Let us continue discussing HR predictions for 2020, as we have done in the previous part of this blog. HR tech is on the boom. It's helping HR complete a transition from being just a housekeeping element of business into having a more authoritative role in business planning. We have discussed in a previous set of blogs about how HR Analytics can empower your team.
Let us take a look at five more trends that were said to show promise for HR development during 2020.
- Expect the concept of Social Capital to take more precedence.
- The field of Behavioural Economics will be gaining more traction.
- HR tech market to gain it’s fair share of the limelight during 2020.
- Skill based development will become more common-place.
- HR likely to develop new skills and capability toolset.
This set of predictions is more or less straightforward. As we have said in our earlier blog, these are only predictions about the future and no one is absolutely right or wrong. Predicting the future trends gives a unique opportunity to not just predict but also imagine a future with limitless possibilities.
Cross Examining the Predictions
Social Capital is a term used to define how individuals and teams are connected within the organisation. The previous trend in companies created stressful working environments for individuals and also influenced the overall organisational performance and productivity.
The focus on reducing stress and promoting more creative ways to engage employees is increasing. This in return will increase the enterprise’s value of social capital. Growth in the use of Organisational Network Analysis (ONA) is a by-product of the attempt to increase the value of social capital of a company.
ONA maps relationships, identifies key influencers, highlights employees at the risk of burning out, gets performance insights and supports innovation amongst other things. The ONA vendor market has picked up the pace this year and greater innovation has spurred.
Though, no solutions worth much have yet been showcased to the world. With industry leaders leading the charge on personal analytics, we remain hopeful to see more development soon.
Consumer behaviour has been studied for quite a while using data analytics to draw up strategies to gain more audience and expand consumer bases. Behavioural economics made its mainstream debut a couple years ago. With Humu stepping out of the shadows, there are many other vendors trying to get their piece of the pie.
The field is ripe with possibilities to harvest during this year
While not many HR vendors have found success with it yet, Google has been experimenting with their team and educating new Googlers about how they make decisions and how they can get better with time. We remain hopeful that something along these lines makes its way out of the corporate jungle soon.
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.
The investment in this sector is rising
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.
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.
It is getting harder and harder for HR educational institutes to keep incorporating the newer technology that is coming up into their courses. The skills and capabilities that an HR professional needs to possess are also undergoing major remodelling.
Hence, newer and alternative providers are expected to roll out more inclusive programs for HR training. Many such institutes and programs are either functional or in the pipeline right now. Suffice to say, HR is evolving from the roots and with it, the workplace and its culture.
There have been quite a number of predictions in the HR field for the year 2019. 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 2020.