A popular joke on developing human resources went something like this. A CFO objected to the CEO’s training plan by asking what if they invested in it and the employees left? The CEO famously replied, ‘What would happen if we don’t, and they stay?”
The methods of managing and developing human capital today attract much attention. Not surprisingly, practices in this field have caught up with other advancements and changing workplace dynamics.
Let’s take a look at some of the trends which have and will be shaping the way human resource management works.
Building and integrating a global workforce: In the global economy, multi-national and other corporations are looking at flexible structures that allow smooth functioning as well as leveraging of local culture advantages.
Use of Big Data insights: The use of Big Data goes beyond marketing and strategy. HR departments have been deriving benefits from such insights and using analytics to determine the potential of recruits.
Maintaining corporate brand image: The competition to acquire and retain the best talent means companies are trying to extend their brand image inside as well. The HR strategies are therefore aligned with the overall brand image.
The two-way channel of social media: HR marketing through social media is indispensable as it facilitates two-way communication, acts as an evaluation platform for branding initiatives, reaches out to a vast pool of talent and aids in verification of background information during recruitment.
The rise of contingent workforce: Whether to meet short-term organizational goals or fill up temporary gaps, contingent workers with special job skills are in demand. This makes HR departments plan ahead and offer the needed benefits, pay policies and likewise.
In addition to the above, it is now common to find worker friendly policies in place that provide benefits of flexibility, alternative career paths, a family-friendly organization, telecommuting, and many others.
If you’re pursuing an MBA in human resource management or a diploma in human resource management, keeping abreast of evolving HR trends will aid in building and managing the workforce of the future.
To know more about Human Resource Management, check out what Welingkar’s Hybrid Distance Learning Program advises here: