Yes, we know the ‘HR Predictions for 2021’ ship has already sailed. But, that’s not what we are discussing here. We are here to discuss how the predictions from the end of last year have fared. Before we get started with our prediction analysis, let us look at some of them first and later on move on to analyse their current state.
6 HR predictions for 2023
Predicting the future accurately might seem a big task for the uninitiated. But, with the amount of data available now, we can get pretty close. Even when we have various technological advancements, sometimes we cannot take into account all the variables.
Here are 6 predictions that were made in connection to HR for the year 2021
1. AI is going to disrupt the job market by automating many repetitive and routine tasks.
3. People Analytics will also continue to gain importance. In 2023, expect people analytics to move from the periphery to the core of HR strategy.
4. Employee experience and wellness will be aided by data driven insights. Expect companies to take an increased interest in the physical and mental wellness of their employees to boost workplace productivity.
5. The field of Behavioural Economics will be gaining more traction.
6. Skill based development will become more common-place.
A peek into the HR Predictions for 2023
1. Automation of repetitive and routine tasks due to the disruption caused by AI
As we have discussed the various ways in which AI is influencing HR Teams, we are pretty sure that AI has been pretty instrumental in disrupting the job marketing. With the development and increasing availability and affordability of chatbots, it is becoming easier to automate repetitive and routine tasks. So, the first HR prediction has to a great extent been realised as we move into the second half of 2023.
Coming to speak of the second HR prediction, personalisation has been increasingly preferred for improving employee experience. Data driven insights overcome the one size fits all approach previously employed by HR programs of the past.
Insights are helping employee onboarding, learning and are also showing promise in organisational success by providing data to support workforce planning, strategy, retention and business performance.
3. People Analytics
Moving on to the third HR prediction we looked at, people analytics will continue to gain importance. Already more than 69% of the larger organisations have embraced people analytics. They have a people analytics team that constantly works towards providing value to employees while also driving business outcomes for the better.
With increasing awareness of the business benefits of investing in People Analytics, many major players are starting to invest in the sector. Though there are some aspects that require further development like achieving excellence in people analytics, we are well on our way towards achieving success by the end of this year.
The difference in profit margins of firms that are already employing people analytics as opposed to those that haven’t is about 56%. That statistic alone might be enough to showcase its scope and possibility of implementation by the year end.
4. Employee experience
Lastly, we are improving employee experiences across companies driven by data and otherwise. Empowering employees to lead a healthier and more balanced life has been the talk of the year in the HR sector. Many firms have welcomed newcomers with open arms. They make them feel comfortable and hire with growth in mind, both organisational and personal. The HR is accepting this trend in 2021 more willingly. We will see greater improvements with this trend going ahead.
5. Behavioural Economics
As to the significance and scope of behavioural economics, the sector remains hopeful for development and HR sector stands to make the most of it as soon as its on its legs.
In 2018, LinkedIn launched Talent Insights and acquired Glint, SAP spent $8 billion on Qualtrics, Humu emerged from the shadows and also a great many startups showing great promise came to life. All of these events have been preparing the field for upcoming developments and hopefully more investment and innovation into the HR Tech industry.
It is increasing at a good pace and hopefully will continue till the year end. We remain hopeful that there will be new tools developed soon to make things easier for HR worldwide.
6. Skill based development
As workforce segmentation needs around the world shifts from roles to skills, every organisation is trying to make the most of the opportunities offered by AI and automation. A research finds that segmentation based on skill/skill sets is set to raise three times by 2025.
The transition to become a skill-based company is slowly but surely happening around the world. Right now, HR leaders, people analytics teams and the HR vendor community are showing great initiative and focus for skill development.
Skill development will become central to workforce planning, learning and talent acquisition. As we have moved through half this year, we can see an increased focus in the orientation towards skills and learnability in the HR hiring trends.
With increased technological aid in the HR sector, it becomes imperative for the members of the HR community to maintain and upgrade their knowledge base. HR is one of the most exciting fields to work in the business. Both organisation and it’s employees alike depend on the new-age HR to deliver value to their operation.
There have been quite a number of predictions in the HR field for the year 2020. Many of them are already taking shape into an emerging trend only 26 weeks into the year. Some more have proved themselves, while some might need some more time to establish themselves and prove helpful as we go ahead. The age of technology is upon us and there will be development all around. How are you preparing your organisation to adapt to all HR technologies? Haven’t got an idea yet? Come visit our platform to experience the new age of HR Analytics 2023.