3 Critical HR Trends in a Knowledge Economy

Gary Becker, the Nobel Prize-winning economist, had coined the term “human capital” – asserting the belief we know and understand that people are the most fundamental resource of any business. The more an organization is able to understand and tap into the power of its individuals, the more successful it will be in the end.

Today’s workforce is commonly called the Knowledge Economy, because we recognize that people and their unique talents are what make the difference. In order to capture the same spirit of human resources leadership, today’s blog focuses on a few of the most critical HR management trends that are taking place in 2011.  

Creating Stronger Leaders

Investing more into fostering effective leadership will serve an essential stepping stone to recruiting and keeping top talent for organizations. Across virtually every business sector, human resources programs will put emphasis on education and training that will help build leadership, communication, and interpersonal skills that managers need to motivate the workforce.  

Focus on Work-Life Balance

In particular, there has been a reported increase in work-life balance programs among multinational organizations as well as those in the information technology fields in the U.S. Companies will be reassessing their current policies on flexible work options like telecommuting and work sharing, and looking into new health and wellness benefits for employees to live healthier and more productive lives (on and off the clock).  

Recognition and Rewards

As companies revisit their aspirations for growth as the economy gets healthier, as should employees be encouraged to aspire in their careers. This is a time for rewarding good employee performance frequently during the year to reinforce an employee culture where hard work doesn’t go unnoticed. On the same token, HR professionals should revisit or update the organization’s performance management system, so that it upholds fairness and transparency. Determine a clear method for setting performance benchmarks and motivate employees to do more in their roles.  

Read the full article in the Deccan Herald

Image: jscreationzs / FreeDigitalPhotos.net


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