Modern HRM Trends

 

Figure one – Modern Trends of HRM

Modern technology has given us and we have reaped many benefits.

This technology, which is improving day by day, gives a tremendous boost to all large-scale productions, from day-to-day work.

The benefits that this technology has opened up to human resource management are unique. Today, we who live in a global village have a space to move forward by changing all the wrong assumptions made in the old human resource management through human resource management which is improving day by day.

This attempt will bring an analysis in that regard.

Figure Two – Analytics of HRM Cycle

Human resources (HR) trends are practices and techniques that companies often use to understand and meet employee needs, add value to the business, and align specific functions with commercial demands.

As industries and society evolve, many HR departments update their practices to enhance both company and employee experiences.

HR professionals who want to increase the efficiency and value of their organizations may benefit from learning about these trends.

The importance of HR trends

It's important to learn HR trends because market climates, employee needs, industry practices, and company policies often change as time progresses and technology evolves. World events and societal shifts also often affect how employees and companies approach daily operations.

For example, many employees now desire more flexibility as technology now allows many work-from-home opportunities.

Companies often observe these trends and incorporate them into the organization to enhance practices and the employee experience.

Observing trends often helps organizations determine what changes may optimize the business.(TOM HAAK, 11 HR Trends to take into account for 2021, NOVEMBER 23)

 

 

 

Industry Trends in HR

1. Treating diversity, equity, and inclusion (DEI) as an integral strategy

• Creating a zero-tolerance approach to bullying
• Ensuring that diversity remains an important part of work culture by observing leaders modeling the behavior the organization wants to see
• Addressing bias in diversity training
• Incorporating bias assessments into performance reviews
• Applying DEI metrics to a company's key performance indicators (KPIs)

 

2. Listening to what employees have to share

• Giving a person your full attention and avoiding multitasking
• Letting the other person complete their thoughts before responding
• Trying to understand the actual meaning of a person's message, including nonverbal cues
• Asking thoughtful questions
• Building a company culture that encourages employees to express themselves

 

3. Upskilling and reskilling your workforce

• Encouraging training and development for all employees
• Rewarding successful development accomplishments
• Using multiple methods for training, such as face-to-face, online, and hybrid options
• Providing focused feedback

 

4. Nurturing a positive company culture

• Helping employees maintain relationships and forming new ones as new employees appear
• Teaching employees how to better collaborate while providing resources to maintain them
• Adapting new communication technology
• Including diversity, equity, and inclusion into the business strategy

5. Using data to enhance employee experiences

Data may provide assistance in the form of a personalized onboarding program, which may help new employees feel valued and supported.

Companies may also use data from professional rewards and recognition programs that emphasize an employee's accomplishments.

Emphasizing engagement with these programs may help some companies gain more data and insight into employee values.

  

6. Creating more wellness initiatives

More companies have started emphasizing employee wellness support to help with productivity, employee turnover, and client satisfaction.

This includes wellness in different forms, such as financial, social, mental, and physical.

 

7. Providing care for caretakers

• Providing clear goals and expectations
• Gathering and listening to feedback
• Recognizing efforts
• Providing additional tools and resources for job duties
• Providing more training opportunities

 

8. Emphasizing the role of teams among employees

When people work from home, participating in a virtual team often helps them form new relationships and access new resources.

Teams may contribute to a more positive work culture when all employees feel valued as equals among their peers.

 

9. Implementing innovative recruitment

As companies compete for talent, some have started implementing different tactics to attract and retain qualified candidates.

Many companies now use social media to contact potential employees instead of conventional job boards.

 

10. Balancing remote work flexibility with on-site business requirements

• Crafting an equal back-to-office strategy that addresses those who can and can't perform remote work
• Offering a place of community and engagement
• Using rewards and recognition as motivation
• Communicating with transparency
• Using change management strategies

 

11. Using skills-based hiring

As technology advances, many jobs require new skills and competencies.

This is typically true with the rise of artificial intelligence, which has both automated and created jobs.

Many companies have emphasized skills and competencies when hiring new employees to meet the demands of the current industry. (INDEED EDITORIAL TEAM, 11 HR Trends To Know for 2023, February 4, 2023)

Figure Three – HR realigning priorities

Top 8 HR Trends for 2023

 

1. Setting the Hybrid Work Model for Collaboration

It’s an employee-centric flexible work model with a mix of in-office and remote work.

 

2. “Human” Leadership

·         Improve company communications

·         Prioritize teamwork and collaboration

·         Invest in people

·         Encourage feedback

·         Give recognition, rewards, and compliments

 

3. Working in the Metaverse

With technological advances, the metaverse workplace is on a quick path to becoming an everyday reality.

The metaverse workplace offers virtual reality environments that let you work in a customized immersive space from anywhere in the world.

 

4. Change Management

·         Digital adoption platforms to implement change

·         Managers and early adopters as change agents

·         Change as a part of company culture

·         Data-driven approach to change management

·         Humanized change

 

5. People Analytics

·         Diversity and Inclusion: For actionable insights on employee sentiment and to test improvements in employee experience, psychological safety, belonging, and fairness.

 

·         Employee Experience: For data-driven employee experience/listening to get a better “feel” of the organization.

 

·         Retention: For information about the labor market, key competitor trends, risk factors with predictive models, and more.

 

·         Workforce Planning: To predict and plan for skills and workforce costs while managing existing costs.

 

·         Talent Acquisition: For evaluating fairness in assessment and selection and the right hiring pace for the market demands of the business.

 

 

6. The Transition From Employee Well-being To Healthy Organization

§  Physical Health

§  Mental Well-Being

§  Financial Fitness

§  Social Health and Community Service

§  Safe Workplace

§  Healthy Culture

 

7. DEI in the Spotlight

Diversity, equity, and inclusion are buzzwords in most organizations, and rightfully so.

To improve DEI

·         Recruitment metrics

·         Hiring metrics

·         Onboarding metrics

·         Day-to-day activity metrics

·         Compensation, advancement, and retention metrics

 

8. Generative AI To Enhance HR Processes

Generative AI has emerged as a transformative technology with significant potential in various domains, and the field of HR is no exception. (Alexandre Diard, What Does Modern HR Look Like in 2023, 2023)

                                                            Figure Five – Modern HR for 2025

Figure Six – Conclusion

 Conclusion

The top solutions AI offers to the HR sector are, cloud solutions, bots, language processing, digital assistants, automated solutions, etc., which are just some initial ones.

From learning how to administer the work-from-home workers to pivoting toward contactless deliveries, everything was put on the table in front of us in a haphazard manner.

Management was in a pickle to hold up with all the evolving changes, whilst striving to keep up the customer base and worker morales, and simultaneously accomplishing enough profits to satisfy the stockholders too.

 

 

References

TOM HAAK, 11 HR Trends to take into account for 2021, NOVEMBER 23, 2020(ONLINE)

AVAILABLE AT:https://hrtrendinstitute.com/2020/11/23/11-hr-trends-to-take-into-account-for-2021/

[ACCESSED ON:25/11/2023]

 

INDEED EDITORIAL TEAM, 11 HR Trends To Know for 2023, February 4, 2023(ONLINE)

AVAILABLE AT:https://www.indeed.com/career-advice/career-development/hr-trends#:~:text=Human%20resources%20(HR)%20trends%20are,specific%20functions%20with%20commercial%20demands.

[ACCESSED ON:25/11/2023]

 

Rabhya Sharma, 7 Emerging Trends in Human Resource Management (HRM), March 13, 2023(ONLINE)

AVAILABLE AT:https://www.zimyo.com/resources/insights/trends-in-human-resource-management/

[ACCESSED ON:25/11/2023]

 

Alexandre Diard, What Does Modern HR Look Like in 2023, 2023(ONLINE)

AVAILABLE AT:https://peoplespheres.com/what-does-modern-hr-look-like/

[ACCESSED ON:25/11/2023]

 

Jeanne Meister, Top Ten HR Trends For The 2023 Workplace, Jan 10, 2023(ONLINE)

AVAILABLE AT:https://www.forbes.com/sites/jeannemeister/2023/01/10/top-ten-hr-trends-for-the-2023-workplace/?sh=7482672c5933

[ACCESSED ON:25/11/2023]

 

Jessica Ruane, Top 10 HR Trends Transforming the Future of Frontline Work, June 28, 2023(ONLINE)

AVAILABLE AT:https://www.beekeeper.io/blog/top-hr-trends/

[ACCESSED ON:25/11/2023]