2024 is emerging as a crucial period for the HR sector, characterized by significant changes that require strategic expertise from HR professionals.
As companies adjust to changing work environments, several key trends are defining the future direction of the HR field. In this blog, we explore five trends to monitor in 2024.
Tools for Enabling Hybrid Work Environments
In 2024, anticipate changes in traditional recruitment models, with a significant shift towards community-driven and democratized hiring processes.
Data shows that over 50 million people are registered on platforms that offer gig jobs, providing flexible work with substantial autonomy. There is a notable transition from traditional full-time roles to hybrid employment, freelancing, independent contracts, and part-time jobs.
Throughout 2024, we will observe more job candidates entering the market seeking better income sources and additional revenue-generating opportunities. In the context of a post-Covid economy and a significant decline in purchasing power, gig and hybrid work appeal will be stronger than ever.
It is estimated that 1 in 6 workers in traditional professions are interested in trying freelance work, and in the U.S., the number of freelancers is projected to reach 86.5 million by 2027.
Technologies like decentralized systems and Web 3.0 are also on the rise. The upcoming technology trend is Web 3.0, which will revolutionize interactions with web technologies and significantly alter web governance. Web 3.0 represents the decentralization of the internet into an online ecosystem and database powered by blockchain technology.
Unlike the current internet, content ownership will be shared, creating a self-governing community where everyone participates with complete transparency and trust.
Practically, content will be stored across multiple locations, moving away from fixed location storage on single servers. Users will gain more control as we transition from a few large corporations dominating online content publication, storage, and distribution.
Location-Based Services
Location-based services are transforming how businesses oversee and manage their workforce. These services monitor employee movements. They utilize GPS and other location technologies, enhancing time management and productivity.
A key application is time tracking. Solutions like BuddyPunch offer an app to track employee location. Employees can clock in and out via their smartphones, while employers can verify their location for accuracy. This modern approach eliminates traditional timecards and minimizes the risk of time fraud.
Enhanced field workforce management is another advantage. Companies with mobile or remote employees can use location-based services to track their movements. This ensures they are where they need to be. In turn, it boosts accountability and enables managers to make informed decisions using real-time data.
IoT and Innovative Service Channels
IoT will influence HR data, software, and hardware, resulting in a more integrated employee experience and enabling HR services to be accessible anytime, anywhere, and on any device. The recent surge in mobile HR has set the stage for this transformation, though the full potential of IoT remains untapped.
HR will embrace new service channels, such as smartwatches and other devices, to access HR services, share HR information and processes across multiple devices, and gather more employee data to provide integrated recommendations. This could enhance employee safety by using sensors to issue proactive warnings in the work environment.
Imagine your learning chatbot noticing that you frequently browse specific articles on social media via your mobile device and then curating learning programs based on your evolving interests. The interconnected world will drive the ultimate personalization of HR services.
Additionally, with the advent of 5G, traditionally bandwidth-heavy content will become more accessible. Video and voice technologies will revolutionize learning, making immersive experiences more common. Advances in 5G will make these experiences available to everyone, regardless of location, thus enhancing the quality of learning.
Blockchain
Blockchain technology revolutionizes workforce management. Its decentralized structure ensures secure and transparent transactions. This offers significant HR and payroll management benefits.
Firstly, blockchain can simplify the payroll process. It allows for real-time transactions. This cuts down the time and costs associated with traditional payroll systems. Employees can receive their payments instantly. This is irrelevant to where they are, eliminating delays and increasing satisfaction.
Moreover, blockchain boosts data security. Employee records, payroll information, and other sensitive data is securely stored on a blockchain. It then minimizes the risk of data breaches. This high level of security fosters employee trust and protects the organization from potential legal issues.
Finally, blockchain can enhance the verification of credentials and work history. Employers can quickly confirm an employee’s qualifications and past job experiences. This ensures resume accuracy and reduces the risk of hiring fraud.
Endnote
As we approach 2030, we can anticipate a transformative shift ushering in a new era of HR solutions and services. The future offers great potential, but HR professionals must embrace these changes and adapt their current practices to seize opportunities.
Continue following Fintechzoom for further insights and updates.