
Further, Sampath Bank shares also appreciated in both crossing and retail. In crossings its shares appreciated by Rs. 1.At the end of the day they moved up to Rs. 154.50. In the retail market, its shares moved up by Rs. 2 or 1.3 percent. Previously, its shares fetched Rs. 154 and at the end of yesterday they moved up to Rs. 156.
Amid those developments, both indices moved upwards. The All Share Price Index went up by 104.48 points and S and P SL20 rose by 67.78 points. Turnover stood at Rs. 3 billion with four crossings. Those crossings were reported in Sampath Bank, where 3.9 million shares crossed for Rs. 602.2 million, its share price being Rs. 154.50, HNB 375,000 shares crossed for Rs. 39.4 million, its shares traded at Rs. 105, Pan Asia Power 9.5 million shares crossed for Rs. 33.2 million, its shares traded at Rs. 3.50 and Access Engineering 1.2 million shares crossed for Rs. 28.2 million; its shares traded at Rs. 24.
In the retail market top five companies that mainly contributed to the turnover were, Expolanka Rs. 450 million (10 million shares traded), JKH Rs. 205 million (1.3 million shares traded), Browns Investments Rs. 199 million (34.9 million shares traded), Sampath Bank Rs. 191 million (1.2 million shares traded) and Dipped Products Rs. 137.7 million (2.8 million shares traded). During the day 101 million share volumes changed hands in 18046 transactions.
During the day, Expolanka, the biggest contributor to the turnover, saw its share price appreciating by Rs. 6.20 or 15 percent. Its share price quoted on the previous day was Rs. 41 and at the end of trading yesterday it moved up to Rs. 47.
Sri Lanka’s rupee quoted wider at 193.50/195.50 levels to the US dollar in the spot next market on Thursday while bond yields remained unchanged, dealers said. The rupee last closed in the spot market at 194.50/195.00 to the dollar on Wednesday.