Most working professionals face strong headwinds ahead. Adoption of technology for people practices has the potential to become a critical catalyst, streamlining communication and increasing efficiency of organizations through access to the right data, at the right time. Due to rapid changes in technology, organizations have been able to develop easy to understand, accessible and tech-savvy solutions which can optimize business requirements for employees. Some of the changes that will get embraced in next few years are as follows:
Adoption of machine learning – More companies will use Machine Learning algorithms to identify talent pool; this will ensure efficiencies in time spent to identify & select candidates
Leveraging automation for performance management- Using a software program for such activities can reduce manual work and can take over most of the process for evaluating the performance of an individual once details are entered in the software by the manager and/or subordinates
Adoption of digital solutions for documentation - More companies are opting for SAP / ERP solutions that give you the liberty to store employee data in a single location and can also be password protected
Use of VR / AR solutions in training – Virtual reality (VR) s increasingly being used to help train employees to do their jobs. Over the past year, especially, the Covid-19 pandemic has precipitated the need for virtual training applications
Post Covid-19, economic reboot and conduct of business as usual may take considerable time. As market continues to recover from the situation and adjust in the new normal world, businesses will be required to reimagine, reform and recalibrate everything. While financial resources are crucial, motivated as well as talented resources will be a defining factor for businesses in the marketplace.
The imperative is to, both, adapt and move forward with the revamped people strategies and processes. The new normal will require organizations to reform their workforce strategies alongside evolving workforce dynamics. While most of us see remote working or flexi-work models as something that will go on for a longer time, many other aspects can change this current normal situation too. The best way for talent managers and businesses to keep going and growing in the post-Covid world would be to reimagine business models & strategies to adapt with the changing times and situations.
COVID-19 pandemic has created unprecedent circumstances for talent intake, forcing organizations to freeze hiring and cut the headcount budget in a bid to sustain revenues and margins. There is a pressing need for organizations to re-imagine their talent landscape, especially their acquisition strategy to tide over the immediate crisis along with keeping a foresight on the future.
For example, there is a strong emphasis on digitalizing all aspects of recruitment to usher in the era of smart hiring with specific emphasis on:
In a similar manner, all practices the vast field of Human Resources Management encompasses, are being transformed with the infusion of technology. There is, indeed, a rapid pace that has been picked by HR-Tech players and 2021 is surely going to see a lot of action in this space.