In the ever-evolving workplace, employers and HR personnel can’t afford to become stagnant. It’s important to understand what’s ahead and adapt to retain a competitive edge in the talent pool. If you haven’t yet, it’s time to kick-start a conversation with your team about the future of HR.
Artificial Intelligence and automation
Artificial Intelligence (AI) is arguably the most talked-about trend in human resources. AI tools are used to write job descriptions, screen applicants, track employee performance, and draft compliance policies. As more AI tools become available, HR managers need to evaluate how to replace time-consuming administrative tasks with skill-enriching technology. It’s important to consider the leveragability and liabilities of AI.
Skillset emphasis
Employers are revamping hiring practices, prioritizing skills-based recruiting and hiring rather than work experience or education. Focusing on the skills that an applicant can bring to the position, instead of where or how those skills were obtained, broadens the list of quality prospective employees. HR teams are focusing on upskilling and mentorships to help employees expand their knowledge base while strengthening the organization.
Employee financial wellness
Financial security is a major stressor for millions of employees. Studies reveal a staggering majority of employees live paycheck to paycheck and lack the funds to cover unexpected or emergency expenses. Poor financial wellness impacts employee focus and productivity while at work. Employers are taking note and helping workers reach their savings goals by offering financial planning, retirement preparation and emergency savings benefits. The Secure 2.0 Act allows enrollees in qualified retirement savings plans to withdraw up to $1,000 penalty-free for emergency expenses. Employers can also allow non-highly compensated employees to contribute up to $2,500 to a pension-linked emergency savings account.
People analytics
People analytics, rooted in HR analytics, goes one step further and applies data driven, evidence-based insights to business decisions and talent management. People analytics utilizes descriptive, predictive, diagnostic, and prescriptive analyses to enhance business processes and organizational performance. For example, data gathered can identify employees who have substantial potential to succeed based on data trends of prior high-performing employees.
Tracking the latest trends retains your business’ competitive edge. For more ways to enhance your HR operations connect with Bukaty Companies HR Consulting team.
