Key Takeaways

1

Reduce cost per hire: Significantly decreases the average cost-per-hire, often by more than 50% thus saving the organisations time & money.

2

Technology adoption and deployment is a priority as companies seek to unify dispersed, digital-first workforces.

3

Two-thirds of employees value when their feedback is heard and acted on.

4

In the face of mental health adversity, companies respond by providing resources, cutting costs and taking other measures to support well-being.

5

Data will be the new currency and a core part of how HR operates in the coming years.

6

Ensuring employees have the skills they need is a top priority among business leaders.

Top 8 Trends

The last year was fraught with change, as organizations around the world scrambled to react to the global COVID-19 pandemic that affected companies large and small across every industry. If 2020 taught us anything, it’s that companies that don’t transform will get left behind by those that do. This applies to developing a digital transformation strategy that will stick but, more importantly, extends beyond technology to tackle people-centric issues.

Understanding industry shifts is crucial to keeping pace with the rapid developments taking place, especially in light of the pandemic. To that end, we’ve consulted industry leaders and experts to learn the top HR trends so you can make informed decisions for your organization.

Remote Work Practices

With an increase in remote working, the new HR will have to adapt to the diverse work situation. Training and development practices will become much more personalized and available through remote devices. Slack and Microsoft teams will be used to increase productivity and engagement. Remote work and HR Tech will go hand in hand.

Data & AI

This is probably one of the biggest trends that will change the shape of future HR. Despite concerns that AI is going to replace humans, HR will largely benefit from this technology. Big data helps to increase the value and efficiency of the CHROs. Also, HR Chatbots are becoming a vital part of the HR departments. They can analyze and organize people-centric data for seamless attendance management, payslip generation through conversational interfaces.

Inclusive Culture & Gig Economy

If you are not familiar with the term gig economy, here’s what it means. The gig economy works on short-term contracts or freelancers as compared to long term jobs. This is becoming increasingly rampant in every industry across the globe. Thus, HR will have to reevaluate its current practices to form a more inclusive and diverse culture.

People Analytics

Global organizations are also now recognizing the need to apply data to:
1) evaluate recruiting methods
2) identify gaps in skill sets
3) assess the demand and supply of talent

A lot of organizations are now focusing on Predictive Analytics (just like I am, right now). HR no longer asks questions such as “what happened and why it happened.” HR is now shifting to answer questions such as “what will happen?”. So people analytics technology and consumer experience intelligence is going to be at the forefront to boost business and customer impact.

Employee Experience

It is no surprise that the future of HR does depend on employee and user experience. Conventional employee engagement tools will be reimagined to make the employee experience a competitive advantage. Moreover, large scale implementation of employee experience platform is correlated to the organizational business outcomes.

Focus On Cyber Security

With an increase in the use of data, cybersecurity will be one of the major challenges for future HR. New cyber security and WFH policies will be formed to overcome issues such as data confidentiality and employee privacy. HR head KPIs will also change as they will play more strategic rules when it comes to change management.

Work from Home leading to Work From Anywhere

The next generation of workers will not just log in to their HRMS from home. They will also be able to log in from anywhere. There is a revolution coming in the facilities and infrastructure domains that will enable solutions to a permanently mobile workforce.

Absence of face-time

Body language and our interpretation play a big part in communication. Remote working has now forced the absence of this critical signal to interpret intention. Unless handled carefully, this may lead to a rise in misunderstandings and communication breakdowns. HR has to create policies that ensure communication best practices in the absence of visible body language.

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