The HR industry saw a series of changes in the last decade. The increased use of artificial intelligence and machine learning means more diversity in the industry. It has started contributing to the rise and proliferation of the gig economy.
Another aspect that you cannot miss is the impact of the pandemic on local and global businesses. It has led to changes in where and how work gets done and altered the reality of millions. It also stems the critical question – what lies ahead for the industry?
This article tries to capture the nuances of the HR industry and assess the ones capable of altering its future. It also identifies the new trends that are emerging and can transform the future of how the industry works.
According to a survey, around 60% of the employees are willing to work remotely full-time after the pandemic. As the companies seek solutions to get their digital-first and dispersed workforce under one roof, adoption and deployment of technology are a priority.
It often happens that most organizations nowadays seek feedback from their employees on the various aspects relating to work. These can be either directly related to the job role or connected with the working environment. Research data suggests around 66% of the employees appreciate when their feedback gets processed and acted upon.
During the stages of mental health adversity, companies stand by their employees by aiding them with resources, implementing measures to support sound health, and cutting down costs. Organizations scrambled in their response to the crisis, so an emphasis was put on well-being.
Like every sector today, HR will also have data as the new currency, and it will drive HR functions in the coming days. Making sure that the employees acquire the needed skills is at the top of the business leaders’ priority list.
Employee experience is constantly ranking among the top priorities for HR leaders for a few years in a row. This trend will undeniably continue to be crucial in the days ahead.
Focusing on employee experience by companies has a similar effect to brands focusing on their customers. It can help to:
- Increase productivity
- Enhance satisfaction
- Have higher employee loyalty
- Motivate to invest in the company’s long-term goals
However, aided by the changes brought in by the pandemic, the definition of employee experience has reshaped completely.
Motivating and keeping spirits high is often aided by gifting personalized items. Companies choosing to give personalized gifts with custom branding often helps to not only help to increase the employee connect but also delights them. It can be custom journals, coasters, or drinkware.
In the current era, the battle for the employees of minds and hearts has become more significant. Therefore, every effort that helps to nourish the new form of employee and management relationship counts.
Virtual Work Will Stay
Researchers predicted a shift from the traditional way of work to a flexible one. A more worker-centric and flexible model with higher acceptance of work from home saw a boom during the pandemic. The process of doing work has completely changed due to either the government-mandated lockdowns or shift of companies to the full-time work-from-home model.
Some of the establishments are considering that change as permanent. Twitter issued a statement saying all those employees not needed in the office (for server maintenance) can work from home forever if they choose. Microsoft also announced something on similar lines.
Shopify, Facebook, and Slack have also started embracing this new normal and are absorbing the increased work-from-home model.
Teams Are More Vital
Another aspect that goes hand-in-hand with virtual work is the creation of virtual teams. Experts suggest that going forward it will become a major concern in maintaining the work culture.
The concept of ‘superteams’ has been recently brought into the limelight by Deloitte. This futuristic way of work has technology and people combined for quicker outcomes on a larger scale which is not possible otherwise.
Survey data suggest the following factors can contribute significantly to successful superteams:
- Creation of a culture celebrating adaptability, growth, and resilience. (Around 45% of executives responded)
- Entitling a capable workforce through reskilling, upskilling, and resilience. (Around 41% of executives responded)
- Adopting new technologies (Around 35% of executives responded)
There are a few additional trends that you should not miss while mapping the futuristic scope:
- Companies are increasing their focus on digital with changing work environment
- Adoption of an outside/in approach to deliver value in HR.
- Data is the new currency
- The workforce has the requisite tools and skills to navigate uncertainty
- A higher weightage to mental health.
Therefore, as you can see, the article highlights the major drivers of the HR industry. However, as the industry and the trends are evolving every day, you should be watchful to be aware of the emerging trends.