Talent 2023 & HR Trends: What’s next?
The past few years have redefined HR in more ways than one and facilitated a transition from Traditional to Modern HR management.
From the initial move towards remote work to the Great Reopening that was swiftly followed by the Great Resignation and talent shortages, the disruption of economies and organizations has been continuous rather than episodic.
While 2021-22 was a time of fighting against the wind and rebuilding HR from scratch to solidify its new role, 2023 is going to be about pushing the boundaries of HR to the next level.
This article will briefly discuss the trends that will dominate the talent market in 2023 and how you can catch up to speed.
Hybrid is here to stay
The new schedule of working for a couple of days at the office and the rest of the week at home seems to work for everyone. Since this is an employee-centric flexible model of work, the rise in job satisfaction and employee engagement is widely visible across industries.
The key benefit of a hybrid environment is the fact that alignment and communication between employees will not suffer. At the same time, employees’ work-life balance would also be managed easily. However, to maintain this structure, companies must build infrastructures that would allow it.
Looking at the current job trends and an increasing surge of people opting for Hybrid, it is clear that Hybrid work is here to stay. Even organizations are reinventing their policies and infrastructure to facilitate hybrid work. Together, employers and employees are setting the foundation for Hybrid in 2023.
DE&I to DEI&B
Since Hybrid work is emerging as the next “standard” work model, geography and physical distance would become significant influencing factors. This means organizations can now hire globally and, at the same time, maintain the global workforce.
It is true that DE&I has never evolved more rapidly than in the past two years. However, it is now evident that DE&I is not enough to create a work environment that helps people get the best out of themselves.
Adding “Belonging” to the DE&I equation is the need of the hour. Belonging creates a sense of brotherhood in the company and brings a shift towards psychological safety and actual inclusion.
DEI&B represents being a long-term, integral part of the organization, which makes employees outperform since they’re doing it for “their” company. There’s a sense of ownership in belonging, and this ownership promotes accountability and productivity.
Rise in HR Technology
HR professionals are rapidly integrating tech into their work systems, and why not? Tech-powered HR is set to be the future. If traditional HR has to break its limitations and explore the full potential of talent management, they have to turn to talent intelligence.
Talent intelligence is at the forefront of HR technology in 2022, and the years ahead will only see the rise of this technology. Talent intelligence is a perfect combination of talent management with Artificial intelligence that is backed by a load of data.
Data, when combined with necessary intelligence, facilitates data-driven decision-making, and that is why HR loves it.
The rise in Applicant Tracking Systems, Recruitment Platforms, Reskilling Simulators, and Workforce Planning Platforms are set to transform traditional talent management.
Talent intelligence platforms like Draup For Talent are now being deployed by Fortune-500 companies indicating a strong move towards AI-powered talent management.
Reskilling/Upskilling will shoot up!
Almost every industry is starting at a critical talent gap of ~20% to 33% in the future. Statistics indicate that over 50% of the global workforce will need reskilling/upskilling in the next five years.
Today, traditional job roles are turning obsolete, and new-age job roles are emerging. With technologies such as AI/ML, AR/VR, Cloud, Data Science, IoT, and more. As the nature of work changes and traditional jobs rapidly become obsolete, organizations have the responsibility to develop a workforce studded with in-demand skills needed to keep up with the emerging trends.
Reskilling and Upskilling to battle the talent gap head-on and craft a workforce that is ready for the future. Today, Reskilling is the top priority for nearly 60% of the L&D professionals and has delivered a proven ROI of over 250% in a 12-month period. This strongly indicates that L&D is going to be one of the most exciting aspects of HR Management 2023.
Every trend discussed above can be leveraged by the use of one all-inclusive Talent intelligence platform, Draup for Talent. Spanning over 4Mn+ career paths, 750Mn+ professional profiles, 30k+ skills, and 100k+ courses across 33 industries, Draup for Talent provides an Eagle’s eye view of the entire talent ecosystem.