Post COVID-19: 3 Top of mind human resource management trends
1/ Just in a short window of time, the COVID-19 has led to a dramatic change in the major functions of human resource management (HRM). While COVID-triggered crises are becoming less frequent and less severe, some businesses are still having trouble managing their employees during these testing periods. This article covers several HRM trends that businesses should keep in mind to adapt to the new normal in the post-COVID era.
2/ Develop comprehensive HRM strategies:
Changes in business trends post COVID-19 have created challenging situations for HR managers and HRM practitioners. As strategy development and workforce transition become more vital than ever, businesses need to rethink and re-evaluate their key people during and after the COVID-19.
Develop comprehensive HRM strategies post COVID-19. (Source: Internet)
Businesses are also required to change their talent management system to identify, engage and retain high-potential employees. An increase in wages and perks can be used to motivate employees and boost their productivity.
As COVID-19 rears its ugly head, businesses are forced to move fast and adjust to new realities. In times like these, HR remains a major contributor to organizations. Practising HRM trends provide effective solutions for businesses to retain the workforce and embark on faster recovery from COVID-19 impacts.
2.2/ Outsourcing HR responsibilities
Extended business suspension, failure to meet certain COVID-related safety requirements, and a lack of time for reskilling and guiding employees’ journeys in volatile markets have left businesses with fewer alternatives than to terminate a significant number of labor contracts. While falling revenue and ineffective budget plans as a result of COVID-19 posed a roadblock to some, other agile businesses have found a way to deal with labor shortages and are in a better position to thrive after COVID-19.
Numerous waves of COVID infections have resulted in a globally significant move towards HR outsourcing as a one-stop-shop for budget flexibility, quality of new hires (experienced, skill-specific, and best-suited to each period), and other complicated HR functions. SpendEdge, the global provider of market intelligence solutions, forecasted that the HR outsourcing procurement market was poised to experience spend growth of more than USD 25.92 billion in the next five years at a CAGR of over 5.84%.
Outsourcing recruiting and training efforts can help businesses build a pipeline of already-specialized talents and achieve the highest performance. By transitioning time-consuming administrative management to HR outsourcing providers, businesses can optimize workflow and keep in-house teams focused on otherwise essential tasks to enable quick recovery from COVID-19.
Additionally, HR outsourcing results in cost savings in the new normal. Businesses can eliminate benefits administration and unemployment claims by contracting with HR outsourcing providers. Statutory benefits such as medical insurance, social security, vacations, and paid leave are all included in the outsourcing rate.
HR outsourcing offers a flexible solution that ensures as-is business operation, be it pre-COVID or post-COVID. When businesses need to stretch or downsize the operation due to unexpected events, they can just go to outsourcing to temporarily adjust the number of staff. This way, they successfully avoid labor shortage or surplus and maintain just the right number of employees.
For HR outsourcing delivering the best results, consider the following practices:
Have a thorough understanding of HR outsourcing providers: Do they stand out in the industry? What is their hiring process? Is their HRM effective?
Develop HR standards to easily pick out the right providers with suitable pricing plans and specialization.
Develop quality requirements and regularly oversee the work implementation for timely risk management.
HR outsourcing helps businesses ease the financial burden, save time, and focus on what matters. (Source: Internet)
2.2.1/ Support employees' mental health
Managing the mental health of employees impacted negatively by COVID-19 becomes a priority. Indeed, the pandemic and resulting income insecurity/benefit reduction have exposed a large number of people to significant mental health risks. Investments have been made in activities aimed at prioritizing employees' mental health and well-being, boosting morale, and assisting them in resuming their pre-COVID levels of productivity.
Activities that address mental health make employees feel supported and be more productive. (Source: Internet)
Consider the following approaches to ensure the best results:
Be there for your employees, listen genuinely to their stories and their needs.
Regularly communicate with employees.
Provide adequate resources to drive employee performance in the new normal.
2.2.2/ Building training programs
COVID-19 has placed a challenge on businesses to help their employees adjust to a new work environment. The importance of workforce transition and employee training becomes more pronounced after COVID-19.
Employee training should be centered on the following skills:
Remote management skills: These skills will keep employees motivated and engaged while working from home.
Leadership skills: Managers need to identify and master key leadership skills to navigate business growth.
Adaptability skills: These skills will help employees build resilience for a fast-changing environment and post-COVID recovery.
2.3/ Maintain flexible work arrangements
One of the most notable trends after the outbreak of COVID-19 is the shift away from office-centric culture to an employee-tailored workplace. Working from home has become a norm for most businesses. Employees now can enjoy more flexible work options that suit their lifestyles. Recently, PwC has told 40.000 US-based employees that they can work remotely from any part of the country in perpetuity.
Flexible work arrangements benefit both employers and employees. (Source: Internet)
Employee engagement and cohesion provide the key to improving human resource management. Making employees’ work-from-home experience enjoyable, healthy, and stress-free, as a matter of course, is equally important.
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