It's Taking Time!
Despite the impact of lower commodity prices on its exports, Indonesia's economy grew by 5.05 percent in 2023, slightly exceeding the government's expectations. However, this was a lower rate than the 5.3 percent achieved in 2022. Bank Indonesia, the country's central bank, said that the economic performance was within its forecast range of 4.5 percent to 5.3 percent. The government's statistics agency recently reported that the main reason for the slowdown in gross domestic product was the decline in export earnings. The slowdown is reflected across the business realm, including the hiring segment.
The demand for hiring people in commercial, operational, and technical roles has slowed down. Companies are now more careful about adding new staff for essential positions or replacing vacancies. Segments such as fintech, digital banking, e-commerce, local conglomerates, SME startups, and Web3 companies are growing exponentially and are evident in the hiring heat map. Also, industries like cyber risk and GRC are in high demand because of new local regulations emphasizing technology risk management.
Today, this change is happening in shut-eye time in the country. As the room for trial and error has significantly reduced, People Analytics helps HR leaders use data to make smart talent decisions, improve workforce processes, and promote positive employee experience. Additionally, a modern-day people officer must know more than the normal HR functions. They need to have decisive acumen for technology and digital transformation. Emotional intelligence and communication skills are other critical traits that will help them advance in their success journey.