A consensus of HR experts has identified a handful of major trends that will have a profound impact on businesses in the upcoming decade. The group believes that massive changes in the workplace are being driven by rapidly-advancing technology. Technology that has begun to reshape the where and how work is being done and delivered.
Here are some ways that HR is rapidly evolving, and how organizations can adapt to the “future of work” in order to prosper and survive.
As the unemployment rate continues to fall – and the shortage of qualified candidates increases – entry-level positions will become harder to fill.
According to 17 economists polled by the NY Times, a strong economy appears evident for 2016. The Bureau of Labor Statistics tends to agree, saying that on Election Day (November 2016) our Country’s unemployment rate is predicted to fall to 4.8; the G.D.P. growth will remain steady at 2.8% and inflation will drop to 2.0%.
Of course, forecasters are not always correct. There are a number of threats that could undermine this sunny forecast. Click here to read more.
During a tough economy, organizations of all shapes and sizes look for innovative ways to cuts costs and save money. If your organization is in a penny-pinching mode, perhaps it’s time to shift your corporate ladder in a different direction.
At Deloitte, a change in workplace philosophy has given employees the opportunity to focus on larger life goals. The program – known as Deloitte’s Mass Career Customization (MCC) program – was originally designed to give working women the flexibility to manage a family as well as a career. Before long, it became clearly apparent that women were not the only ones to benefit. Click here to read more.
As technology rapidly advances – and people around the world become more connected – the demand for change within the workplace has increased.
Over the past year, an elite team of HR professionals from Fortune 500 CHROs, Silicon Valley HR leaders, and several thought-provoking HR leaders and academics collaborated virtually in order to predict (or envision) the challenges and opportunities that businesses might face in the next decade.
The project was sponsored by the National Academy of HR, HR People and Strategy, The University of Southern California’s Center for Effective Organizations, and PricewaterhouseCoopers. Click here to read more.
The Department of Labor (DOL) recently released the proposed rule surrounding the white collar overtime exemptions within the Fair Labor Standards Act.
The proposed changes could have a profound impact on your business. This article will outline the proposed rule changes with respect to overtime and “white collar exemptions”.
As most of you know, the FLSA requires you to pay your employees at least minimum wage for each hour worked and time-and-a-half when they work over 40 hours per week, unless certain duties test or salary levels provide you with an overtime exemption. Click here to read more.
Over the last decade there have been many advances made to Human Resource Management. One of the most critical roles to evolve is HR Business Partners (HRBP). HR Business Partners are HR professionals who work closely with senior leaders of a company to develop an HR agenda that fully supports the goals of an organization.
HRBPs are commonly found in larger organizations, however small businesses – even without a dedicated HR department – can also benefit from the skills and expertise that HR Business Partners provide.
(Picture credit: Bill Porter; http://billaporter.com/generation-gap/)
Sometimes bridging generation gaps can be easier said than done. From young Gen Z’ers to Baby Boomers, in the workplace, each generation seems to have unique beliefs, ethics and values.
The two generations known to clash heads the most are the Baby Boomers and Generation Y’s (born 1981 to 2000). Baby Boomers believe Gen Y’s are easily distracted and without focus or discipline; and Gen Y’s think Baby Boomers are stubborn, lack creativity and are resistant to change.
According to an article by Nicole Fallon in Business News Daily, there are three major generational gap differences:
Most business owners understand the value of attracting and retaining extraordinary talent.
Reducing employee turnover can provide significant cost savings, positive workplace morale, and improved productivity and quality of work.
Step 1: Build a Business That People Want to Be Part Of: A strong employment brand will capture the heart and mind of potential employees, and entice them to be a part of a winning team.
Step 2: Market for Talent as you Would Your Business: To attract top talent, you should create an appealing career page or job posting that stands out. Click here to read more.
In today’s tough economic environment, every penny counts! Each department has a responsibility to work more proficiently and cost effectively, including Human Resources.
According to study conducted by Bersin by Deloitte, in 2014, a strengthening US economy and a shrinking labor market has forced companies to raise their talent acquisition budget by 7 percent. The study states that companies are now spending an average of $4,000 to fill an open position (source: Talent Acquisition Factbook 2015, Bersin by Deloitte / Jennifer Krider, Karen O’Leonard, and Robin Erickson, Ph.D., April 2015).
Fortunately, there is still a way to decrease (and manage) cost per hire spending that is causing corporations to rethink the way they hire and recruit. Click here to read more.
In 1945, when World War II ended, birth rates across the US skyrocketed, creating a generation called the “Baby Boomers”. During 1946 and 1964, 77 million babies were born; an influx of babies that increased the demand for consumer goods and stimulated the post-war economy.
In 2011, the eldest of the Baby Boomer generation were eligible to retire, and now, according to Pew Research Center, a whopping quarter million Americans turn 65 every month!
Such a sizable number of retiring workers will not only result in profound economic consequences, but can also negatively impact your company’s growth. Click here to read more.