Human Resources is a vital department in any organization, working with both employers and employees to address concerns, implement standards and procedures and enforce an ethical working environment. The last few years have seen a major shift in the workplace. Millennials have entered the working world and are making demands for flexibility, decision-making power and a work/ life balance unprecedented to the previous generations. Coupled with technological advances, this has led to changes in 2017 and predicted certain HR trends for 2018. Stay up-to-date on the latest below!
Increased Attention on People Analytics
People analytics is a science that looks at various trends in a company, such as “measuring diversity, gender pay equity, skills gaps, labor utilization, retention rates, real-time feedback, and even organizational network analysis,” explains one source, which goes on to state that 69% of companies utilized this practice in 2017, compared to just 10-15% in previous years.
Needless to say, people analytics is reshaping the way Human Resources operates, and is bound to fully explode this year. This detailed information allows HR professionals to not have to guess about what employees need, but have a deep understanding of their needs, wants, concerns and so on.
This, in turn, allows HR managers to work with department heads to make appropriate changes and address employees’ issues in a timely and appropriate manner.
While the main goal of managers in the past has been managing output, nowadays, the focus is transferred away from the work and to the individual. With the understanding that employees must be emotionally and physically well in order to perform at their best levels, another key trend in the HR world is wellness apps. Seventy-eight percent of HR managers regarded employee wellness as a top concern, which means they are taking the steps to ensure that workers are monitored and empowered to take care of themselves.
Health and wellness apps measure individual performance, activity and fitness levels, helps employees set goals, improve mental acuity with games and remind them to take breaks. This also helps companies save money from sick days and related expenses.
Changes in Recruitment Practices
In recent years, there has been a major shift in employment trends—while full time employees were always the norm, that is being phased out now. Instead, companies are increasingly hiring remote workers, those working on a flexible schedule, as well as part time employees and consultants. This type of strategy helps organizations save money on paying salaries and other benefits, and hiring employees on an as-needed basis.
These changes have transformed the way HR professionals recruit candidates. “Talent sourcing practices need to build speed and agility in order to quickly identify work/projects in need of attention, source employees with the required skills, and staff project teams that can quickly perform the necessary task,” a source explains.
These are just three of the changes the Human Resource industry is facing in 2018. HR managers need to be on the lookout for the latest trends, and adapt them quickly to keep their companies at the forefront of innovation. If your company requires financial assistance to incorporate a new technology or implement a new objective, consider applying for a small business loan. IOU Financial can help you secure up to $300,000 in 24-48 hours. Learn more here!