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The Top Human Resources Trends in 2023
A company's most valuable asset is its human capital. An organization's employees are what define the organization and how it operates. Automation and artificial intelligence may seem like an end to employment opportunities for individuals, but never forget that we need humans to create, run, maintain, and develop artificial intelligence. Hence, it is critical for organizations to maintain resources that are productive, motivated, enthusiastic, happy, and satisfied. To ensure this, the organization needs to keep itself abreast of the top trends in human resources in the market.
The Human Resources Department and its Function
The human resources department of an organization looks after finding the right talent, hiring the right talent, getting the talent onboarded in the company, engaging with the talent, retaining the talent, and ensuring that the employees are productive. It also takes care of the salary, benefits, employee grievances, labor laws, training needs, and perks or promotions of the employees.
The Top HR Trends of 2023
It is critical for a business to understand its human resources as well as keep up with the trend to attract and retain the top talent in the company. Some of the HR trends are −
Hybrid Mode of Working − After COVID-19 employees have understood the importance of home and the need to stay connected with their loved ones. Coming to the office five days a week seems like a waste of time, energy, and money. But at the same time, they have also understood the importance of social interaction and interaction with their colleagues. As a result, the middle is a hybrid work model. Here, the employees come to the organization twice or three times a week as per their convenience and the criticality of their work, and on other days they are working from home. This hybrid mode is advantageous to both businesses and employees.
Companies can hire talent from across the globe
There is a reduction in the overhead cost, for example, electricity, stationery, refreshment supplies, and others
Companies can expand without offices in particular states, hence they save a lot of rent and property costs
Organic Sourcing Through LinkedIn − We see that recruiters and job seekers are preferring LinkedIn as a recruitment platform other than Naukri, Monster, or others. LinkedIn seems like a more reliable source and provides information related to the employee and his interests. When compared to job boards, LinkedIn appears to provide more qualified and responsive candidates.
Attrition rate in Information Technology (IT) Companies − IT businesses are flourishing. There are surpassing mountains in terms of hiring and project deliveries; however, we see that most companies are not able to retain talent. Currently, the Indian IT industry is experiencing an attrition rate higher than 21.5%. Companies should look after compensation, perks, and benefits, as well as employee engagement activities, to ensure that the right talent is retained in the company.
The Birth of Co-Working Space − There are no longer designated employee spaces in offices. Every desk can be utilized by the employees on a pre-booking basis. This is to ensure that the office is not overstaffed and that resources are fully utilized. New co-working spaces are being built outside the offices as well. These places let companies borrow or rent a particular area in lieu of money, or employees can simply sit in the cafe and work in peace. Some of the brands in Kolkata, for example, are Workstations, Workaholics, and others.
Redefining Employee Experience − After the pandemic, we have seen that individuals are prioritizing their health, safety, and job tenure more than anything else. Companies can easily lure employees by providing them with Med claims, hospital remedy facilities, and insurance. Full-time employment is also sought after because of the pandemic. In this uncertain environment where countries are in recession and at war, job certainty is critical for employees. On top of that, engagement activities like mindfulness sessions, yoga sessions, mental health awareness camps, and others are appreciated by the employees. Employees are becoming more aware of their physical, mental, and emotional well-being. Companies with little effort can make a difference and ensure that their employees remain loyal.
Work-Life Balance − Long working hours, overtime, working on weekends and overburdening individuals' or employers’ expectations (i.e., employees should be on their toes even after working hours) are no longer tolerated. Today's youth are more than educated to fight against the same. They value work-life balance more than the compensation or the brand name. Hence, companies that provide work-life balance to employees are more appreciated and chosen by individuals.
Upskilling of the Employees − The changing business environment needs individuals who are constantly upgraded to meet market needs. Companies that spend more on the learning and development of employees have to spend less on recruitment. Employees are retained and motivated to give their best because of the talent development done by the companies. One of the ambitious projects done by Powerhouse Coopers (PwC) is spending more than $3 billion over the last three years on employee development. This upskilling will also ensure that the higher positions are filled internally by the company.
HR Analytics and People Analytics − We are moving towards more data-driven approaches. Companies are relying on HR to produce data for their hiring needs, training needs, promotion or pay raise needs, and retention needs. It is time that the companies understand the gap between them. This data can help the company predict the number of resignations in the coming year, along with the reasons why they are happening. Such insights into the company and its employees can help the company's success by leaps and bounds. HR Analytics is the newest and most sought-after area of Human Resources.
Diversity, Equity, and Inclusion (DEI) − The community and the employees give more value and importance to companies that include diversity and equity. DEI contributes to the company’s success as now the company can have −
More creative and out-of-the-box solutions
Productive labor force
Safe working environment
Good public image, among others
The human resources department may seem like a support function, and we generally see that on average there is 1 HR for every 500 employees. Companies think that they can do without having HR professionals on board with them, but they could not be more wrong. HR officials are not only there to conduct rangoli-making competitions, but they can make a difference in the employee’s life and work. If a company is able to cope with the current and upcoming HR trends, they are already ahead of the competition.
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