By Smiti Bhatt Deorah
Technology is the great disruptor, the shaper of future and the harbinger of change. Companies from every sphere are adopting the latest technologies and trends to be at the forefront of advancement. Human Resources plays a paramount role in the development of any company. From recruiting promising individuals with unique talents to scouting possible employees that will give them the edge over their competitors, HR industry has the limelight when it comes to adopting the latest trends in technology. HR tech is a $2 billion market in India, yet it amounts to only .5% of the global industry which is estimated at $400 billion. India has the ripe conditions for massive expansion in this sector and it will send ripples through every industry. With 2020 just around the corner, here are the trends that will have a lasting impact on the HR industry.
Paperless and online is the mantra these days. It is fast, easy and efficient way to shortlist and select employees with the help of online platforms. Social media platforms like LinkedIn has become indispensable when it comes to hiring the right individual for any organization. More than 3/4th of companies recruit their workforce from LinkedIn and other online platforms.
Leadership and motivation
Building skillsets and conditioning employees to become a part of the company is not something that was done previously. Instead of hiring employees to just work, companies want employees who will grow into higher level roles and become an integral part of the organization. Employees who rise up the ranks are 60% more likely to stay in their current workplace.
Training and development
T&D has come a long way over the last decade. Gone are the days of trainers and batches. Organizations have switched to online training courses that get new joiners up to speed and look out for potential employees who can move into senior positions based on their skill and knowledge.
Equal employment opportunities:
Equal pay and allowances are given to employees in the same position, regardless of their gender. Male candidates are no longer preferred over female candidates and equal career opportunities are available to everyone. Companies today want to achieve the balance of gender ratio in their workforce.
ESOPs and reimbursements:
The HR industry is no longer limited to LTCs and retirement funds. Today it offers a wide array of employee benefits including ESOPs, PFs, individual life insurance and medical coverage for the entire family.
Organizations today understand that all work and no play will have a negative impact on the performance of an employee. Companies are always on the lookout for activities that are fun, engaging and build key skills like teamwork at the same time. Hobbies and interests like indoor games, yoga and dance competitions as well as hobby clubs and online platforms with perks are popular ways for employees to get more out of themselves, and give them another reason to love their organization.
Stress management and counselling:
Losing hard working people to stress is a loss for both parties. Earlier, any employee under stress was relieved from their job, but today such employees are guided by the HR department and the in-house counsellor. Instead of telling them to quit, they are helped and taken care of and guided in the ways to managing stress at work and how to overcome problems.
Work from home and flexible timings:
Everyone is different and so are their lives. Employees are no longer confined to the strict routine of 9 to 5. Their pay is not deduced if they are occasionally late to work or had to leave early due to an emergency. Options like working from home makes all the difference they need when it comes to finding that work and life balance. It allows them to work when they can, and they don’t need to sacrifice anything.
Employee rewards and recognition:
Rewarding employees for hitting milestones and other achievements is still a new thing for some companies. Apart from a promotion, celebrating and recognising employees for their achievements is quickly catching on in the HR industry. With the help of real-time tracking and reporting, recognition is quick and it is also rewarding for everyone.
It is not uncommon for organizations to have Chief Happiness Officers (CHOs) who look after the employees. Their sole responsibility is to keep them happy and satisfied. In contrast to older days when no such efforts were made by companies, the inception of CHOs is a testament to the changing face of the HR industry.
Data based decisions:
There’s a reason technology is called the great facilitator. By revolutionizing the entire HR industry, technology has also changed the way decisions are made. Tech-savvy organizations make decisions based on data, and so do their respective HR departments. Data is stored, analysed and critical decisions are made on the basis of such data. Entire policies of companies are based on data, everything from terms of employment to holiday calendars, all rely on data.
So, will technology continue to shape the future? Yes. It is changing the shape of industries as we speak. Everything from manufacturing to the HR industry is affected by technology and they evolve as technology evolves. Each year we witness the birth of a new technology that changes the very basics of how we live, work, eat and sleep. Soon it will change everything we know and for the better, including the way our HR industry operates.
(The columnist is Co-Founder and Chief Operating Officer at Advantage Club, which aims on building communities within organizations through exclusive employee perks, end-to-end reward & recognition, hobby clubs, etc. Views expressed are personal.)
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Source: Financial Express