What are the Trends Shaping the Future of Human Resource Management in 2024?

Human Resources and Payroll management are critical aspects of every business, serving as the backbone that ensures a company's smooth operation and employee satisfaction. In today's dynamic business landscape, the importance of efficient HR and payroll practices cannot be overstated. From attracting top talent to maintaining a positive workplace culture, these functions play a pivotal role in fostering a thriving organization. 

What are the trends shaping the future of HR?

The future of Human Resource Management (HRM) in 2024 is being influenced by several key trends, including:
 

1. HR Technology
2. The Rise of Alternative Payroll Payment Methods
3. Performance Management Trends
4. New Legislation

Let's delve into this blog to stay ahead of the crucial trends that will shape payroll and HR in 2024. 👇

HR Technology in 2024

HR technology will continue to play a significant role in shaping the future of Human Resource Management (HRM) in 2024. The following are some of the key HR technology trends that are expected to emerge in 2024:

• Generative AI: HR functions will embrace generative artificial intelligence (GenAI) to streamline many processes, such as recruitment, personal development, workforce planning, and administrative tasks.
• HR Tech Platforms: Organizations will address their HR tech needs from a platform mindset to accelerate and scale growth, better manage talent, provide consistent user experience, and make smarter decisions.
• Data Analytics and Predictive Insights: HR professionals will use data analytics and predictive insights to improve regulatory compliance, make faster talent decisions, and redefine how work is done.
• Remote Work and Hybrid Workplaces: HR technology will help manage the complexity of remote, hybrid, flexible, and multi-hub workplaces.

These trends reflect the growing importance of HR technology in HRM practices, as organizations seek to leverage technology to improve the employee experience, streamline processes, and make data-driven decisions.

 

Automated Payroll Processing

In the last year and a half, there has been an increased focus on making payroll processing more agile. Through the utilization of faster payments and automation, more businesses will have the ability to speed up their processes. 

Payroll errors can also be reduced by adopting more agile ways of processing payroll, making it more cost-efficient and convenient for both companies and their employees. 
Now picture this: running payroll in minutes, not hours. No more chasing down data, battling spreadsheets, or praying for error-free calculations. With ElevateHR payroll’s software that's exactly what you get. We're revolutionizing payroll, making it agile, cost-effective, and oh-so-easy to use.

 Alternative Payroll Payment Methods are on the Rise.

Payroll processing is on the way to becoming more convenient, automated and data driven. But how about what happens after payroll calculation? If we believe the experts, there will also be some major changes with regard to employee payments.
The same goes for alternative ways of employee payment. While alternative payment methods are already gaining traction in the global e-commerce sector, the use of digital wallets is also forecasted to increase significantly in global payroll as a solution to slow and expensive cross-border payments.
What are digital wallets - Digital wallets, also known as e-wallets, are virtual systems that allow users to store and manage electronic money securely. These wallets enable HR to make electronic transactions, including online purchases, bill payments, and peer-to-peer transfers. Example Wise 

 

Performance Management Trends in 2024

Performance management trends in 2024 are expected to focus on employee engagement, upskilling and reskilling, aligning employee and business goals, and leveraging technology to improve performance management processes. Here are some of the key trends shaping the future of performance management:

1. Employee Engagement: Employee engagement will be a top priority for HR departments in 2024. Innovative strategies like employee social networks and technology-based gamification methods will be implemented to foster a positive relationship with employees.
2. Upskilling and Reskilling: Upskilling and reskilling employees will be a crucial performance management trend in 2024. This involves investing in employee training and development programs to ensure they have the necessary skills for the future
3. Leveraging Technology: Technology will continue to play a significant role in performance management in 2024. Performance management systems will be used to collect employee data, recognize key performance indicators, improve workplace communication, reduce errors, and evaluate performance. 
4. Personalized Skills Development Pathways: Personalized skills development pathways will be prioritized in 2024. Training and development must be tailored specifically for each employee, based on their strengths and weaknesses
   
    

New Human Resource Legislations in 2024

 A month into 2024 and already new legislation on Social Health Insurance Act SHIF, have already been passed, where every Kenyan will be required to pay 2.75%, not forgetting the housing level turmoil, the year is clearly unfolding to one that will have lots of new legislations.

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As your trusted advisors, we keep up with the latest payroll trends to help make sure your company can benefit from the latest technology and help you work smarter.

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