Employee experience (culture, work-life), engagement
Over the years, many businesses have realized that employee engagement is critical to business. The expectations, as well as demands of today's diverse mobile employees, need a more flexible, staff-centric workplace environment, one which corporations have begun to learn to develop. Employee engagement has become an issue at the CEO-level. Businesses are now competing to win surveys on “best place to work” and also monitor trends in social media carefully. Companies now desire to create great workspaces, supply benefits that are flexible, and come up with great corporate culture to encourage higher engagement.
Companies now face a continued requirement to attract staff with technological as well as other specialized skills, as every firm digitized its business. Also, the employment brands of companies are now transparent and open so that potential employees can easily see if a firm is a suitable place to work. In recent times, we get Chief Learning Officers who possess the challenge of engagement and executives given titles like “Chief Employee Learning Officer.” The employees of today emphasize more on flexibility, purpose, and creativity at work. Companies are emphasizing more on empowered work teams, as well as team leadership.
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Data (tracking turnover, performance, attendance, etc.)
Employers have not been worried much about turnover during the past four years because of the Great Recession which was followed by two years of a jobless, anemic recovery of the economy. As unemployment rises, there is a decrease in the rate of turnover. Following the U.S Bureau of Labor Statistics, when the rate of unemployment was more than 7.5% in 2009, the number of employees voluntarily quitting their work reduced to 2 million from 3.5 million in 2001.
The rate of turnover has remained low since 2009 because of the increasing rates of unemployment, so people have nowhere to go (Tavis, 2016). However, HR professionals are striving to improve employee experience so that the workforce will stay at their workplace and be engaged to reduce voluntary turnover. Companies are now focused on dissecting, tracking as well as predicting turnover to avoid high rates of employee turnover. HR officials are now monitoring quality of hire when hiring employees. Also, they aim at improving the morale of the employees to reduce absenteeism and take disciplinary action for those with excessive absenteeism. Companies also utilize PTO banks to assist in reducing unscheduled leave.
Performance-going away from ratings, social performance
Many companies are not paying more attention to annual reviews anymore. This is because annual reports emphasize punishments and financial rewards and the structure of their end-of-year which hold individuals accountable for their past behavior at the expense of enhancing current performance and shaping up talent for the future which is imperative for companies’ long-term survival. As jobs are becoming more complex and changing shape, it is hard to emphasize on accountability for performances of the past and set yearly objectives that would still be important a year later. Also, stressing on the significance of team work often conflicts with the appraisals and rewards of people hence many companies have decided to do away with annual reviews to measure performance. In reality, employee performance declined when individuals were rated relative to their fellow employees.
Increased need for data and analytics tools
Companies are placing greater emphasis on increased need for data and analytical tools as managers can measure, and thus be aware of more about their business and translate that knowledge into an enhanced process of making decisions and improving performance. Companies that consider themselves as data-driven perform better on objective measures of operational and financial results. Using data and analytical tools makes a business more productive and profitable, and HR officials have realized that over the years. It also provides insights on human capital that results in programs as well as decisions with business impact and workforce analysis.
Five generations in the workplace (focus on millennials)
HR professionals are aware of the market value of creating and leveraging an inclusive and diverse workforce. There is a rising demand in the workforce today to increase multigenerational diversity. Workplaces that are multigenerational develop unique opportunities and challenges for workers who leverage talents and strengths of each generation t benefit their company’s bottom lines. Millennials are digital natives and technological team players. Talent management and HR professionals are striving to work to leverage the technical experience and knowledge of this generation (Jr., 2009). They are now engaging millennials in the process of recruitment and utilizing social networks to recruit. Companies are also building a sense of community emphasizing on teamwork, support, and appreciation from supervisors to attract millennials.
Summarize the impact of these trends in HR Management
The trends have enabled companies to retain employees and improve the workplace environment. Emphasizing on team work and flexibility has led to enhanced productivity in the workplace. Team work has become essential as employees can learn a lot from each other. Companies are now able to attract more workers because of a healthy corporate culture. There is also a decrease in turnover rate and absenteeism as HR officials have put in place strategies to deal with these issues. Employees have morale and can do their jobs efficiently, and as a result, companies can increase profits.
References
Jr., S. A. (2009). Integrated Manufacturing and Human Resource Management: A Human Capital Perspective. Academy of Management Journal , 467-504.
Tavis, P. C. (2016). The Performance Management Revolution. Harvard Business Review .
