The Future of Labor Workforce markets: Trends & AI Integrations HR Should Watch Out For

It’s important for HR recruiters and hiring managers to evolve in each passing year. They need to be smart to hire professionals who not only understand talent but also character, work-mindset, and cultural fit for the organization.

When that is done, it’s necessary for HR professionals to analyze market trends so that they can make good hiring decisions. And with many companies turning over to digital transformation, the need for AI integrations are also of utmost importance. Let’s look at future labor market trends and some important trends and AI integrations that HR should watch out for.

1. Hyperautomation

Artificial intelligence has progressed from just being a concept in sci-fi novels and movies. It has now become a part and parcel of everyone’s lives, including HR operations.

One trend that HR professionals can grab hold on is hyperautomation. Its definition is pretty on the nose- it’s the idea that if a task can be automated, then it should be done. Data entry tasks and payroll softwares use this type of technology, in turn reducing human errors and saving time. HR professionals can make use of automating onboarding processes to facilitate seamless integration of new employees.

Recruitment methods can also become less strenuous by leveraging hyperautomation in the screening process, speeding up recruitment time.

2. Human Resource Management Systems (HRMS)

You cannot ignore future labor market trends without considering machine learning. Machine learning has been advancing over the past few years and now it’s even capable of analyzing more large scale intricate sets of data. The more information you feed into a HRMS, the more accurately the data will be analyzed. And that’s why many companies have adapted this system to help with analytics.

With the power of machine learning, HRMS can detect areas of improvement, which team member has more potential to rise to higher ranks, and even detect when an employee is about to leave.

3. Remote Working Systems

In a Forbes article titled “20 Labor Market Trends To Watch For In 2024”, Lauren Tropeano, Chief People Officer of Skillshare, believes that, “More and more people want absolute autonomy over how they spend their time and get their work done.” This asserts the fact that companies shouldn’t ignore remote reworking within their organization.

HR employees can take advantage of employee tracking software to track attendance, projects, and work productivity. Based on this data, employers can encourage workforce automation to analyze areas of burnout, suggest training programs, and improve areas of productivity.

Also, global payroll technology can be used to analyze employee data which can help with the recruiting and onboarding process and payroll compilation. Using AI in workforce management ensures that workforce planning is long-term, serving employee retention.

4. Learning & Development

For an organization to thrive, it’s necessary for learning and development to take place among employees. There have been many hiccups in learning and development due to change in work setups, teams, or management. Employee experience and learning have to go hand-in-hand for employees to be productive.

Motivation is one of the biggest factors that enables people to learn and grasp better. Gamification is among the important HR technology trends that need to be taken into account. 

Gamification is the application of game design principles, mechanics, and elements in non-game contexts to engage and motivate people, solve problems, and drive desired behaviors. It involves integrating elements such as points, badges, leaderboards, challenges, and rewards into activities or systems to make them more enjoyable, interactive, and compelling.

When this application is merged with corporate training, it helps employees to enjoy the learning process better. Also, it’ll help in identifying progress and areas of improvement.

Numerous multinational corporations such as Samsung, Microsoft, and Google also frequently employ gamification techniques. While some apply it primarily for training initiatives, others emphasize its role in marketing strategies. Regardless of the specific use case, these companies find that integrating game elements assists in maintaining employee engagement throughout daily tasks and corporate gatherings.

5. HR In The Metaverse

From gaming to online trading, we have seen the metaverse seeping into different departments, to the point where it’s inescapable. It wouldn't be surprising to see HR operations conducted in the metaverse, considering it is among the list of future labor market trends.

Human Resources (HR) stands at the forefront, pivotal in melding virtual realms with HR methodologies. Their responsibilities span orchestrating the incorporation of virtual reality into recruitment and remote onboarding, crafting virtual training regimes, and nurturing a virtual community for heightened employee involvement. Additionally, they confront the complexities of data privacy and security, adapting HR protocols to suit the virtual terrain.

In this symbiotic relationship between HR and the metaverse, the potential for seamlessly integrating HR practices within virtual spaces is undeniable.

For instance, DXC technology has seen improved engagement, productivity, and creativity with the use of virtual worlds. Another example would be consumer and home electronics company, LG, as it used the technology to make new hires.

6. Cybersecurity

Cybersecurity and the role of HR operations are more connected than ever, making it among the list of important HR technology trends 2024. When you think about it, HR professionals have their hands in nearly all departments, even IT. While they may not take part in the technical aspects of IT, HR departments can educate employees about data breachment, privacy, and other aspects of cybersecurity.

Adhering to regulatory compliance is one of the primary functions that HR departments that need to undertake diligently. Numerous regions worldwide have implemented regulatory frameworks covering aspects like data privacy and beyond. It is imperative for the HR department to stay abreast of these evolving regulations. They must ensure the company and its workforce remain aligned with these regulatory mandates.

7. Diversity And Inclusion

There has been a notable increase in organizational efforts aimed at fostering diversity and inclusivity among employees. However, the tangible progress has often fallen short of expectations. This is largely due to many initiatives existing primarily on paper, lacking sufficient data to evaluate their effectiveness. It's widely recognized that in certain industries, the disclosure of data can prompt behavioral shifts.

As organizations implement numerous policies and practices to bolster diversity, equity, inclusion, and belonging in the workplace, leveraging data analytics becomes essential for actionable insights. Research from The Harvard Business Review indicates that disclosing and analyzing data can significantly impact an organization's diversity initiatives.

A pivotal HR tech trend is the adoption of a dependable, data-driven DEIB (Diversity, Equity, Inclusion, and Belonging) strategy. With a considerable portion of the workforce expressing interest in hybrid work setups, organizations must implement practical measures to enhance diversity and inclusion. This entails integrating various processes, including sourcing, hiring, onboarding, employee engagement, grievance resolution, and policy development, through robust tech-enabled systems.

Conclusion

As we navigate the evolving landscape of labor workforce markets, it's evident that the future of HR technology trends 2024 holds a plethora of opportunities and challenges. With the integration of AI and emerging technologies, HR professionals are poised to play a crucial role in shaping the workforce of tomorrow. By staying vigilant and proactive in monitoring key trends such as remote work, skills automation, and AI-driven recruitment, HR departments can position themselves to adapt and thrive in the rapidly changing environment. Embracing innovation while prioritizing the human element will be paramount in fostering a resilient and inclusive workforce ecosystem.

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