The Only Constant is Change: Modern HR Trends
People will never stop changing. As a result, the field of Human Resources (HR) must constantly innovate, with new trends and practices emerging every year. These trends are driven by changes in the business environment, world politics, technological advancements, and shifts in workforce demographics.
Our predictions for 2023 trends in the marketplace? Read On.
Remote Work: Let’s Make it Work!
There is no shortage of opinions on remote work and return to office strategies. But, the reality is that the COVID-19 pandemic has changed the employee experience and forced organizations to embrace remote and hybrid work to ensure business continuity and retain top talent. According to a study by Gartner, 88% of organizations worldwide have encouraged or required employees to work from home.
In 2023, remote/hybrid work will become the new norm. A survey by Gartner found that 82% of company leaders plan to allow employees to work remotely at least part of the time. Remote work offers several benefits, such as increased productivity, reduced costs, and improved work-life balance. It also encourages diversity, as employees have better control over how they work best based on their particular life circumstances. However, it also presents new challenges for HR, such as maintaining culture, ensuring employee engagement, communication, and collaboration.
Invest In People Analytics: Tangibly Measure Success
People Analytics is becoming an increasingly critical component of human resources (HR) management, as organizations recognize the importance of data-driven decision making. According to a survey by Deloitte, 71% of companies now consider people analytics a high priority, up from just 10% in 2016. The same survey found that companies using people analytics report higher employee engagement, lower turnover rates, and greater productivity. In fact, organizations using people analytics are twice as likely to be in the top quartile of financial performance compared to their peers.
People analytics involves the use of data to identify trends and insights related to the workforce, including employee satisfaction, turnover rates, and workforce demographics. By analyzing this data, HR teams can make more informed decisions about everything from hiring and onboarding to training and development. For example, data on employee engagement can help HR teams identify areas where the organization can improve, such as increasing opportunities for professional growth or improving work-life balance. By using people analytics, HR teams can optimize the employee experience and create a more productive and engaged workforce.
Artificial Intelligence (AI): Learn to Love It, Learn to Use It
Artificial Intelligence (AI) has the potential to transform HR. AI can be used to automate repetitive tasks, such as resume screening and scheduling interviews, freeing up HR professionals to focus on strategic initiatives. According to a study by IBM, 66% of CEOs believe that AI will drive significant value in HR.
AI can also be used to improve decision-making and reduce bias in HR processes. For example, AI can be used to analyze job descriptions and identify gender bias, ensuring that job postings are inclusive. However, AI also presents new challenges for HR, such as data privacy and ethical considerations.
Employee Well-Being: Take Care of Your People
Since COVID, employee well-being has become a top priority for organizations. The past three years have brought to light the importance of mental health and the need for employers to support their employees' well-being. According to a study by the Society for Human Resource Management (SHRM), 75% of employers have implemented new or expanded employee benefits to support mental health during the pandemic.
Well-being programs can include initiatives such as employee assistance programs (EAPs), mental health support, flexible work arrangements, and wellness programs. A study by Willis Towers Watson found that organizations that prioritize employee well-being see higher levels of employee engagement and productivity. It is important that employees are offered accommodations for any mental health struggles. Supporting the “whole” employee, both inside and out of work, will result in greater retention of top talent.
Employee Experience and Brand: Consider the Entire Lifecycle
Employee experience has become a key focus for organizations. Employee experience refers to the sum of all the interactions an employee has with their employer, from the recruitment process to exit. A positive employee experience can improve employee engagement, productivity, and retention. It will also impact the employment brand, as evidenced through sites like GlassDoor, LinkedIn, etc.
Organizations are implementing initiatives such as onboarding programs, personalized learning and development, and employee feedback mechanisms to improve employee experience. According to a study by Deloitte, organizations that prioritize employee experience are four times more profitable than those that do not.
Human Resources leaders have had to constantly evolve over the past few years. And, as the world changes, the function must continue to adapt. If it’s all a little overwhelming, give us a call- we can help.