Several trends in Human Resource Management industry for the past few years have been witnessed all over the world. If you look back, everything from the hiring process, people analytics has evolved. Instead of just engaging the employees and giving an upper hand to their satisfaction level, today's trends are more inclined towards an enlightened overall HR culture. The HR function has moved far forward than just mere recruitment, benefits management, professional development, and time tracking. Let us have a look at some of the most recent trends in human resource management that can change the overall ways of working in a company.
The Growth of People Analytics
People analytics is becoming a high priority for their organizations. Analytics and AI can touch every aspect of HR, from recruiting to performance management to employee engagement. Companies are way ahead from just the back-office data to utilizing the best of people analytics. Reporting through the dashboards is becoming outdated in most companies, and focus is more on predictive models. HR tools have become widely to enhance the possibilities of HR to improve the overall effectiveness of employees. Most of these tools come with advanced features like employee retention predictors. As analytics technology continues to grow, more companies are adopting these tools, making it easier to measure, track, understand, and predict employee behaviors and trends.
Employee experience remains to be crucial as companies seek ways to drive engagement and foster employee-centric cultures. Focusing on the knowledge that employees have with the company, much as a brand focuses on the customer experience, can boost productivity, improve satisfaction, higher employee loyalty, and instill an owner's mentality to employees. A great employee experience goes far beyond having free meals and gym membership. Putting up systems, tools, and processes in place that enhance, not limit, their employee's daily tasks and schedule, but beyond the tools, the most important is the value of the relationship and the respect to your people.
Company culture is a significant player in creating a positive experience for employees. In fact, a 2019 Glassdoor survey found that employees rate workplace culture as more important to job satisfaction than their salary. The push for enhanced employee experiences has resulted in companies becoming the new brand and employees becoming the new consumer. This role shift will lead organizations to invest more thought and resources into branding and catering to employees' needs through ways such as using their employee value proposition (EVP) to differentiate between deriving a competitive edge.
An Emphasis on Soft Skills, learning, and development
Executives are anticipating growth and requirement for social skills in the workforce. While younger employees tend to be more tech-savvy, they're also more likely to lack critical skills. So, these types of interpersonal skills are becoming a priority in recruiting and training.
Irrespective of the positions of the employees or their experience, learning new skills is vital to stay updated. Providing learning opportunities to employees is the key to any company that is eyeing for progress. An improved skill set can help employees to deliver their best at a workplace that reflects in the overall productivity of the company. Learning management systems are playing a crucial part in tracking the employees' learning process and even to collaborate between various departments effectively.
The New Way to Work
One of the most widespread HR trends taking place is the shift away from the traditional work model toward one that's more flexible and worker-centric. This new framework consists of two primary practices:
The Gig Economy: Employees are shifting from being full-time workers. Side hustles, freelancing, and consulting are on the rise. The faster that companies adjust to this shift and align themselves with it, the more they stand to gain. The had been driven by the Millennial task force mainly to earn extra income, gain more control over work hours, and strike a healthy work/life balance. The alternative workforce can bring a lot to the table for organizations as well. Freelancers, for instance, are often experts in their field, allowing companies to access top talent without the geographic limitations, costs, and time of hiring another employee.
Remote Work: Technology has made it easier than ever for employees to work from home, a shared office space, or another country. Offering remote work options comes with many benefits, including higher productivity and increased employee satisfaction and saving on additional administrative coast to the company.
Real-Time Performance Feedback
In today's fast-paced world, the traditional performance review cycle is outdated. Thanks to performance management tools like pulse surveys and real-time feedback channels, managers no longer need to schedule time-consuming meetings or evaluate performance periodically. With HR information management systems, employees can receive regular, consistent feedback. Beyond the logistical benefits, real-time feedback "provides ample opportunity for managers to have meaningful and forward-looking conversations about personal and professional development with the employee, resulting in better engagement and improved productivity. This also informs managers and what kind of training, up-skilling, or development programs to put the employees for continued improvement.
The situation seems to be clear for anyone working in the HR industry. Managing and supporting employees in a fast-changing and innovative environment is a challenging process, where it is often difficult to make the right decision to keep up with the emerging trends. It has been facilitated by technology and globalization. The idea is to focus on the needs of the employees, their empowerment, well-being, among others, by employing newer technological techniques. It has also necessitated HR to use intelligent tools and the emerging technologies that are based on the conversational and cognitive systems for the more excellent work experience of the employees.
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