Moving with technology, the landscape of Human Resource (HR) has been undergoing enormous alteration in its roles and functions. Unlike the conventional supporting role, HR is increasingly playing a leading role in critical business decisions.
The question beckons, “What does this mean for HR professionals, and what is the new role of HR within the industry?”
Here at Attune Press, we’ve found 7 trends that’re shaping the future of HR, in which you can leverage upon, alter your business strategies and remain at the forefront of your industry.
1) The Advent of Analytics and Big Data
Who would’ve thought HR teams would rely on analytics and big data to aid them in strategic decision-making? These days, with insightful analytics, it’s easy to determine progress and to identify areas for improvement. These data come from various sources, including staff performance, company projects, payroll expenses, time tracking reports, recruitment process, turnover rate, employee training, etc.
With analytics, companies gain insights to their business and give HR professionals ways to increase productivity, efficiency of work processes and better engagement with their employees. Thus, it’s time to start employing analytics and big data and be amazed by the benefits and results it can bring into your business.
2) Social Recruiting
Recruiters and businesses need to divert their focus and effort into data-driven social recruiting. In today’s context, it’s essential that HR personnel equip themselves with a marketing driven mentality that strives to create candidate-driven experiences. Only when businesses learn to use recruitment and social media together – can they understand the potential of what lies ahead.
Social recruitment allows both recruiters and job seekers to shorten the hiring process. Companies are able to leverage of social platforms to expand their outreach and attract talents in a more cost effective manner. Plus, with the aid of analytics, companies are able to identify the most effective social recruiting channels for their respective businesses and optimize their recruitment process.
3) Closer Working Relationship Between IT and HR
As we become more reliant on technology to achieve higher levels of productivity, it has become necessary to integrate IT and HR.
Evidently, these two businesses units are highly dependent on one another. Thus, the conversations between IT and HR should not be isolated, but integrated. With better communication, the occurrence of irrelevant technology being developed gets minimized. This increased efficiency would effectively reduce cost and improve business processes.
HR software is continuously advancing to everything from human capital management, training and benefits, recruiting and even handling matters like payroll, roster, leave etc.
We’re increasingly witnessing greater interaction between the IT and HR departments, as businesses start to realize the importance of such a relationship in relation to the adaptation of a changing business landscape.
4) HR the Strategist
The increasing availability of Human Resource Management System (HRMS) has allowed businesses and their employees to become independent and resourceful.
With HR software, businesses get automated and day-to-day transactional HR tasks are carried out seamlessly.
Employees are exposed to the digital age of self-serve and simplified HR processes. For instance, leave requests can now be applied and approved instantaneously without going through the hassle of passing a piece of paper around in circles to seek approval (and potentially getting lost in the transaction!).
This shift in focus implies that HR professionals will possess cross-functional knowledge, and understand how operational and strategic aspects of business decisions in HR work.
5) Frequent Performance Feedback
Providing feedback is one of the most sought after practices in companies. Yet, not all companies are implementing this practice.
Why should managers and supervisors alike provide feedback to their subordinates? Improved teamwork are forged, the employee is aware of his performance and can further progress in his work to do better. Overall, there’s healthy communication and everyone understand how they can continue to excel in their duties.
The most common causes for disengagement comes from a disconnection between employees and their reporting manager. As human beings, we need directions to proceed. So when someone stops or doesn’t give us any feedback, we stay in the same place, which result in little to no idea of whether the methods we used to produce a piece of work is correctly done. To have confidence in one’s work is different from requiring validation. This doesn’t mean we need validation in everything we do but a constructive comment wouldn’t hurt anyone.
What can companies do to keep their employees engaged?
First, having communication is essential. Senior leadership has to articulate a clear vision to all employees. Feedback channels must be made available for employees to feel empowered to influence the company’s vision.
Second, managers should work on their soft skills and build healthy relationships with their employees.
6) Your People Are Your Assets
Improving your human capital starts with how a company treat their employees. Having capable and efficient leaders are crucial to your business. They help you motivate, engage, improve efficiency, and inspire employees to perform exceptionally.
Companies need to learn to not just build better teams but also focus on individual performances.
The employee is evaluated and rewarded based on his capabilities, on-the-job performance and the type of value he brings to your company. By creating an environment that challenges your employees would ultimately contribute to an enriching employee experience and improve retention rates.
7) Keep Your Eye on Millennials
According to HR Consultant Aon Hewitt, millennials make up the largest generation in the Singapore workforce today. It estimates that there’re 1.2 million millennials, making up 22% of the resident population.
This generation want to contribute ideas and ways on how businesses should manage them and how they’re planning on making a maximum impact in the workplace during their employment.
Which lead to the question, “Are your management strategies ready for the millennials?”
Find out how you can work with the millennial generation to learn about their unique characteristics and turn them into your business positive strengths.
The Road Ahead
Now that you’ve substantial knowledge of these trends, how can you ensure that you remain relevant in the industry?
One well-endorsed tactic is to keep learning. Don’t just stop at your industry but strive to discover new ways such as data analytics and strategic skills to define yourself and become a specialist in your field.