Discuss five (5) changing trends affecting the practice of human resource management in the 21st century?
What will be an ideal response.
Answer: The five changing trends that have drastically affected the human resource management amidst the 21st centure around the world are:
1. Changing demographics: The first thing talks about the change in demographics of the population around the world. The HR management has to take care of the changes and preferences happening in the demographics all around and consider it effectively to manage the workforce in an efficient manner. For example, now there doesn't exist only 2 genders in this world. People want and are demanding equal rights for the lgbt community and thus this has to be effectively handled by the HR in the companies as well.
2. Data and Analytics: Around in the starting of 21st century, the importace of data and information started spreading all over. People are now demanding and selling more data for their organisations to grow. The work of analytics to effective manage the human resource and taking all of their efforts and variables in account for the technical ways for example creating the database for their management activities, Management information system to process their relevant data converting it into the information should be managed well.
3. Learning opportunities: Now, the demands of the employees are also changing. Employees simply doesn't want a monetary salary as their incentive for the job. The requirements for more learning and growing opportunities, development of individuals, healthy organisational culturion should be managed well.
3. Learning opportunities: Now, the demands of the employees are also changing. Employees simply doesn't want a monetary salary as their incentive for the job. The requirements for more learning and growing opportunities, development of individuals, healthy organisational culture etc have been increased and management has to effectively manage the same situation accordingly.
4. Controlling Costs: As per the new changing needs of the organisation and also having the right amount of skilled employees, this requires a lot of cost for the organisation to be effectively manage. Thus, many new systems have been adopted by HR managers around to effectively manage and save the costs for the resources: Just in Time approach, lean manufacturing approach etc which makes the organisation work in the cost effective manner.
5. More competition for talent: At last, one of the latest trend around the world is the level of competition. As compared to earlier times when people weren't skilled or educated enough to land a good job, now people are more competitive and competition have increased massively for the employement. Everyone has most strategic skills and thus this affects the HRM system to make your employees always ready for the strategic competition and also hire the best of best ones.
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