Oracle’s Shaakun Khanna on Embracing Ethical Moonlighting, ESG, Neurodiversity & Gig Economy in 2023

Shaakun Khanna, Vice President, HCM & SaaS Application Alliances, APAC, Oracle in his column discusses how increased use of ethical moonlighting, incorporating ESG, the rise of the gig economy, etc will be the top priorities in 2023. 

The Human Resources (HR) sector witnessed several challenges in 2022 due to the new trends making their headway. 

Starting with the ‘Great Resignations’ and saw a spree of widespread layoffs towards the end across large tech companies and startups. While the sector witnessed many headwinds, one observation that stands out to me, based on multiple discussions I have had with customers and HR heads over the past year, organisations are focusing on evolving their workforce priorities, such as evolving compliance requirements, well-being, and back-to-office movement. 

HR professionals and leaders also undertook various strategies and approaches to adjust during the sudden wave of resignations to widespread layoffs, while balancing the needs of the business with employee well-being and career growth. Despite these challenges, HR leaders played a significant role in sailing through their workforce challenges during this unsettled period. 

Also read: It’s Time to Fix Your Performance Management System; HR Leaders Suggest How!

In 2023, we can expect the top 5 trends that will keep CHROs thinking and evolving:

• Increasing Use of Ethical Moonlighting

Knowing that the gig economy is growing, employees take on side hustles apart from their primary jobs, termed “moonlighting”. 

This trend is expected to continue in 2023 as well. Conversely, HR professionals will find ways to manage and support employees who engage in ethical moonlighting.

For all employees to contribute altogether and succeed, companies need to focus on neurodiversity and inclusion. This is only possible by developing strategies and programs to support neurodivergent employees and create a more inclusive workplace culture.

• Incorporating ESG in HR Strategy

Understanding how environmental, social, and governance (ESG) issues are significant for employees and investors. HR leaders will be seen incorporating ESG principles into their company’s practices and culture and communicating their commitment to ESG to stakeholders. Organisations will need ESG data and insights to understand the direction of their ESG programs and take corrective actions. 

Oracle HCM now offers The HCM ESG Reporting feature that enables organisations to track, manage, and report key ESG metrics such as energy consumption, carbon emissions, water usage, and waste generation. 

Also read: This is a Great Time to Correct Compensation Without Layoffs: Sreekanth Arimanithaya, EYGDS

• Technology-first HR

Technology has completely evolved the HR ecosystem and will continue to grow in 2023, where HR leaders must stay updated on the latest tools and platforms to support their businesses effectively. 

Technologies like AI, ML and Analytics will find applications in performance management, talent attraction, upskilling and reskilling of employees, assessments, remote working, optimisation and compensation planning to up their games. 

For instance, with embedded AI, ML and Analytics capabilities, Oracle HCM enables best-in-class employee experience and self-service capability to help organisations to embrace Technology- First approach to HR. 

• Neurodiversity and inclusion

As businesses evolve more, HR leaders will require to acknowledge the fact that neurodiversity and inclusion are crucial elements for both employers and employees to make their experience enriching. 

For all employees to contribute altogether and succeed, companies need to focus on neurodiversity and inclusion. This is only possible by developing strategies and programs to support neurodivergent employees and create a more inclusive workplace culture.

Also read: Capgemini India’s Aarti Srivastava on Unlocking Profitability with Inclusive Tech

• Rise of the Gig Economy

There will be a dire need for HR leaders to consider how to manage and support gig workers and balance their needs.  Companies must, therefore, find ways to engage internal and external candidates in financially rewarding projects/gigs. 

An internal system and policy to address this issue will be mission-critical. Understanding the workforce’s growth and development needs and providing them with opportunities to expand and progress while aligning with the organisation’s goals is critical. 

To address this, Oracle has launched Oracle Talent Marketplace, a first-of-its-kind application that can enable this in organisations seamlessly. 

To sum it up, 2023 is all set to bring newer challenges and opportunities for HR verticals for which HR leaders must be flexible and agile to navigate these trends and support their organisations and employees.

About the Author: Shaakun Khanna is a versatile business leader with over 25 years of experience in HR, Business Development, Sales, and Consulting. He is currently the Vice President of SaaS Alliances & Channels, Asia Pacific, at Oracle Corporation.