With the Covid-19 outbreak, things have changed drastically in the business world- for example, businesses have started to operate from remote locations. There is a renewed focus on employee's mental, physical, and even financial health. In the absence of physical meetings, video conferences look like the norm, seminars are turning into webinars, and we have seen an overall increase in technology adoption.
HR in Future: Technology, Trends and What's ahead?
Going into 2022, we see HR technology trends supporting businesses with solutions to manage the workforce in the new normal efficiently. Today, HR professionals are doing more than just making recruitment calls or organizing office events. They utilize intelligent recruitment systems to meet changing hiring needs and opt for digital tools such as video conferencing apps to help employees stay engaged and connected.
As we embrace the new normal, HR professionals focus on enhancing technology systems that make remote workforce management easy and efficient. 70% of respondents said they plan to expand or replace their HR technology ecosystems components by 2022, as per Gallagher's 2020 HR Technology Pulse Survey. This means that the adoption of HR technology will continue to grow, and HR solutions providers should be ready to cater to the changing needs of the businesses.
It is a no-brainer that Covid-19 has changed the business conditions to a great extent, and most of the predictions that were made before the pandemic have become redundant. But, even then, we have to move forward and be prepared for what's coming next, so below are a few technology trends that are likely to change the global HR landscape:
1. Teleworking
Nobody could have imagined working from home for so long, but here we are, stuck to our home desk for work. A year ago, remote working was frowned upon. But now, it is the only option to keep a business going. Several reports state that companies that encourage and support remote work often enjoy increased productivity, improved retention and engagement, reduced employee turnover, and higher employee satisfaction levels. Considering that remote working is here to stay, HR leaders will need to step up their game. To make remote work smooth and easy, HRs will need to opt for HR Tech that can be used to increase employee productivity and engagement. HRs will need to opt for video conferencing or communication tools such as Google Meet, Zoom, and Slack to facilitate internal communication.
2. Artificial intelligence is reinventing HR
22% of the high-performing businesses are currently implementing or have implemented RPA for use in HR, compared with just 6% of the low-performing companies, as per a recently published Deloitte piece. This means that businesses that want to improve their employee engagement or satisfaction need to leverage the multi-faceted advantages of AI. AI-backed chatbots empower not only HR professionals but also employees. Several organizations are:
- Using chatbots to automate time-consuming and laborious tasks such as answering FAQs related to company policies.
- Using AI-driven software for screening and assessing candidates during the hiring process
- Using chatbots for engaging candidates during the recruitment process
3. The rise of the gig economy
Today, people are looking for flexible job opportunities. This pushes organizations to be open to such roles because gig workers are the future. Gig workers help organizations achieve goals faster and ignoring these workers can be a loss for modern businesses. This is why HR professionals need to rethink their current practices to foster a more inclusive and diverse workforce. The use of HR Tech will play a significant role in developing an agile and dynamic workforce, bringing together talents and resources that can team up to boost productivity in the organization.
4. People analytics
Gone are the days when you had nowhere to go to find the answers to your questions such as, 'why there is a drop in the retention rate, why employees are feeling disengaged, what challenges my employees are facing at the workplace?' Because, today, people analytics is the best way to understand your workforce. People analytics can help companies recruit new talent, measure employee performance, drive succession planning, and manage compensation. It helps them make quick and informed decisions regarding their employees. People analytics help them retain the right people and identify talent or skill gaps within the workforce. Thus, people analytics technology will be the best bet for HR leaders to boost business and customer impact.
5. Employee experience
Keeping employees engaged and motivated is one of the biggest challenges for HR leaders. The new generation of employees has grown up with the internet and smartphones, and using archaic methods to manage them isn't going to yield any results. This is why HRs will need to opt for modern tools or systems. You need to have an effective communication channel for internal work-related conversations. You need to offer the latest tools and technologies to make their tasks easier. Apart from this, recognition, growth opportunities, and career mobility are major motivating factors for millennials and will directly impact the turnover rate in several industries.
6. Focus on performance
Year-end reviews are outdated and are often considered futile. This is why HR leaders need to develop new strategies to measure or monitor employee performance continuously. 9-box matrix, normalization, and bell curve analysis are some of the performance management tools that help you in effective succession planning. You can also use a performance management system to set and track goals. 360-degree feedback and regular performance evaluations will play an essential role in encouraging a fair and transparent performance review process.
7. Learning and Development
Offering your employees continuous learning opportunities makes them loyal stakeholders in the business's growth. Encouraging employees to upskill themselves will be a massive responsibility for HR. There are numerous platforms such as LinkedIn, Hubspot, Coursera, Udemy that can help your employees upgrade their skills and improve their performance. Investing in employees' learning and development will help organizations in numerous ways.
8. Benefits administration
Apart from that, businesses should also focus on the financial health of the employees. This pandemic has caused many people to lose their jobs and has instilled a fear of job insecurity among employees. 37% of employees are concerned about layoffs, and 24% are worried that the economic impact of COVID-19 could lead to reduced pay; as per a recent study, It can be distressing for employees, and that is why there is a need to offer practical benefits.
Organizations like Zimyo- a unified HCM platform-has handled this crisis well by bringing employee wellness to the forefront. As soon as the second wave of COVID hit the country, the organization stepped up to support the needs of its employees in every way possible. Below are the small steps that it has taken to create a culture of well-being:
- Group health insurance coverage for all its employees
- Reimbursement for COVID vaccinations
- Paid leave for vaccinations
- Paid medical leave for any employee diagnosed with COVID-19
- Mental wellness & engagement sessions
- Additional insurance cover for oxygen concentrators & medical emergency
This is an excellent move by the organization. The organization is also offering several employee benefits to help organizations end their employees' financial stress.
Bottom line:
The world has changed drastically; it's time for you to change your business processes as well. Traditional methods of workforce management are no longer relevant in the new normal. This is why companies must focus on adopting HR technology for better workforce management. After all, your workforce is all that you have to take your organizations to new heights.
