Human Resource Management is no longer the typical recruitment process. The scope of HRM is much more. Human resource managers are being invested with new responsibilities like wealth management and talent acquisition. Before discussing the future of HRM, let’s see where we stand now. Increase in outsourcing, since human resources started utilizing technology more, this decision has been evident. Because of modern software and the resulting employee independence, internal HR departments are becoming smaller. Employees are doing considerably more on their own, which has made self-service portals popular. The majority of workers can use data systems to automate procedures. Many trends are emerging in the field of HR. Let’s discuss a few of them:
- Hybrid Work Model
Covid-19 saw the transition from working from the office to working from home. This offers the employees flexibility to choose the best perspective, allowing them to be at their productive best. In addition, many big firms in the industry announced their hybrid work plan during the pandemic and persisted with it. This confirms that ‘the future is flexibility.’
- Healthy Organization
Mental health is getting the importance it deserves. Firms have moved from merely appreciating the employee’s efforts with monetary or other benefits to improving their mental health by providing them with a healthy environment to work in. Besides, employees’ mental well-being is the top priority for a majority of firms in the industry. Mental is synonymous with physical health, mental well-being, financial wellness, safety, a healthy workplace, and social security.
- Diversity, equity, and inclusion.
DEI plays a crucial role in defying workplace discrimination, bias, and harassment. Whether it be a physical or a virtual workplace, DEI is necessary. The majority of leaders in the industry agree that DEI is required to create a positive work environment. For this, DEI leaders should be developed.
- Power Skills
In a remote work environment, technical skills alone do not work. So firms are looking for power skills as well. For that matter, firms initially hire people with good power skills like teamwork, time management, or leadership skills and train them for the technicalities of the role. However, unlike technical skills, power skills are behavioral and cannot be upskilled as easily as technical skills. It requires effort, and this effort is what makes an employee different from others.
- Gig Economy
The phrase was first used to characterize the upcoming workforce trend in 2009, which depended on freelance labor, consulting, and part-time employment prospects in a digital economy. The pandemic, along with the wide range of development opportunities it provides, is the reason why the graph of the gig economy is rising high. It allows flexibility to workers and cost benefits to employers.
- The Human Touch
During the pandemic, when remote work mode was adopted, a large portion of the working population felt that the organization did not offer much support, and the employees felt overworked. Employee engagement was low. To improve this situation, firms adopted the human touch. This means seeing the employees as human beings rather than employees a d trying to address any issue they face.
- Reskilling And Upskilling
Though both these words are used synonymously, they do not mean the same. Reskilling is learning new skills, and upskilling is specializing in a core skill. The essential requirement for both these processes is understanding the skill gap and the industry trends. Skill transformation is required for the following reasons:
- Using market and industry trends as a guide, execute firm policies and strategies more effectively.
- Boost productivity, performance, and satisfaction among employees.
- Gain a significant advantage over rivals who neglected to adapt to the new skill needs.
Training and Development play an essential role in business. It is one of the most crucial investments a firm makes.
- Cyber Security
With more people working from home, data breaches and security risks have increased. As a result, firms are now raising their cyber security budget, and the amount constitutes a fair share of the total IT budget of the firm. In addition, the remote work environment brings in various security and data breaches like malware, social engineering attacks on unsecured and employee-owned devices, phishing, etc. To avoid security risks and protect corporate assets and data, organizations are actively working to strengthen cloud service security, convert digital roadmaps and security technology, and implement effective training programs.
The operations of enterprises will be significantly impacted by combining traditional and remote work models. Despite constantly evolving paradigms, a holistic approach to employee well-being, skill transformations, and a human touch will guarantee exceptional work experiences. It wouldn’t be long to say that as the year goes on, the future of HR might amaze us, given shifting skill preferences and the thriving gig economy. To avoid affecting their overall productivity and growth, businesses must plan ahead for these adjustments and intake new technologies and cope with the latest trends.