Trends in Human Resource Management

Summary

This video script explores major HR trends impacting modern workforce management. It discusses understanding the evolving labor force, supporting organizational strategies, and leveraging global HR. Advances in technology, particularly the internet, are highlighted for transforming HR practices. The script emphasizes the importance of diversity, high-performance work systems, and strategic HR alignment with company goals. It also touches on the challenges and opportunities presented by globalization, HRIS, people analytics, and the changing nature of employment relationships.

Takeaways

• 🔍 Major HR trends are shaping the modern labor force and affecting how organizations manage human resources.
• 🌐 The composition of the labor force is changing, with an increasing emphasis on diversity and the inclusion of immigrants and global operations.
• 📊 The Bureau of Labor Statistics (BLS) forecasts significant growth in the U.S. labor force and highlights the importance of understanding demographic shifts.
• 🌈 The workforce is becoming more racially and ethnically diverse, requiring HR to ensure unbiased systems and value diverse perspectives.
• 💼 The role of HR is expanding to support organizational strategy, including high-performance work systems and employee empowerment.
• 📈 Technology, especially the internet, is transforming organizations and providing new tools for HR management.
• 🌟 Knowledge workers are increasingly important, and organizations must adopt management styles that focus on developing and empowering these employees.
• 💡 HR plays a strategic role in aligning policies and practices with company strategies, including cost control and quality emphasis.
• 🌍 Global expansion poses challenges for HR, requiring expertise in cultural differences and international workforce management.
• 💻 Advances in HRIS and people analytics are enabling HR professionals to think strategically and make data-driven decisions.
• 🔧 The psychological contract between employers and employees is evolving, with a focus on flexibility and mutual responsibility for career development.

Q & A

What are some major trends affecting human resource management?

Major trends affecting human resource management include understanding the modern labor force, supporting organizational strategy, global expansion, technological changes, and evolving employment relationships.

What does the term 'labor force' refer to in the context of HR?

The term 'labor force' refers to all people who are willing and able to work for an organization, including both the internal labor force (employees and contracted workers) and the external labor force (those actively seeking employment).

What role does the Bureau of Labor Statistics (BLS) play in tracking labor force trends?

The BLS tracks changes in the composition of the U.S. labor force and forecasts employment trends, providing valuable data for HR professionals to understand workforce dynamics.

What is the projected growth of the U.S. civilian labor force from 2016 to 2026 according to the BLS?

The BLS has projected that the total U.S. civilian labor force will grow from 156 million to 168 million workers from 2016 to 2026.

How is the racial and ethnic composition of the 2026 workforce expected to change compared to the past?

The 2026 workforce is expected to be 76% white, 13% African American, and 11% Asian and other minorities, with the fastest growing categories being Asian and other groups due to higher immigration rates.

Why is gender diversity in the labor force increasing?

Gender diversity is increasing due to more women participating in the paid labor force than in the past, with women's share of the labor force expected to remain around 47%.

What is the strategic role of HR in supporting a company's goals?

The strategic role of HR involves using knowledge of the business and human resources to help the organization develop strategies, align HR policies and practices with those strategies, and support broad goals such as profitability, quality, and market share.

How does HR support cost control in an organization?

HR supports cost control by helping the organization use human resources more effectively and efficiently, as well as by making HR processes as efficient as possible.

What challenges does global expansion pose for human resource management?

Global expansion challenges HR by requiring an understanding of cultural differences that shape employee conduct worldwide, and the need for HR expertise in selecting and preparing employees for international assignments.

What is an HRIS and how does it benefit HR professionals?

An HRIS (Human Resource Information System) is a computer system used to manage information related to an organization's human resources. It benefits HR professionals by supporting strategic decision-making, helping to avoid lawsuits, providing data for evaluating programs or policies, and supporting day-to-day operations.

What is the concept of 'people analytics' in HR?

People analytics refers to the use of computers to analyze large amounts of data and offer information to guide decisions in human resource management.

How is the employment relationship changing in modern organizations?

The employment relationship is changing with a shift towards a more flexible psychological contract, where employees take more responsibility for their careers and employers provide flexible schedules and working conditions.

What is the significance of flexibility in human resource management today?

Flexibility in human resource management is crucial for survival in a fast-changing environment, including flexible staffing levels and work schedules to meet the demands of global markets and e-commerce.