Latest trends in HR
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CURRENT TRENDS IN HUMAN RESOURCESection CGroup 6 SIMONI PARMAR (14153)SOHAM CHAKRABORTY (14157)SREERAKSHA B.N (14160)SRISTI ROY (14162)SUSHMITHA S (14166)SWETHA THALIYIL (14169)TONY SEBASTIAN (14171)VENKATESH KAMATH (14175)VISHAL GUPTA (14178)VISHWANATH NAYANAR (14180)SUBMITTED TO-Dr. Nilanjan SenguptaTHE STRATEGIC ROLE OF HR HR outsourcing is on the rise -The downsizing of in-house transactional HR activities and the increase of HR outsourcing continues to be a hot topic. HRM Asia: HR outsourcing is no longer reserved for big multinationals. SMEs are placing a greater importance on business HR which allows regional HR leaders to focus on critical challenges including talent retention and leadership development.
Globalization continued -As the world becomes more globalized, understanding all aspects of the globalization of functions has become essential, particularly in HR.
THE EVER EVOLVING GLOBAL WORKFORCEFocus on employee retention the ongoing war for talent
-In 2014, the need for HR to focus on employee retention has become a top priority.
Redefining employee engagement
-With employee retention becoming a top priority for organizations, HR needs to redefine staff engagement and focus on employee recognition.
The rise of flexible working environments
-Flexible working environments and work schedules are increasingly impacting employees, managers and HR departments.
Continuous learning and development
-Annual employee development programs will be replaced by more continuous actions aimed at developing, engaging and motivating employees.
HUMAN CAPITAL MANAGEMENTHuman Capital Management can be defined as the process of acquiring, training, managing, retaining employees for them to contribute effectively in the processes of the organizationHuman Capital management refers to managing an organizations employees for them to contribute significantly in the overall productivity of organization. In a laymans language managing workforce of an organization refers to human capital managementEmployee staffing approach
Integrating people and business strategy
Focuses on long stretch objectives
Focuses on creating value
Includes several practices
TALENT MANAGEMENTTalent Management is a set of integrated organizational HR processes designed to attract, develop, motivate, and retain productive, engaged employees. The goal of talent management is to create a high-performance, sustainable organization that meets its strategic and operational goals and objectives.
Current Application of Talent Management :
Optimizing the performance of each employee and the organization.
Offers ROI, job analysis and also the assessment validation will help enhance the predictive power of selection tools.
CURRENT TRENDS IN TALENT MANAGEMENTTalent war
Technology and Talent Management
Promoting Talent Internally
Talent Management to Rescue HR
Increase in Employer of Choice Initiatives
TALENT MANAGEMENT IN ORGANIZATIONSSamsung : Offers postings at the headquarters in Korea for six months to one year. Also gives out global scholarships.Dabur : Sends its employees to top institutes. Has sent executives to Kellogg school of management and Indian School of BusinessIntel : Provides formal individual or group recognition at departmental or organizational levels.FedEx : Pay exception is a procedure at FedEx, which allows managers to recommend and give exceptional pay increases to their highly performing employees when it is not covered by normal policy . HRM TECHNOLOGIESBIG DATA IN HRNew recruitment process Big data systems can help you find great candidates who might otherwise be overlooked.
Data Verification Helps in verifying the profile of the employees in an improved manner.
Helps in understanding employees better
SOCIAL MEDIA & HRCommunicationPromotional eventsBackground checksEmployee ActionsResearchBranding and company recognitionWebsites and blogs
CLOUD COMPUTING AND SaaS IN HR
CLOUD COMPUTING IN HUMAN RESOURCESAllows departments to talk to each other more easily - serves to increase the quality of communication in a company. Example: Shift iQ.Track applications, search rsums, generate reports, calculate payroll, track performance appraisals and maintain data on employees.Putting the HR department on the cloud facilitates a mobile workforce and should also allow flexibility.Easy to access.Cost-effective solutions for HR departments.Ensures that companies have instant and continual access to the latest advances and legal issues as they may affect human resources issues.
SaaS FOR HUMAN RESOURCES MANAGEMENTProvide a comprehensivetool set for managing all aspects of human resources activity. Example: applicant tracking, time and attendance management.Highly customizable without the hefty price tag typically associated with custom development.Adds cutting edge features such as: workforce analytics, process design control and HR compliance management tools.Benefits of a SaaSHRMSis the ability to significantly productivity of human resources staff.Cost savings over the majority of on-premise HR software applications.Able to avoid the towering capital outlays associated with the acquisition, deployment, maintenance and replacement.
GAMIFICATIONGamification is the use of game thinking and game mechanics in non-game contexts to engage users in solving problems and increase users' self-contributions. Some advantages of the trend are:Use recruiting games to assess soft skills and personality.Personal wellness games can engage employees to become healthierPeer recognition games engage employees, and fosterteam workand competition.
MOBILITY IN HR Mobile Technology Makes Mobile HR Solutions A Game-Changer
Mobile HR Solutions Have Strong Support For Inclusion In Next-Generation Systems
Security Concerns Are Declining With New Mobile HR Solutions
Mobile HR Solutions Enable Interaction Not Just Communication With Employees
ANALYTICS IN HRDESCRIPTIVE ANALYSIS
PREDICTIVE ANALYSIS Objective -effectively deploy resources and drive higher quality and greater longevity of new hires.
Accurately forecasting what any individual employee will do in the future is at the bleeding edge of the marketincludes gathering historical data, with techniques that combine data mining, statistical modeling and machine learning to identify patterns to make predictions about the outcome of a particular decision.
Discovering of risks and opportunities and modelling how several courses of action might play out, before implementing it in a real situation.
Predictive analytics, the use of big data to predict future trends and help make decisionsRecognize the strengths and vulnerabilities of the workforce and predict vacancies and leadership needs.Track and analyze critical skills, and predict which skills will be lost and when by predicting turnover.Measure turnover, understand its causes and design programs to control it to reduce vacancy costs (both financial and productivity).Assess risk on an organization-wide level by integrating workforce and relevant business and third-party data for comprehensive risk analysis.Understand and mitigate risk linked to seasonal absences, resignation trends or length of employment to prevent being blindsided by loss of critical workers, skills or leadership.Measure, monitor and predict the effect of risk factors over time and prevent organizational risk by devising contingency plans based on insight and foresight.
Predictive analytics on an individual level brings up several legal and ethical questions, too.
Where do we draw the line between the greater good of the company and the privacy of the individual?
Employees might have a real problem feeling that theyre being tracked. Can predictive analytics help you know your employees as well as you know your customers? Should it?
We have to be sure to develop a number of safeguards regarding what types of employee data it will and will not collect, and assess the impact, both positive and negative, of any analytics project before proceeding
A DIFFERENT ANGLE TO PREDICTIVE ANALYSIS
BENEFITS OF ORACLES CLOUD-BASED HRMS SOLUTION & HUMAN CAPITAL MANAGEMENT CLOUD.
The 2013-2014 HR Systems Survey concludes that HR leaders are moving to a cloud-based HRMS because:
69% see improved user experiences for employees, managers, and HR
58% see best practices functionality
55% experienced easier upgrades.
Reference www.oracle.comCONCLUSION HR is getting more mobile, social and in the cloud, as big data will demonstrate to the business that companies must recruit and develop talent. And while new technology are being introduced, dont forget to reskill the HR department.
---- BY ANITA LETTINK (Leads NGA HR)