Workforce management, particularly engagement, is evolving fast, and companies are working harder than ever to attract and retain the best people. As we move full speed into 2020, we’ll see the latest HR trends adopted as business owners, and senior management understands the benefits they bring not just to themselves, but also their teams.
Here’s MAD-HR’s take on what the HR trends will be in 2020.
If you’re lucky to be young enough, you might not remember the days when everyone clocked on at the office or factory at 9am, had a rigid hour for lunch, then all packed up and left for home at 5pm.
First, we started to see some flexibility in the daily working hours but managing this was a nightmare for HR teams because they had to log all comings and goings manually. Now, in a digital age, the advent of automated HR systems, utilising ERP (enterprise resource planning) software, means offering genuine flexible working is simple and it’s something employees love.
Now, your staff – so long as it suits your business needs – can work the hours that work best for them. Sometimes they can work remotely, or work weekends and take mid-week days off; whatever it is that fits around their lifestyle and needs. They become more efficient and engaged as a result, and far less likely to seek challenges elsewhere.
This shift will become increasingly prevalent in 2020 and a key HR trend to look out for, so can your business adapt?
The Gig economy
Flexibility also applies to running a business, and in many sectors, it suits management to outsource more services (such as outsourcing HR to MAD-HR) because it saves considerable time and money. The idea of outsourcing fuels the Gig economy, where increasing numbers of people move away from full-time employment to become free agent employees.
In the US, it’s reckoned that this year, 40% of workers will be independent contractors. It suits them, and it can work well for a business.
More HR automation
New technology allows businesses to tap into resources at the click of a button, saving them huge amounts of time and money. HR is a great example of how processes can be automated. For example, MAD-HR offers the Online HR Toolkit, giving firms without an HR department access to all the help they need.
Mental and financial wellbeing
Staff “wellbeing” has been a buzzword for years now. But initially, it focussed on physical wellbeing, making sure employees were safe and worked in nice surroundings. Then, a few years ago, businesses realised looking after the mental wellbeing of staff was just as important, implementing steps to ensure they were getting the support they needed.
While mental health awareness will be big in 2020, there is a new “wellbeing” to consider – financial wellbeing as a new HR trend. The idea is to do all you can as a business to help employees be more financially secure. Perhaps it’s improved pension terms, savings plans or profit share schemes. Savvy businesses may also offer free financial planning advice for employees. Any member of staff with money worries might find it soon affects their mental and physical health. And if that happens, absence increases, costing the business money.
Attracting and retaining the best of Gen Z
Millennials are so yesterday. Now it’s all about Generation Z, those born between 1996 and 2010. They are now coming into the workplace, and their aspirations and expectations are different. In 2020, businesses must keep up to date with key HR trends and adapt more than ever to attract and retain the best of the Gen Z talent.
Raised on the internet, attached at the hip to social media, socially aware, they are more likely to want a fun, engaging and challenging work environment. They expect to try new things, be rewarded for it, and to see a clear career path. And more than any generation before them, they will soon look for a job elsewhere or go freelance if you are not developing a cool and inclusive company culture that rewards their efforts.
We can help
We’ve outlined just a few of the key HR trends that we see being increasingly important in 2020, however there is also the more technical aspects to HR that you should be getting ready for; on the 6th April the Good Work plan, Tax on termination payments and Extension to IR35 to the private sector will all come into force. If you feel you would benefit from HR support to get your business ready for April then please do get in touch. We’re here to help navigate the latest HR trends and make a difference to your business.