Deloitte, a global professional services firm, has identified several social and economic factors that have contributed to the recent transition in HRM. These include:
Digital transformation: The rise of digital technologies has transformed the way organizations operate, creating new opportunities and challenges for HR. This includes the use of data analytics and artificial intelligence (AI) to improve HR decision-making and automate routine tasks.
Shifting demographics: Changes in the workforce, including an aging population and increasing diversity, have led to new challenges for HR in terms of attracting, retaining, and developing talent.
Changing expectations: Employees are increasingly demanding more from their employers in terms of flexibility, career development, and work-life balance. HR must adapt to these changing expectations in order to remain competitive and attract top talent.
Globalization: The increasing globalization of business has created new challenges for HR, including managing a geographically dispersed workforce and navigating different cultural norms and practices.
Emerging markets: The rise of emerging markets has created new opportunities for businesses, but also new challenges for HR, including managing cultural differences and adapting to local labor laws and regulations.
In response to these social and economic factors, Deloitte has identified several key HR functions and roles that have evolved in recent years. These include:
HR technology: The use of technology, including HR information systems (HRIS) and other digital tools, has become increasingly important in HR. HR technology is being used to automate routine tasks, improve HR decision-making, and enhance the employee experience.
Talent acquisition: Attracting and retaining top talent has become a critical priority for many organizations. HR is increasingly focused on creating effective recruiting strategies, building strong employer brands, and improving candidate experiences.
Learning and development: As the nature of work continues to change, employees need to continuously develop new skills and capabilities. HR is increasingly focused on creating learning and development programs that help employees build the skills they need to succeed.
Employee engagement: Engaged employees are more productive, innovative, and committed to their organizations. HR is increasingly focused on creating positive employee experiences, building strong cultures, and promoting employee well-being.
HR analytics: The use of data and analytics has become increasingly important in HR. HR is using data to improve decision-making, measure the impact of HR programs, and identify opportunities for improvement.
Overall, the recent transition in HRM has been driven by a range of social and economic factors, and has resulted in the emergence of new HR functions and roles that are focused on creating a strategic and business-focused HR function that supports organizational success.