HR trends keep changing every year because the industry is steadily growing. Businesses must be flexible enough to keep up with them.
In a case study, 3500 companies from 110 different countries participated in the survey. After thorough research completed through the study, seven significant HR trends are identified in the HR industry:
1) Culture, Employee Engagement, and Retention Rate:
This issue is now the world’s number one issue. Companies are finding it very challenging to tackle these problems. Employee engagement plays a vital role in retaining employees because if you cannot build a business that attracts and inspires people, you might lose these employees in the long run to your competitors. Some of these tactics like great leadership, work flexibility and learning opportunities are usually deeply associated with engagement and retention policies in a company.
2) Corporate Training:
The importance of training within the company has grown to the highest level. Companies must redesign the training needs by providing exceptional trainers and create a digital learning experience on the internet by giving access to great materials.
3) Performance Management:
Performance management parameters are redesigned according to the companies requirements. Many companies surveyed stated that they have recently updated their parameters in performance management.
Performance management, goal setting, and ratings are a way to manage people because they define how you promote people, develop them and make them climb the corporate ladder. The world is now moving towards feedback-centric and strengths-based approach instead of top-down hierarchical approach to evaluating employees.
4) Retention Rates going down:
Small businesses are noticing that retaining talent is getting harder every day. In the survey, it is estimated that 90 percent of the employees are looking for a new position while working in their current job. To keep such employees, you must create a culture that allows them to create friendships, socialize and feel attached to their job.
5) Social Media Becomes the Best Recruitment platform:
Social Media is now becoming very popular for recruitment. In the survey, it is estimated that 60 percent of the employees are more likely to apply to a company that uses social media. So if your business does not have social media presence, then this would be the best time to create social media presence.
According to the survey, many companies are struggling with leadership developments at all levels. Creating great leaders has become the second biggest priority.
7) Usage of Technology:
Usage of machines to read, analyze, speak and make decisions is impacting work at all levels in the company. Many jobs might be lost if this type is technology is used. It is very crucial to redesign the jobs and align them with technology in every role.
These are some of the HR Trends which can change the way you handle situations, but these trends keep changing every year depending on the market conditions.