The Human Resource Development is one of the most crucial areas in business management. It is aptly called as the backbone of an organization because it ensures creation of competent and highly motivated human capital, without which it’s impossible to run a business. The role of HR has been transformed to be more demanding and agile one. Here is the compilation of the ‘Latest HR Trends’ that will shape the evolving Human Resource Management:
- Culture & Engagement – Today, organizations are recognizing the need to focus on corporate culture and improving employee engagement. According to a research, culture and engagement were rated as the most important issue replacing leadership as its main preference. This highlights the need for top leaders to get a clear understanding of their organization’s culture and strategize their HR plans to create competitive advantage through their human resources.
- Workforce on Demand – All aspects of workforce are being managed intricately. Workforce capability is an important issue indicating that demand for skills will drive a trend towards greater use resources. It is important for the HR department to have the right processes, policies and tools in place so they can source, evaluate and reward critical talent within their organizations.
- Performance Management – Today, traditional performance appraisals are being has been replaced with innovative performance management processes that help setting inclusive performance goals and encourage year round review and feedback. Companies are coming to a realization that performance can’t be segregated only in black and white (performer or non performer). Actually it has many shades in between. Companies are seeking expert support to define and map performance at various levels, segregate employees as per the performance levels and strategize HR initiatives focusing on different needs of these employee groups. This customized approach to HR is one of the critical trend in people management.. There is a need to reconsider Agile performance management has slowly become a core component of development and leadership.
- Re-innovating HR – HR departments are encountering an intense makeover to deliver greater business impact and drive innovation. There is a need to re-skill HR which is already in progress. It is important to accelerate the department’s ability to deliver value across the business To do this it is most important for HR to not only understand business in which they operate but also understanding the business environment to build proactive and agile HR architecture..
- Simplification of Work – Companies need to simplify work environments and practices in response to increasing system complexity. Overwhelmed employees are an emerging trend in the today’s work culture. According to a report, the movement towards simplification of work will be a long-term undertaking, which at present, has begun. To accomplish this, the HR department should implement design thinking and overhauling the work environment to help employees focus and relieve stress.
Apart from the aforesaid mentioned trends, there are few additional findings such as:
- Culture & engagement, leadership and development continue to be urgent priorities.
- The importance of leadership and learning has increased gradually but the capability gap is widening.
- HR departments struggle to sustain with the changing business needs.
- HR technology systems are a growing market but their performance is not satisfactory. There is huge scope in this area because most HR systems technology solutions are falling short in offering the flexibility that would make these solutions seamlessly integrate with emerging business /HR need of diverse industry segments.
- Talent and people analytics are of utmost importance but their progress is slow. Especially these concepts and tools are not reaching to small and medium size businesses which are growth engines of Indian economy.
The above mentioned is just a short glimpse of a few a modern HR trends. To know more industry specific and high-impact HR trends, contact us. We are team of well-qualified and experienced consultants who can provide your business with the right HR and OD solutions. Please get in touch with us to discuss your business opportunities, challenges and concerns.