TRENDWORTHY ENOUGH? HR developments to keep an eye on | Part I of III

Hold onto your HR hats, folks! The bigwigs in the industry have been yapping about HR trends every year like a broken record. But, in the blink of an eye, the COVID-19 crisis hurled us years into the future of the way companies do business. Digital adoption has blasted off into the stratosphere at both organizational and industry levels. We know, we know - it is old news. But, did you know, 20% of people feel duped by job descriptions, 54% are burnt out, and a measly 14% think their feedback matters?

Talk about a major shift in employee expectations!

So, what can we expect in the future of HR? Which trends should we keep an eye out for? The most esteemed & trustworthy HR blogs release their insights on the latest trends before the start of the year. While some trends have been brewing for a while, few are on steroids due to recent developments. Others are a direct result of the dramatic changes organizations have had to undergo (yep, inflation surge and economic slowdown), and some are still being tackled. Here is part one of three – the series that covers the trends that are worth keeping a tab on. Let’s dive in :?

1- "Well-being" being more than a webinar or week of support

The current economic climate has stirred a silent crisis in organizations! Workplace stress is on the rise and companies are embedding well-being into the culture of the company - the first step along a journey for employees to flourish at work, at home, and in their communities.

Keyword: Total Well-being! ?

81% of individuals said they will be looking for workplaces that support mental health when they seek future job opportunities- APA'S 2022 work & well-being survey It's not about the paycheck anymore! Starting as potential hires and recruits, employees look at everything that happens at work as an integrated experience that impacts daily life in and outside the workplace i.e. ?Total well-being (physical, emotional, professional, and financial). It's time for companies to walk the talk and offer healthcare plans that encompass mental health services.

When it comes to supporting the teams during major OD interventions, line managers play a crucial role. They are the ones to spot early signs of stress, and their relationship with employees can play a pivotal role in their well-being. How they react to difficult situations, like staff reductions, will impact how well their teams deal with change. Re-wire managerial training!

2-???Building "skills that cannot be bought or borrowed"

One significant consequence of an economic downturn is the rise of public redundancy announcements and private hiring freezes that impact the skill gaps. Investing in existing talent becomes the most cost-effective solution- Upskilling and Reskilling, are the new buzzwords!

Given a chance to make a move within the company, employees are more engaged, agile, and likely to stay. And with a skill-first mindset, nonlinear moves, previously considered unconventional, are now encouraged so employees can learn new skills and expand their knowledge base.?

Now, let's talk about leadership. During the great resignation, many HiPos were promoted to managerial positions to retain them. At the same time, several organizations took a shot at hiring less experienced candidates for managerial positions due to the talent shortage. Today’s leadership pipeline is filled with new candidates that have little to no managerial experience. Developing the next generation of leaders is a top challenge for?55% of CEOs. Another major trend we see for this year is HR’s investment in upskilling leaders.

3-????Move over multi-verse, HR Metaverse is here!

Technically, a metaverse is a collective virtual shared space, created by the convergence of virtually enhanced physical and digital reality. Gartner predicts?that by 2026, 25% of people will spend at least one hour per day in the metaverse. There is a lot of excitement around the metaverse, and it will impact every business that consumers interact with every day. This suggests that some of the initiatives, such as virtual events, employee onboarding, career fairs, and meetings, will be launched by the biggest companies in this field in 2023. Enterprises will provide better engagement, collaboration, and connection to their employees through immersive workspaces in virtual workspace software.

In order to utilize technology in a productive manner, HR will have to establish robust metaverse work protocols. This can be achieved by devising innovative hybrid work policies and providing training to leaders on effective leadership in this distinctive and upcoming environment.

to be contd...