HR Management Trends Continue

Business trends come and go, but they impact our daily work lives. When it comes to HR management, evolving technology and a shift in workforce needs will continue to shape the trends. 

As small business seek ways to operate more effectively, let’s examine four of the key trends the human capital management experts say will continue.

1. Flexible work schedules on the rise

“Flexible work arrangements” is a term you’ll continue to hear. One reason: Millennials now make up the largest generational share of the workforce, and work-life flexibility is a priority for this demographic.

More than half — 52% — of HR professionals say their companies currently offer flexible work arrangements to at least some employees, according to a Society for Human Resource Management (SHRM) survey. Even more interesting, SHRM members reported that retention improved when companies simply announced they were launching flexible work arrangements — that’s how much workers want this.

Some experts predict that employers who offer flexible work schedules will see gains in recruitment and morale, as well as a reduction in turnover.

Of course, not all companies are in a position to offer flexible work schedules. But for companies managing aggressive recruiting and retention goals, it’s certainly food for thought.

2. A growing remote workforce

Eighty to ninety percent of the American workforce would like to work remotely at least part time, according to a study by Global Workplace Analytics. No wonder telecommuting has increased by 115% in the last decade!

Employees who telecommute report higher morale, lower absenteeism and greater willingness to work overtime. It’s good for the environment, too — no commuting.

And contrary to what you might think, multiple studies indicate that remote workers demonstrate greater productivity, while saving employers on office space. (For example, American Express reports saving $10 to $15 million per year in real estate costs because of its telecommuting program.)

However, many executives remain uncomfortable with the idea, and not all jobs or industries lend themselves to telecommuting. But the demand isn’t likely to go away. If talent acquisition is key to your company’s growth strategy, offering a remote work option — even part-time — could be a smart move.

3. Social recruiting on the move 

Eighty-five percent of companies use social media as a recruiting vehicle. It’s so pervasive, it even has its own name now: social recruiting. While LinkedIn, Twitter and Facebook remain the big three, where will it go from here?

We will see more companies leverage mobile recruiting platforms. According to Pew Research Center, 28% of all Americans (and 53% of 18 to 29-year-olds) use their smartphones for job hunting. Half of them have completed a job application using their phones. If your company’s hiring platform isn’t mobile friendly, you’re missing out.

In addition, employers may be turning to professional/association social networking sites to recruit this year. It’s a more targeted way to hone in on experienced applicants and reach passive job candidates. Why not give it a try?

4. Using technology for HR program management

We continue to see vast advances in HR technology in every area, from time and attendance systems and benefits administration to recruiting and performance management programs.

According to Sierra-Cedar’s 2017-2018 HR Systems Survey, 50% of companies have purchased a cloud-based HR application. The migration to the cloud continues.

In addition, you can expect to hear about:

  • The adoption of continuous performance management systems. For years, employers have been moving away from an annual review process and toward an ongoing performance management process. Look for human capital management systems that actively support such year-round activities.
  • Using granular analytics to refine HR processes. While companies have been demanding HR analytics for a while, many organizations are still figuring out how to best put them to use. From recruiting metrics that allow employers to shorten the hiring process to time and attendance data that pinpoints field management issues, employers will dig in to HR analytics in increasingly meaningful ways.
  • Increased use of mobile time tracking apps. According to the Sierra-Cedar study, there’s been a 50% increase in mobile time tracking over last year. This tracks with the other trends discussed above. Employees are using their phone for more job-related activities. Employers are becoming more flexible in terms of where and when employees work. It only makes sense that HR systems like time and attendance software are able to follow along.
Blockchain Will Become a Necessity for HR

We are already living in a digital age but soon a wave of technological disruptions will change the current HR scenario. While AI is already making it big, Blockchain will revolutionise the way data is shared. Apart from this, the most uplifting part of Union Budget 2018 is the fact that AI and Blockchain became buzzwords not only within the technology community but also the wider world and common man. The words which were only used by some communities, these days they are known by all.

What is Blockchain?

Blockchain can be seen as a transparent and secure transaction ledger where transactions are both recorded and confirmed. All participating parties in a distributed network can share access to this continuously growing database to address their needs for information. Users in the network can contribute to the database by adding new transactions (or blocks) to the ledger stream. And, more importantly, every transaction across the network is recorded and stored without the ability to alter it, whether intentionallyor accidentally. This level of security in technology creates a beautiful new reality for a decentralized trusted information source in a landscape of broken global trust.

More than 40 leading financial firms and a growing number of companies across industries are already using Blockchain, according to The Wall Street Journal.

While there are numerous reasons that Blockchain is a game changer, here are few which will change Human Resource industry:

  • Blockchain will be very helpful in verifying and assessing the educational credentials, skills and performance of potential recruits – enabling those recruits to be allocated to the most appropriate roles, thereby reducing the amount of time recruiters spend cross checking and verifying information
  • Blockchain has always been seen as a quicker cross-border payment option. It is very efficient in  cross-border payments, including international expenses and tax liabilities, with the potential for organizations to create their own corporate currencies.
  • Blockchain can trigger an increase in wages. Also, when an employee becomes eligible for health coverage, they could be used to initiate the benefit; when a probationary period is satisfied.
  • For international employees, Blockchain can process payroll faster and less expensively, skirting international currency trade fees. By cutting out the intermediary, payments could come within hours rather than days.
  • Blockchain also increases productivity, by automating and reducing the burden of routine on the employees, data-heavy processes like VAT administration and payroll.
  • It enhances fraud prevention and cyber security in HR, including both employees and contractors.
  • For aspirants/ candidates, Blockchain will act as a concept of “self-sovereign identity.” They will be able to store their identity data on their personal devices and share it with those who need to validate it. Through this technology, individuals will be able to have complete control over the data of their lives, providing access keys when they apply for jobs. They could include degrees, certifications, courses taken, grades, employment history, salary and more.

Finally, we can say that technology has surely come a long way and the journey of Blockchain has just begun. The relevance of blockchain will soon be required knowledge for all job seekers, regardless of industry or position. Knowing where to fill the gaps of knowledge is one area where a certified career coach, such as those offered by outplacement and career transition service providers, can help job seekers ensure they are the most qualified candidate for any new role.

For the HR professional, knowing how blockchain can be used to streamline processes, create higher levels of security, and innovate processes will ensure future personal success and further position you as a strategic partner in your organization.

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