LATEST HR TRENDS IN 2023 & FUTURE TO BUILD A BETTER WORKPLACE
HR window of opportunity to reposition the function’s value proposition in the post-pandemic reality. Human resource professionals have played a significant role in guiding organizations through the storm of pandemic and subsequent inflamation surge & economic slowdown. Human resource professionals have thus diverted their approach on focusing to mental, social well-being of its employees to create robust work place environment. HR recruiters will also priortize on change management, creating better employee experience, recruitment and future work.
HR leaders must invest in both people & technology, thus creating a positive culture and better employee experience, and HR processes from manual to more digital or automated. HR leaders should build more confidence in leaders to help them manage the employee retention by creating smooth work flow practices within the organization.
HR should help leaders to build strong paths and prepare them for the future goals, and their address their emotional barriers. Putting employees first hence the employee needs should be scrutinzed to their personal and professional needs. Employees need flexible working hours to maintain their work life balance. The hybrid work model in place or flexible work model will be more suitable for employees hence to increase their workplace productivity.
Organizations and Human resources should also focus on employee talent retention as organizations mostly fail in hiring best talent in the market and retention of talent. Employees are often anxious , they are stressed, they are not deterred. Heading towards finding a new and highly paid jobs. HR teams should primarly focus on employee retention, maintaining physological safety and also focusing to develop a better culture inside the company.
“Corporate culture matters. How management chooses to treat its people impacts everything for better or worse”
………………… – Simon Sinek
Post pandemic most organizations focus on restructuring the place of work and content of work , applying more advanced technology to recruitment , selection and performance, creating a more hybrid work culture, more appreciation and motivation to its workforce thereby maintaining employee retention as well as building trust and sense of belonging among team members. Post pandemic HR also has to focus on building skill competences, by focusing on training and re-building skills, thus more personnel solutions are proposed which HR professionals may implement to improve more work place productivity.
Companies of all sizes often experience a lot of talent retention and recruitment post pandemic period a better employee experience is hence one of the best ways to attract talent and retain employee workforce on a long run. Zeroing talent retention is one of the most important mechanism to be adopted by HR professionals to retain their workforce on a long run, effective training tools and flexible working hours can also smoothen better employee relationships. Employee support is the prime important factor to focus on all size of organizations.
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HR analytics
HR analytics, also called as people analytics, worforce analytics, or talent analytics, involves gathering together analyzing, and reporting HR data. It enables your organization to measure the impact of a range of HR metrics on overall business performance and make decisions based on data.
Human resource management has changed its focus from operational discipline towards a more strategic approach a more data-driven approach. With more advances in emerging technology and cloud computing platform numerous data-sources are available to guide decision making and drive organizational success. HR in organizations must ensure that metrics and measures are used effectively to achieve their long term goals.
In todays world of digital transformation a data-driven approach have become a key tool for smoother decision-making process. There is a shortage of good talent and increasing demand of these types of skills. With the help of data analytics HR professionals can meet their challenges such as hiring top-talent, engaging workforce, employee retention and maintaining work-force more diversely.
Hence, to remain competitive organizations should consistently upskill their talent workforce. Talent must be continually accessed and evaluated to ensure proper alignment to their strategic goals. HR professionals should also parter with leadership teams in driving effective and efficient strategy to improve work force productivity.
HR analytics is a process of collecting, analyzing, and connecting talent data to possible business outcomes. HR analytics provides the evidence needed to take strategic actions. with robust- HR analytics strategy, leaders can make data-driven decisions and more forward with confidence.
HR analytics helps you to answer the below questions ?
How high is your employee turnover rate?
Do you have a proper human resource retention plan?
Is capability analytics often taken into consideration by HR professionals?
HR analytics software helps you in following ways
- Make platform user-friendly hence reduce time and achieve training or course certifications.
- Data is often collected and displayed on dashboards. You can easily access any old information parameters, such as employee tenure, time attendance tracking, reporting, payroll, entry & exit information etc. This helps managers maintaing accurate information.
- HR analytics ensures data maintained has some features such as usability, security standards, reporting etc. You can customize your platform with your best color, style, needs and requirement.
HR analytics tools are valuable in facilitating easy data aggregation and access of employee-related factors to improve overall business. HR team has to perform a routine tasks of engaging with data collected across the organization. Lack of proper methods of data storage often limit down the organization’s potential and hampers its productivity in the long run. Using HR analytics software HR professionals can gain access to more accurate data insight for overall organizational growth and hence improving efficiency of HR department.
Expanding AI for Process optimization
Artificial Intelligence (AI) optimization identifies process anomalies across systems, provides prioritized alerts and process KPIs, enables root cause analysis, and recommends optimization actions. Process and production engineers can use C3 AI Process Optimization to maximize production levels and optimize energy efficiency.
“Emerging technologies offer transformational potential for businesses, but CIOs and technology innovation leaders are challenged to scale digital capabilities while improving sustainability in the face of expanding resource constraints,” said Melissa Davis, VP analyst at Gartner. “It is essential that organizations cut through the noise surrounding emerging technologies to accelerate change by leveraging innovations that drive competitive differentiation and efficiency.”
AI adoption is expanding as an integral part of products, services and solutions. This is accelerating the creation of specialized AI models that can be applied to automate model development, training and deployment. AI automation refocuses the role of humans in AI development, resulting in more accurate predictions and decisions and faster time to expected benefits.
The technologies that are supporting accelerated AI automation are autonomic systems, causal AI, foundation models, generative design AI and machine learning code generation. Source Gartner.
AI adoption is expanding as an integral part of products, services and solutions. This is accelerating the creation of specialized AI models that can be applied to automate model development, training and deployment. AI automation refocuses the role of humans in AI development, resulting in more accurate predictions and decisions and faster time to expected benefits.
The technologies that are supporting accelerated AI automation are autonomic systems, causal AI, foundation models, generative design AI and machine learning code generation.- Source Forbes
The main objective of using AI in supply chain and logistics is to increase efficiency and productivity. This digitization in supply chain management has led to more sustainability, making every enterprise wonder if digital transformation at this scale can benefit their respective supply chain business.
So if you are not sure what AI and analytics can do to your supply chain business, this article is just what you need to clear all your doubts. Let’s look at how AI impacts the supply chain and how modern supply chain management brings the workforce, machines, and software into action.
Modern supply chain management driven by Artificial Intelligence and Analytics
Using AI-based solutions in supply chain and logistics refers to the process where smart machines can perform problem-solving tasks. This automated process of smart industry manufacturing run by IIoT (Industrial Internet of Things), can drive the entire supply chain without any manual participation. Enterprises that use AI in the supply chain aim to make the supply chain business more:
Instrumented – machine-generated data flowing out of IoT devices
Intelligent – more accurate and competent assumptions with the help of data analytics and modeling
Interconnected – extensive connectivity for better decision-making
The supply chain data analysis helps optimize the workflow where large amounts of data can provide forecasting, identify inefficiencies and drive innovation. The experts call it supply chain analytics. There are majorly four kinds of supply chain analytics that you can follow to make insightful data-driven decisions for your supply chain business. Here are the supply chain analytics examples:
- Predictive analytics
This helps supply chain companies predict the most likely future outcome and its business implications. For instance, using predictive analytics to mitigate risks and disruptions.
- Descriptive analytics
This helps provide visibility and certainty to all kinds of internal and external data across the supply chain management.
- Prescriptive analytics
This includes collaborating with logistic partners to reduce time and efforts for maximum business value. One popular reference is the use of SRM (Supplier relationship management) as a prescriptive analytic approach.
- Cognitive analytics
This is best used in enhancing customer experience and relationships in supply chain management. The feedback data received through AI-driven systems is analyzed and executed in reports and dashboards to answer complex questions.
This advanced use of supply chain analytics can automatically allow your business to pursue breakthrough ideas and provide better customer needs and demands. If you still haven’t decided on embracing AI and analytics for your business, our next point of discussion is for you.
Benefits of investing in AI and supply chain analytics
Given the significant business value at stake, multiple supply chain vendors and distributors are entering the competition. The new competition in the supply chain business includes demand planning (revolutionized by data analytics and machine learning), real-time inventory management (controlled by IoT and connected systems), and end-to-end dynamic margin optimization within the supply chain industry (driven by AI-based solutions).- Source TOI
HR Digitalization with Human Touch
Employees who work for a company that shares their values are happier, more productive and work wholeheartedly than those who do not recognize themselves in the company culture at all.The process of adopting digital human resource tools and strategies to improve the employee experience and enhance operational performance through data-driven, automated practices.
Digitization reduces the paperwork required by employees and managers throughout various parts of the HR process, from recruitment through training and development to payroll administration. It also reduces errors in human data entry, which can be costly for employers if not caught early enough.Fostering a community that embraces human touch in the workplace has the ability to build community, increase cooperation and generate team spirit and empathy.
The four phases are efficiency, innovation, information, and connection. Efficiency means using existing siloed HR platforms to automate shared services so that administrative work can be done faster and easier.Digitalization affects job satisfaction, it increases efficiency, creates room for new activities, and employees can process and access information more systematically. Moreover, it eliminates the discomfort in communication
Digitalization is becoming increasingly important for the HR function which has the ability to simplify, accelerate and economize the activities it carries out. However, these digital transformation benefits need to be weighed while also considering the negative implications, such as data security issues. As Work from home has open up we know that human productivity does not suffer. It is because of paradigm shift in mindset and policies. The companies in India are mostly run by promoters who have now realised that this is one of the way of employing good talent. Work-from-home involves hiring good talent who can deliver better results.
On the other hand contractual jobs are on a rise. Where more talent is engaged in working for few hours a day and earning more such as free lancer based jobs, women employees find more flexibility in maintaining their work life balance in contractual type of jobs. HR professionals also have to adopt this transition to maintain employment retention, increase productivity, adoption of new technology and to maintain seamless experience among employees.
HR has to create policies and procedures the ways to keep people engaged and adopt new HR practices and maintain smooth platform for employee retention. Hence, it is the time for HR to support leaders to maintain a smooth business model and redefine the way HR works. Human Resource management is no different when it comes to adoption of new policy and practices. In last few years, we have seen a considerable change in technology and tranformation of people-dynamics within the organization. HR professionals have changed their focuses on employee health & well being, employee retention, adapting to new technology and on going data analytics more access to real time data and new cloud computing platforms. Human resource will now focus on new digitalization processes and tools, to meet their organizational challenges and hence make processes more smoother. HR processes streamlined means a real time work force analytics to enhance their strategic thinking skills and meet business competences for better decision making processes.
While digitalization is a complete data-driven process but it cannot ofcourse change human beings we need face to face interactions on day to day basis , growth in our organizational culture and environment. While digitalization is reaching a certain point to create an impactful balance between emerging technology and human beings.
Evolution of HR function and technology services
HR transformation describes the evolution of the HR function so that service delivery, talent and technology are seamlessly adapted and integrated into HR strategy to create greater business value—by driving both operational excellence and strategic impact.An HR transformation ensures workforces hire the right people and manage them effectively. By turning HCM from an administrative function into a business strategy, companies can attract talent who align with and support their goals
Drawing on our deep experience, we can help across all three main areas of HR transformation: setting HR strategy, driving business change in HR, and delivering systems and process changes.Key drivers of HR transformation in large organizations include: Elimination of repetitive tasks in HR procedures and record-keeping. Increase in efficiency and data integrity. Allowing HR to function as an enabler rather than an administrator.HR can play a dual role in change management by initiating and leading the change and by serving as a facilitator for changes that other leaders and departments initiated. The HR department performs a variety of functions associated with the communication, implementation and tracking of major changes.
HR transformation is a continous change management process it has been critical to enterprise operations as a function. It has been a cornerstone of several business transformations. The complete employee-employer dynamic have shifted to workers, cultivating better employees, maintaining employee retention and employee well-being. HR professionals are now players in shaping future business needs for building a better workforce talent atmosphere.
“Sometimes HR transformations have been definitions. Just because someone does an e-HR system or puts in a new talent system or changes the HR function does not mean an HR transformation has occured. We identified four phases of HR transformation. Missing any of these four phases would be an incomplete effort”
…………………. -Dave Ulrich-
McKinsey has recently conducted research on how businesses can best organize for the future. The experimentation underway suggests that future-ready companies share three characteristics: they know what they are and what they stand for; they operate with a fixation on speed and simplicity; and they grow by scaling up their ability to learn and innovate.
Source McKinsey
As business becomes increasingly global, companies should focus to improve their ability to build and manage global workforce. Many companies are increasing their footprints from east to west to persue more opportunities for accelerated growth in emerging markets. Companies need HR capabilities that can enable them to effectively realign their global workforces to increase their global foot print. HR processes and systems entering new markets , new staffing models, more increased partnerships, more focus towards online meeting platforms and WFH models, flexible working hours to improve more work flexibility and meet higher productivity. Globally jobs are moving from mature markets where talent is available more cheaper and in plenty. Demographic change in age spectrum have a high impact on talent workforce.
The approach is towards building a “people portal” that brings employees closer together, working together towards building a better organizational goals, developing new human resource management programs and goals to increase innovation. HR goals are often limited to achieve cost strategies and integrating workforce administrative perspective. Companies should consider mergers and acquistions fast, efficient and reliable. HR must also comply with modern business regulations such as to maintain data privacy and security. Focus on high HR activities which can yeild to high business and revenue growth . HR capabilities are in sync with business needs and are thus readily available whenever needed. HR systems, processes and practices can effectively, easily and effeciently address to growing business demands. Standarization in HR processes can improve effeciency, consistency and collaboration across the global platform. In changing business world HR should adopt efficiency and effectiveness to meet change in transformational goals. Today’s business needs a strategy HR approach to design and execute their plans meeting the organizational goals.