There have been drastic changes in the corporate world over the last one or two decades factorized by globalization, economic crises, technological advancement and above all millennial mindset that transformed the modalities of HRM. One of the notable differences of HRM today is employee value in organizations as opposed to achieving organizational goals subjectively that was prevalent in the workforce during the times of baby boomers and Gen-X.
HRM has been continuously evolving ever since and some of the trends that have brought an economic and social revolution in the field of HRM are as follows -
· Social Influence
o Advanced technological moves in firms
o Machine learning and AI take precedence
o Flexible work arrangements and schedules
o Increased data analytics
· Economic Influence
o Globalization and liberalization
o Growing emphasis on service-oriented economy
o Recessions, booms, and general rate of inflation
Evolution of HRM and new
functions in the recent times -
· Strategic Partner
o Rewards, recognition, and strategic pay
o Career and succession planning
o Aligning corporate strategies with HR policies
· Bridge gaps between management and employees
o Goal setting, communication, and empowerment
o Motivating and managing people through harmonious work culture
o Enhanced competency, commitment, and concern towards employees
· Change Management
o Creating the right organizational culture, monitoring employee satisfaction, and measuring the results of organization
o Constantly assessment the effectiveness of the HR function
o Promote overall success by steering the firm through the right purpose, potential and perspective.