The labor market, in general, and the HR market, in particular, have been facing the biggest challenges ever since the outbreak of the Covid-19 pandemic. According to a report of the US Bureau of Labor Statistics, the US unemployment rate increased sharply from 3.9% in Feb 2020 to 14.1% in May 2020, equivalent to nearly 21 million people in the American workforce having lost their jobs due to the pandemic. As the global workforce market has slightly recovered since June 2020, HR needs to get ready to deal with significant challenges in this situation.
In this blog, we will share with you 5 emerging HR trends that have been adopted during the pandemic to provide you with essential tools to adapt to the new normalcy.
Top 5 Emerging HR Trends in 2020
Working Remotely – A Predicted Future Trend
The outbreak of COVID-19 has changed permanently the way we work, especially the concept of “work from home”. Many tech giants, such as Google, Microsoft, etc., decided to let their employees work remotely for the long term. Facebook CEO Mark Zuckerberg said that over the next 5 to 10 years, about 50% of Facebook employees could work remotely, and Twitter even informed its employees that they could work remotely forever.
The benefits of working from home can be huge for the business. For instance, they can save a huge amount of money investing in office facilities and get access to a large talent pool without geographic limitations. However, it also raises many issues at home that HR leaders and professionals must seriously consider, such as reinforcing the company’s culture virtually, paying time off/FMLA, paying equity, and other HR management policies. Therefore, it is time for HR leaders to develop new policies to balance the pros and cons of working from home and leverage employees’ performance effectively.
Adopting Modern Technology
The Coronavirus has pushed businesses nearer to the age of digital transformation. In a recent survey by LeapPulse, over 83% of employees stated that their companies had concentrated on digital technology during COVID-19. Moreover, according to Globant’s recent survey, 33% of employees claim the top reason affecting their proficiency and effectiveness is the challenges in accessing necessary tools and resources. Therefore, using technology for work is a must for every business to boost their employees’ productivity.
In the pandemic context, HR executives often find it difficult to manage their job schedules or recruitment processes, etc. As a result, using more automated solutions can be very helpful to increase recruiters’ efficiency. One of the noticeable solutions is Rakuna software, a recruiting operation & marketing platform with many recent enhanced virtual recruiting support features to help recruiters manage their recruiting process efficiently during social distancing.
Focusing on the Emotional Wellbeing Programs
According to the data from Fidelity and Business Group on Health ( BGH), employees’ emotional and mental health programs have been brought into the company’s well-being platform by 95% of employers. Since the pandemic, many people have faced various types of stress and concerns, such as household and childcare responsibilities and financial burdens. 69% of respondents even said this is the most stressful time of their professional careers – even more than major events like 9/11 and the 2008 Great Recession.
In recent months, many businesses have taken action to help their employees address their stress at work and life. One of the typical examples is the coffee chain Starbucks. In January 2020, they established Headspace, a daily meditation and mindfulness app that aims to increase employee mental benefits. Moreover, mental health training will also be available next week, according to their latest announcement.
This is a positive trend that HR leaders should apply for their businesses to bolster the employees’ health in both physical and mental ways.
Embracing Diversity in the Workplace
The killing of George Floyd has raised massive protests among Americans. This incident has once again stirred up the fighting back against racism of non-white people in the labor market.
In a McKinsey report in 2015: “Companies in the top quartile for racial and ethnic diversity are 35 percent more likely to have financial returns above their respective national industry medians”. Moreover, a 2020 article by Gemma McCall – CEO of Culture Shift, revealed that up to 46% of the UK workforce demands more actions regarding diversity and inclusion in the workplace.
Thus, it is time for HR managers to take more decisive action to review your company’s current policy to address potential racism and inequality issues in the workplace.
Reinforcing the Employer and Employee Relationships Virtually
The pandemic changed not only the ways people work but also the way we communicate with others. Instead of face-to-face communications, interviews, discussions, or meetings are now running on online platforms such as Zoom, Google Meets, Microsoft Teams, etc., and in-person touchpoints are limited. Hence, virtual activities to maintain teamwork spirit and reinforce the relationships among employers and employees to maintain workforce morale are very important.
Let’s see how PwC improved their mutual relationships during COVID-19. By establishing a video to celebrate LGBTQ Pride Month, PwC has made meaningful activities to reinforce their company culture and increase the chances to embrace the diverse talent pools. Besides, the shift to virtual Pride celebrations is also an increasing trend for other companies this year. Nearly 73% of the employers i4cp polled have celebrated the virtual Pride events this year for employees, and more than half are participating in more virtual events organized by external or community groups.
Wrapping Up
As the COVID-19 pandemic has been very complex and unpredictable, HR leaders and executives still have to face many challenges. Keeping up with news and trends is the best way to overcome this situation with minimum loss. Therefore, we hope that our 5 emerging HR trends mentioned above will be an effective source of information for you to leverage, and if you have any ideas, don’t hesitate to write in the comment section to share with us!
