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Fazila Banoo Manzur Elahi, Head of Performance & Rewards Management at Bank MuamalatIn an interview, Fazila Banoo Manzur Elahi, head of performance and rewards management at Bank Muamalat, discusses the impact of changing technologies on human resource management.
What are some of the major challenges and trends that have been impacting the HR Industry lately?
The technological advancements, changes in workforce demographics, and the post-pandemic era have definitely set some new trends and challenges for HR practitioners. Notably, the hybrid work model (HWM) has become a prevailing trend, demanding innovative solutions for managing remote teams efficiently. Employers, regardless of industries, have started exploring the relevance of this model in their respective businesses, adapting it while ensuring high productivity levels. Technically, the hybrid model has been around for quite some time. However, it was common within specific industries such as IT. Personally, I believe the hybrid model is very productive as it allows flexibility in how we work, and the main focus is on delivering results. Nevertheless, the most important aspect to consider in a hybrid model will be the availability of tools that allow collaboration among team members.
"It is imperative to acknowledge change and enthusiastically embrace it as an opportunity for advancement and innovation"
The rise of artificial intelligence has revolutionized conventional HR processes such as recruitment work, enabling data-driven hiring decisions and predictive analytics for employee retention. There is now a growing trend of interactive chatbots or virtual assistants to handle routine HR inquiries and provide prompt responses; this will allow HR professionals to focus on more strategic tasks. This feature will definitely enhance the employee experience. However, it comes with a high cost, and the ROI will only be evident after a few years. Thus, there is always a challenge to prioritize costs.
What keeps you up at night when it comes to some of the major predicaments in the HR Industry?
A pivotal challenge lies in effectively managing change, particularly in the context of technological advancements. For instance, the financial sector, renowned for its dynamism, has borne witness to profound transformations in recent years, propelled by the relentless march of technology, shifting customer expectations, and a rapidly evolving regulatory environment. Consider the ascent of digital banking, the ubiquity of mobile payment solutions, and the disruptive influence of fintech innovators. These seismic shifts have fundamentally reshaped operational paradigms, presenting new outlooks of efficiency, heightened customer engagement, and novel revenue streams. Yet, they have concurrently posed formidable challenges to traditional financial institutions that were slow in adapting to this new landscape.
It is imperative to acknowledge change and enthusiastically embrace it as an opportunity for advancement and innovation. Effectively communicating the value proposition of novel systems to the workforce, guiding them in the embrace of this transformation, and ensuring a seamless transition is an intricate and pressing concern.
Can you tell us about the latest project that you have been working on and what are some of the technological and process elements that you leveraged to make the project successful?
At Bank Muamalat, our ongoing project entails harnessing the potential of a cloud-based human resource management system (HRMS). This strategic initiative, among others, focuses on optimizing recruitment, onboarding, and performance management processes. In essence, our overarching goal is the development of a self-service platform aimed at streamlining operations and simplifying procedures for our valued employees.
The triumph of this project is intricately tied to two fundamental pillars: robust cross-functional collaboration and the efficient management of data for analytical insights. Through seamless cooperation across departments and meticulous data stewardship for analytics, we have laid the groundwork for achieving our immediate objectives and also fostering a culture of continuous improvement and innovation within our organization.
What are some of the technological trends that excite you for the future of the HR Industry?
Technological trends that excite me for the future of HR encompass employee experience platforms, where personalized journeys enhance engagement. Moreover, the evolution of HR chatbots powered by natural language processing could revolutionize employee self-service and query resolution. The potential of predictive analytics to forecast workforce needs and blockchain for secure employee records are equally exciting.
How can budding and evolving companies reach you for suggestions to streamline their business?
For companies in pursuit of HR optimization guidance, I extend an invitation to engage, and feel free to connect with me via established professional networks like LinkedIn.
Could you provide a brief overview of your career path leading up to your current position as head of performance & rewards management at Bank Muamalat, highlighting key roles and milestones?
My professional journey began in a software development company, where I honed my skills in customer service and crafting business solutions for property development, property management, and accounting. This role immersed me in the world of software development, sparking my passion for technological innovation.
Interestingly, my career took an unexpected turn when my responsibilities led to extensive travel, exposing me to the realm of remote work. This exposure significantly influenced my perspective on work dynamics and ignited my interest in leveraging technology to bridge geographical gaps.
As I progressed, I ventured into the financial industry, initially joining a company specializing in corporate trusteeship and custodian services. Each role became a stepping stone in my journey.
Today, my journey has brought me to my latest role as the Head of Performance and rewards Management at Bank Muamalat Malaysia Berhad. My career path has been defined by the imperative for organizations to adapt to streamlined processes through digital platforms.
In retrospect, every phase of my journey has contributed to my comprehensive understanding of HR management systems and the corporate landscape. As I lead and innovate, my foundation in software development, experience with remote work dynamics, and immersion in the financial sector collectively enrich my ability to navigate the challenges and opportunities of today's dynamic HR environment.
Given the rapid evolution of the industry, how have you adapted and grown throughout your career?
Throughout my professional journey, I have continually evolved by cultivating a mindset characterized by a resolute commitment to continuous learning, a fondness for experimentation, and flexibility in embracing change. My guiding philosophy revolves around the conviction that the embracement of technological evolution, the nurturing of collaborative synergy, and the unwavering commitment to placing employees at the heart of organizational strategies represent the fundamental keystones for businesses to sustain prosperity within the dynamic contours of today's evolving business landscape.
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