HR Trends for 2023: Future of HRM

Creating a Collaboration Hybrid Work Model

As things begin to improve, the workplace is transitioning to a more appropriate approach for its employees and their productivity — the hybrid work model. It is an employee-centered flexible work model that combines in-office and remote work.

Leadership that is "human"

According to a recent HBR article on the distinction between managers and leaders, "CEOs must manage, not just lead." Middle 'managers' require leadership abilities as well."

Following the changes that have occurred in the workplace, the importance of an effective leader and manager has grown by leaps and bounds. For their employees, today's scenario necessitates empathetic, adaptable, and authentic leaders.

Welcome to the "human" leadership era!

What exactly does it entail? The following methods for encouraging leaders to take on human leadership have been reworked:

• Improve internal company communications.
• Put teamwork and collaboration first.
• Make an investment in people.
• Encourage feedback by recognizing, rewarding, and complimenting employees.
• Aside from corporate initiatives, leadership expert Kerry Azar recommends looking inward.

Management of Change

What have the last few years taught us about dealing with unforeseen workplace circumstances? The solution is change management.

Change management is the systematic management of changes to an organization's goals, processes, or technologies. It seeks to implement effective strategies for implementing changes, controlling them, and assisting people in adapting to them with minimal disruption.

People Analytics

According to a Deloitte report, more than 70% of businesses use people analytics to improve performance.

According to a Forbes article, people analytics are:

A report titled Impacting Business Value. Leading Companies in People Analytics, the following key areas where people analytics can add value are highlighted:

Diversity and Inclusion: To gain actionable insights into employee sentiment and put improvements in employee experience, psychological safety, belonging, and fairness to the test.

Employee Experience: For data-driven employee experience/listening in order to get a better "feel" for the organization.

Retention: For labour market information, key competitor trends, risk factors with predictive models, and more.

Workforce Planning: Predicting and planning for skills and workforce costs while managing existing costs.

Talent Acquisition: To assess fairness in assessment and selection, as well as the appropriate hiring pace for the business's market demands.

Employee Well-being to a Healthy Organization

Employee mental health and well-being have finally received the attention they deserve in the workplace over the last few years.

According to a recent McKinsey Health Institute study, one in every four employees worldwide experiences burnout symptoms. Furthermore, the study found a 22% difference in employer and employee perceptions of workplace well-being, as well as a strong link between toxic work cultures and burnout.

What can we anticipate on that front?

The solution is "The Healthy Organization" — a more holistic and inclusive enterprise-wide approach to well-being. This concept goes beyond the employees' physical health and safety to provide more flexibility and opportunities for their training and empowerment. The framework for a Healthy Organization includes the following components:

• Physical Health
• Mental Well-being
• Financial Fitness
• Social Health and Community Service
• Safe Workplace
• Healthy Culture

It's safe to say that a Healthy Organization is a welcome trend for increased productivity and employee satisfaction, which leads to employee retention.

DEI in the Spotlight

Diversity, equity, and inclusion have been buzzwords in most organizations for quite some time, and with good reason. DEI initiatives are part of addressing workplace bias, discrimination, harassment, unfair wages, and other issues.

DEI is also becoming more important as work models shift from in-person to virtual and hybrid environments.

According to a Trailant report, 79% of respondents planned to increase their DEI budget in 2022. However, money alone will not solve long-standing issues. According to the report, only 13% of senior executives actively support DEI initiatives. This highlights the importance of developing more DEI leaders to effect positive changes in workplace behaviour and culture in the future.

According to a recent Forbes article, companies can improve DEI by using the following metrics:

• Recruitment metrics
• Hiring metrics
• Onboarding metrics
• Day-to-day activity metrics
• Compensation, advancement and retention metrics
• Employee Resource Groups (ERGs) are another means for companies to focus on DEI.

Employee Resource Groups (ERGs) are another way for businesses to prioritize DEI. These networks, according to one report, "provide a space for women, veterans, LGBT employees, people of colour, people with disabilities, working parents, and others to connect and help ensure that the workplace welcomes and supports their productivity."