Document (3)
Document (3)
ANSWER :
1. Changing Demographics
The evolving makeup of our society requires human capital professionals to
consider its effect on businesses. The American population is aging and living
longer, resulting in a greater number of older people in the workforce, as well
as individuals from different generations working together. Increasing
diversity requires employers to be aware of cultural differences in everything
from communication to working styles.
2. More Competition for Talent
As the global economy improves, companies are having a harder time hiring
top talent due to increased competition in the job marketplace. As workers
have more options, they are increasingly considering an organization’s brand
and identity, work-life balance, benefits, social responsibility, and other
factors as they look for a job. Organizations will need to focus on those
elements more if they want to draw in the highest performing candidates.
3. Data and Analytics
Business executives are already using critical insights and metrics provided
by data, and there is an increasing push to use it as a tool for evidence-based
practice in human capital management. As organizations take a more
strategic view of human resources management, in-depth data analysis can
help measure and illustrate the return on investment in this area, and can
also provide insights into organizational design, development, and
performance.
4. Leadership Development and Learning Opportunities
Organizations are concerned about developing the next generation of
leaders, resulting in a demand for formal and research-based leadership
programs. In addition, companies are using learning programs to drive
employee engagement, but these programs can also help nurture leadership
abilities and professional development.
5. Compliance and Regulation
Laws regarding employment, information privacy, equal opportunity, labor
practices, and more are constantly changing. Keeping up with them and
making sure organizations are in compliance with regulations can be
expensive and time-consuming. Many companies are evaluating and
implementing technology solutions to minimize the costs and resources
devoted to this task, freeing up HR professionals to focus on other aspects of
their work.
6. Controlling and Containing Costs
Most organizations have to be concerned about expenses and costs. Effective
human capital management can help by instituting strategic plans that help
companies hire and retain key employees, lessening costs related to
recruitment and training. Thoughtful planning can also help ensure that
organizations have the workforce they need to meet not only current but also
future business challenges — minimizing the chance that they will have to
make expensive changes in reaction to unexpected developments.