A sneak peek into the global HR industry in 2015
With greater technology adoption and enhanced focus on talent, organisations are staying abreast of the latest developments in the HR domain
The global HR industry is geared up for newer challenges in the year ahead. But what really is in store for the HR industry in 2015?From technology and big data to employee engagement and retention initiatives, a lot will define the HR industry in the coming months. Here area few trends we expect will directly impact the global HR industry in 2015:
Innovation in workforce management will attract and retain talent
In 2015 firms will increase focus on employee retention and will offer more pay hikes and innovative incentive programmes. Organisations have realised that ‘one size fits all’ will not be the case anymore and companies will have to integrate other unique offerings to develop a strong sense of company culture and cater to employee needs. Furthermore, the workforce today is diverse and includes millennials and baby boomers who come with their own set of priorities. Companies are looking at different approaches to cater to the various generations and engage the workforce in a positive manner. For instance, a millennial would prefer flexible working hours, while the older generation would prefer good healthcare benefits. With this shift in demographics, there is a demand for more personalised financial and non-financial rewards. Companies are therefore shifting their focus to accommodate models that can help attract and retain talent.
Technology will drive HR growth and development
Technological advancements and policies such as Bring Your Own Device (BYOD) have changed the basic paradigms of the workplace. Employees today use their smart phones on the move, and have the flexibility and option to work from multiple locations. There is instant access to relevant information that allows employees to stay in command of their work and manage it effectively. The amplified use of technology in HR has resulted in enhanced employee satisfaction, more transparency in HR policies, and superior two-way communication between the organisation and the workforce.
Big data and analytics will be a key driver for maximising efficiency
In the coming year, HR will be successful in completely eliminating taxing paper-based processes even as cloud-centric systems and data analytics gain momentum. Organisations are turning to big data ever more to comprehend workforce interactions and productivity. Data is beneficial to observe employees, identify gaps and inefficiencies, and restructure internal workflow processes. Studying available workforce data from multiple sources enables HR to amend workflows and track employee productivity and engagement levels. Also, leveraging data and analytics in talent acquisition will equip HR executives with the necessary information to make informed data-driven decisions rather than intuition-based decisions.
Corporate learning will gain importance
Organisations are increasingly faced with a dearth of critical skills required in today’s technology driven world. It is essential that employees constantly re-skill and up-skill themselves to keep up with changing business requirements. Organisations have approached this situation by implementing organisational learning management systems (LMS). However, reassessing your LMS platform will help deliver a robust digital learning experience for the workforce, providing a platform that facilitates easy and quick access to useful information and offering significant training for a particular position.
While the trends governing HR practices will continue to evolve, what matters is how quickly companies adopt these solutions and keep innovating to reach desired levels of efficiency. Companies thatimplement the right HR strategies will see success and stay ahead of the game.