Human Resource: What's Next?
POSSESSIONS THAT WILL CONTOUR HUMAN RESOURCES IN THE NEXT DECADE
Human resources are a fast-changing field, and it’s never been more vital to the development of organizations worldwide. Using new data and technologies, HR has the power to revolutionize work.
Five key areas will shape the profession, and the future of business, in the next ten years.
i. AI and automation will become common place
It's long been acknowledged that manual labor jobs are falling to machines, but machine learning means that robots will also be able to take on many cognitive tasks better than their human counterparts. This will radically change the workplace and the workforce. HR will have to find and maintain a balance between machine labor and human labor, and potentially begin to deal with a re-imagining of human workers’ purpose and scope.
ii. Performance management will be replaced
The current approach to performance management, with ratings, annual reviews, and sporadic feedback, fails to reward or encourage consistent high achievement while simultaneously failing to solve low performance. Instead, continuous coaching and feedback will become the norm, and learning and development will become more integrated into everyday work.
iii. Online training will cut costs and increase results
As coaching and learning become a core part of every role, online learning will allow on-the-job learning at the point of need. Using smartphones, employees will be able to access the information they require when and where they require it. Recent research from Towards Maturity and CIPD suggests that online learning reduces training time by 27% and costs by 18% while increasing productivity by 14%. This increased ROI will enable L&D departments to do more with their budgets and have a bigger impact at work.
iv. HR tech will allow for personalization, even at large companies
Different people have different needs, desires, and motivators. However, at large companies, it’s currently impractical to offer incentives to fit each individual mindset in the way you could at an SME. Complex data management systems and AI will allow HR to truly understand their employees and offer rewards and professional development accordingly.
v. A millennial will require new ways of working
By 2025, 75% of the workforce will be Millennials. They will bring with them new working styles and values, considering work-life balance and quick progression to be more important that job stability or even compensation. HR must adapt to be able to attract and retain the best millennial talent. Overall, the HR landscape looks set to change more in the next 10 years than it did in the previous 30. You can’t predict the future - but you can make sure you’re prepared for it.