Jeff Smith, BlackRock’s Former HR Exec, Weighs In On Trends In HR For 2024 — TNT Magazine

Originally published at https://www.tntmagazine.com on January 12, 2024.

In the past three years, the workplace paradigm has undergone a seismic shift, accelerated by global events that forced companies to reevaluate traditional work structures. Jeff Smith, BlackRock former head of global human resources, is confident that remote and hybrid work models are here to stay.

With a career spanning over two decades in shaping workforce dynamics, Smith has consistently been at the forefront of industry trends. Recognized for his strategic vision, he understands immediate HR needs and anticipates future trends in workforce management.

As we prepare to step into 2024, Smith provides insights into the pivotal trends reshaping the future of human resources. His vision emphasizes the need for agility, empathy, and innovation.

Remote and Hybrid Work Models: Embracing the New Norm

One key aspect of HR’s role in this transformation is developing and implementing flexible policies that accommodate the diverse needs of a hybrid workforce. From defining remote work guidelines to establishing communication protocols, HR is instrumental in creating a framework that allows employees to seamlessly navigate the new work landscape.

Smith emphasizes the importance of fostering an inclusive work culture that supports various models, creating an environment where employees can thrive, regardless of their physical location.

“Flexibility is important,” says Smith. “It shows trust and allows people to be able to prioritize things in their life in a way that makes most people feel good.” Remote work can enhance productivity and employee satisfaction and bolster healthier lifestyles.

HR professionals are leveraging technology to encourage a sense of connection and maintain a cohesive company culture in dispersed teams. This includes implementing virtual collaboration tools, hosting regular video conferences, and organizing virtual team-building activities. By harnessing these digital tools, HR aims to bridge the physical gap and enhance communication and collaboration among team members.

Additionally, HR plays a crucial role in addressing remote and hybrid workers’ well-being and mental health. Initiatives such as flexible work hours, access to counseling services, and wellness programs are becoming integral components of HR strategies. Recognizing the importance of maintaining a healthy work-life balance in remote settings, HR actively supports employees in achieving this equilibrium.

HR professionals must adjust policies and practices that cater to the diverse needs of their workforce. Smith notes, “Ideally, managers and organizations can be outcome-focused more than place-focused in terms of where work is done.”

Improving Employee Experience: The Heart of HR Evolution

In the digital age, where talent is a prized commodity, employee experience reigns supreme. Companies must cultivate a positive work environment that goes beyond traditional benefits. Employee experience is the linchpin of talent retention. Every touchpoint should contribute to a fulfilling and engaging experience, from onboarding to daily interactions.

Jeff Smith, BlackRock former human resources executive, implemented innovative HR talent strategies at the asset management firm to enhance employee experience, including elevating a high-performance culture. He emphasized the importance of a fit-for-purpose employee review process designed to help staffers hit their targets and become better employees.

“Having exceptional leaders and managers is huge for the day-to-day experience and people staying in a company,” Smith says. He stresses the importance of communication in a transparent manner and providing employees with real information to better build trust and engagement.

Retaining Employees With Upskilling: Nurturing Growth Within

As automation, artificial intelligence, and other disruptive technologies reshape industries, HR recognizes that a skilled and adaptable workforce is not just an asset but a prerequisite for a company’s survival and competitiveness.

Upskilling addresses the widening gap between employees’ skills and the skills demanded by emerging job roles. HR departments are increasingly investing in training programs that align with current job requirements and anticipate future skill needs. This forward-thinking approach ensures that employees remain agile and seamlessly transition into new roles as the business landscape evolves.

Upskilling is also a powerful tool for talent retention. Employees are likelier to stay with organizations that invest in their professional development, fostering a sense of loyalty and commitment. By providing opportunities for growth and learning, HR not only enhances the workforce’s skill set, but also contributes to a positive workplace culture.

Smith says, “Part of this is skill development, but part of it is creating the right job for leaders and managers and the right incentives to do it.” He recommends both compensation and recognition. “Data suggests many people do not want to be leaders or managers, and people who are successful in what they are doing need a reason to take on more and different responsibilities,” he explains.

Demonstrating a Commitment to Diversity, Equity, and Inclusion

The triad of diversity, equity, and inclusion has emerged as a cornerstone of organizational success, particularly from the lens of human resources. As companies strive to adapt to an increasingly diverse and globalized world, the imperative to foster a workplace culture that embraces DEI principles has never been more pressing.

From a human resources perspective, diversity encompasses the representation of individuals from various backgrounds, including but not limited to race, gender, age, ethnicity, sexual orientation, and disability status.

Conversely, inclusion goes beyond mere representation, emphasizing a culture where every employee feels valued, respected, and empowered to contribute their unique perspectives. Equity takes the commitment to fairness a step further by addressing systemic disparities, ensuring everyone has the same opportunities and resources to thrive within the organization. It requires a proactive approach to dismantling barriers that may hinder certain groups from reaching their full potential.

“Diversity will help foster different and better thinking and innovation, [and will help to bring in diverse customers or clients,” says Jeff Smith. The human resources executive explains that companies “need to have processes and practices that support diversity and a culture that allows people to be themselves and not to conform to a ‘type’ of person.”

As businesses navigate an ever-evolving landscape, those prioritizing and championing diversity, equity and inclusion stand to gain a competitive edge. From a human resources perspective, this commitment isn’t just a moral imperative; it’s a strategic imperative that shapes the future of the workforce and the success of the organizations they serve.

Jeff Smith’s Strives To Bring Out the Best in Others

As organizations grapple with the challenges of staying ahead in a rapidly evolving environment, Smith’s insights provide a road map for HR professionals navigating the intersection of human resources and technology.

Whether implementing groundbreaking programs or championing diversity, equity, and inclusion, Smith’s contributions have left an enduring impact on the financial industry’s approach to human resources. In an ExCo interview, Smith explained that during his time at BlackRock, he focused more deeply on diversity and inclusion. ‘And all the things that will help keep diverse talent at BlackRock, including a sense of belonging and emotional ownership. We’re spending a lot of time with different executive committees across the firm, talking about the data that shows this works,” he stated. “And we’ve augmented that with a more personal approach. We’re asking people to tell their stories and open up a lot more about who they are, with the belief that if you understand the people you’re working with, you’re going to appreciate diversity more. And that’s not just measurable diversities, but all diversities.”

As the business world continues to evolve, Smith stands as a beacon of inspiration for HR executives seeking to navigate the complexities of talent management with innovation and compassion. “I like trying to play the role of helping to bring out the best in others, to bring people together, and to help make a team a team,” says Jeff Smith.