NEW APPROACHES IN HRM

4 TOPIC 1 HUMAN RESOURCES - THE WAY FORWARD: THE FUTURE OF HR What the future holds for HR Dr. Kalpana VENUGOPAL AIMS School of Business Bangalore, India Human Resource It’s having an ever-dynamic environment. From retaining and Management rewarding present employees and managing multiple work arrangements to recruiting top talent for the organization and building future leaders, HR plays multiple roles to create desired business impact. The talent landscape today is defined by constant change. Acute talent shortages, changing employee demographics, and the need to maximize business impact through talent management have been some of the top priorities for HR for some years now. Add to that an impending economic slowdown and subsequent budget cuts, HR has a challenging road ahead. The days of being merely transactional are extinct and the evolution of the strategic HR is underway. So, what shape will the future take? Where will the focus lie in order to achieve success? Employee experience It’s a new upcoming trend that is gaining importance in the field of human resources. It is the sum of perceptions that employees have about the organization they are employed under. What is interesting about employee experience is that regardless of all the efforts put in by an organization it depends on how the employees perceive and react to the intentions behind the activities designed by the organization. The main aim of curtailing good employee experience to employees is to manage and retain talent. An organization that has the perfect employee experiences to provide for their employees are at an advantage of retaining satisfied and engaged employees. Engaged employees are enthusiastic about their work and take positive action in achieving the organizational goal and interests. According to our latest report, the State of HR, 17% of HR professionals say the focus should be on company culture. HR continues to grapple with the changes in the workforce defined by the continued retirement of older workers (Baby Boomers and Generation X) and the hiring of more Millennial and Generation Z workers. And these workers want more from their employers than any other generation before them. Not only is there a desire for a strong culture, but also for flexibility and transparency. Ø How does that affect the priorities of HR? Ø What technology will need to be adopted in order to adapt to the needs of the workforce?