From welcoming flextime in the workplace to understanding how workforce analytics can impact business decisions, these are the biggest HR trends that you’ll see as we move into 2020.
Human Resource is all about recruiting, mentoring and tending of the greatest assets of any company—human capital. Traditionally, Human Resources restricted itself to hiring, payroll, and some administrative duties. But the job profile of HR has evolved now, and hiring the right talent, managing the same with the latest technology available, and providing the right environment for the talent to flourish has become the primary task. So what will 2020 bring to the fore in the field of HR?
HR Management Trends in 2020
The unemployment rate in the US is low at 3.5 percent, according to the Bureau of Labor Statistics. The quit rate is also at a low of 2.3 percent. There are more jobs open than in the last 15 years. Companies need to find just the right people to fit in.
The HR trends of 2020 will see the talent market evolving with recruitment going hi-tech, companies going for upskilling and reskilling. Managements will increasingly utilize machine learning and AI to manage information in a structured and concise manner, allowing supervisors to make quick decisions.
Recruitment this year will be leaning heavily on high tech. They will have to combine the role of sourcing, marketing, and strategizing. Most will lean on the power of data analysis to find the right fit. According to a study by the Harvard Business Review, the use of data analytics algorithms improves the decision making process by at least 25 percent.
HR professionals need to upskill to handle the advancements in technology. Those who do not use social and digital strategies to market the company and dive deep for talent will be left behind.
Flexibility in the workplace may not be new, but it is something that has to be a routine offer on the table. Access to the best talent is essential, and if that means managing a diverse team stationed across the world for a lean and mean organization, then so be it. According to a report, almost 36 percent of the future workforce will be comprised of Gen z, and a flexible workplace is a necessity for a generation brought up in the digital world, where their connected device is their workplace, entertainment, and more.
The number of people who work from home has increased by 140% since 2005. Companies allowing remote work have 25% lower employee turnover than those that don’t. Also, 76% of workers are willing to stay in their current jobs if they are offered flexible hours.
Retention and Engagement
A strong company culture is as important as innovating and acquiring new products and customers. If employees are treated well by a company, then it translates into a satisfied workforce.
Meaningful work, the opportunity to progress, and a strong commitment to bringing about social change is what engages a workforce and retains it.
Another important aspect that companies need to maintain is the culture of caring: a work-life balance, commitment to welfare schemes, policies for maternity and paternity leave, and vacations. In general, catering to the needs of the employees through feedback and observance.
Inclusivity and Diversity
2018 and 2019 have been years of upheavals as far as gender equity, workplace bias based on color and age are concerned. Companies must have a clear policy of no discrimination based on the criteria mentioned above.
A Diversity & Inclusion Study 2019 by Glassdoor says that 49 percent of working adults in the US, UK, France, and Germany have faced some form of discrimination at the workplace. 2020 needs to be an all-inclusive diverse workforce.