In recent years, the role of human resources has evolved and broadened as technological developments and cultural shifts have changed workplaces dramatically. Organizations must adapt to new expectations from employees and customers in order to attract and retain talent in 2020 and the years to come. These are the trends that are making an impact:
Use of Data Analytics
Organizations are leveraging innovations in HR technology such as people analytics tools, to help them collect, track and analyze important metrics for employee performance, engagement and motivation. With access to this wealth of data and predictive models, HR professionals can uncover valuable insights to enable informed decisions for better work environments and increased productivity.
Streamlining the Recruitment Process
In an increasingly competitive labour market where many industries are facing talent shortages, making the best impression on your candidates is more important than ever before. HR solutions, incorporating technologies such as artificial intelligence and automation, help streamline and simplify the process and keep candidates updated and engaged. In the end, organizations see shortened timelines required for HR to fill positions with the best fit.
Talent Development and Reskilling
In order for employers to keep pace with the rapid advances in technology, ongoing talent development is a must. The nature of jobs in many industries is changing globally and skills gaps are widening. To remain competitive, employers must invest in ongoing education, training and reskilling to ensure they have the talent they need for the long-term success of their organizations.
Holistic Employee Wellness
Organizations are moving towards a holistic approach towards workplace health and wellness. Employers are broadening the scope of their benefits plans and wellness programs to support all aspects of health including mental, emotional, physical and financial wellbeing. Employers see the benefits through happier, more productive and less stressed employees, leading to a reduction in absenteeism and presenteeism.
Flexible Work Arrangements
More and more, flexible work arrangements are becoming a basic expectation rather than a desire, and can be a significant factor in attracting or deterring qualified talent. Employers must consider how they can adjust company policies to offer employees more autonomy and ownership over their work conditions, i.e. flexible work days and/or hours, the ability to work remotely, etc.
New generations entering the workforce will reshape how organizations operate for the coming decades. Generation Z and Millennials have values and expectations that differ from those before them. As these individuals move into leadership roles, we’ll see evidence of this generational shift through a rise in corporate activism and an increased emphasis within organizations on diversity and inclusion, digitization, sustainability, etc.
Organizations worldwide are beginning to understand the importance of branding, not just to attract and keep customers, but also for talent acquisition and retention. They are beginning to make investments in building their employer brands to differentiate themselves among competitors targeting the same talent pool. Additionally, consumers today are more concerned with supporting businesses that demonstrate values which align with their own. As a result, employers are not only being more transparent with their practices but also promoting them publicly through social media and other communication channels.
Your CapriCMW Benefits team is here to help with short and long-term strategies around the structure of your employee benefits and retirement programs.