People are resources and invaluable assets of every business.

For business to succeed,

every business wants to enhance its workforce by adapting its human resource
strategies to the latest trends. With the development of technology, over the past
decade, the Human Resource Management industry has had significant changes. From
a seemingly low priority department, HR has now become an integral part of every
organization because of its key function. Today, HR embodies all the insights on how
to maintain a positive and productive work environment for every business. The
impact of the Covid 19 pandemic requires experts to have strategies to respond to and
handle fluctuations in the workforce and exploit new trends in technology. The role of
the human resources department from being primarily responsible for the selection,
firing, compensation, and management to a more important role in the selection,
training and promotion of employees. Trends that are slowly changing include
Workforce Demographics and Diversity Trends, Trends in How people work,
Globalization Trends, Economic Trends and Technology Trends. In this discussion, I
will analyze and give examples of five key trends in human resource management.

First, I will analyze workforce demographics and diversity trends because it is an

important factor affecting a business's workforce. As can be seen, the workforce is
increasingly aging and multi-ethnic. It will continue to be more diverse with more
women, minority members, and older workers in the workforce, and many companies
are instituting new policies to encourage older employees to stay or re-hire ones
previously retired employees. In the United States, Demographic Trends - Workforce
is becoming older and more financially diverse. Workers over 55 will hit 25.6%
(2022), what employers call an "aging workforce" makes it difficult to find alternative
labor sources. Demographic trends also make it harder to find and retain quality
employees. With millennials and generation Y (those born between 1982 and 2004)
being the largest cohort in the business workforce, employers around the world are in
demand for technology-enabled ways to manage, recruit and engage their employees.
For retirees, organizations have to deal with large numbers of people leaving the
workforce. In many cases, the number of young workers entering the workforce is not
enough to fill vacancies. Additionally, employers are targeting non-communicative
workers who can take on a variety of jobs and can be full-time or part-time
employees.
The second is Trends in How people work, the work is increasingly changing due to
the rapid development of technology. The dramatic increase in productivity has
allowed manufacturers to do more with fewer employees. Non-traditional workers,
such as those holding multiple jobs, “casual” or part-time workers or those working in
alternative work arrangements, allow employers to cost reduction. This trend is
divided into three types of jobs. High-tech jobs require workers with high education
and skills. For example, In older plants, machinists would manually control machines
that cut chunks of metal into things like engine parts. Today, they spend much of their
time keying commands into computerized machines that create precision parts for
products, including water pumps. On the service jobs side, Most of the new jobs
created are and will continue to be in the service sector. Jobs have moved from
manufacturing to service jobs in North America and Western Europe.
Demand workers like Uber is an example. Finally, there is knowledge work and
human capital, which requires expertise, skills and knowledge of employees for each
business.

Followed by the trend of globalization and competition, Globalization refers to the

tendency of companies to expand their sales, ownership or production activities into
new overseas markets. For example, Toyota produces the Camry in Kentucky, while
Dell produces PCs in China. In addition, Free trade areas agreements that reduce
tariffs and barriers among trading partners further encourage international trade.
NAFTA (the North American Free Trade Agreement) and the EU (European Union)
are example. The companies quickly expanded overseas (Walmart is opening stores in
South America). Besides, globalization promotes competition for businesses. More
competition means pressure to reduce costs, make employees more productive and do
things better and for less. Globalization therefore brings both benefits and threats. For
consumers, it means lower prices and higher quality on products from computers to
cars. For workers, it means the prospect of working harder and perhaps less secure
jobs.

In terms of economic trends, Global Economic Trends has had a profound impact on
human resource management with impacts on everything from talent management,
recruitment, outsourcing, investment strategy, salary, property management and
business development. A look back at current economic trends from a human capital
perspective reveals what matters most to US markets. After years of unprecedented
investment in US markets from China, we are now seeing a slowdown in China's
growth with worldwide implications. The relationship between the US and China is
shifting, which has enormous implications not only for those two countries, but also
for the broader global economy. Second, oil prices bottomed and recovered, the dollar
bounced and interest rates fell near historic lows only to bounce back. Besides the
stagnation of wages, After factoring in inflation, US wages have barely increased over
the past 40 years. While software engineers and designers are in high demand right
now, there are still a lot of people left behind. Finally, Since the late 1990s, the United
States has lost 6 million manufacturing jobs. However, this trend reverses and has
gained 866,000 jobs since 2010,  Skilled workforce and increasingly competitive
wages mean Chinese companies are shifting operations to the US rapidly. More
broadly, the labor market looks more “normal” than in the United States.
Unemployment is falling rapidly, and that should lead to stronger wage growth. Along
with lower gas prices, real income will benefit.

Finally, the technology trend, with the strong development of technology, virtual
design environment and Internet-based delivery system has helped companies become
more competitive. Employers increasingly use social media tools such as Twitter,
Facebook, and LinkedIn (rather than, say, as many employment agencies) to recruit
new employees. They use new mobile applications to monitor employee location and
to provide digital photos at the facility clock-in location to identify workers. In
addition, New training applications, and websites such as Knack, Gild, and True
Office enable employers to inject gaming features into training, performance
appraisal, and recruiting. Along with the use of 17 cloud computing which enable
employers to monitor and report on things like a team's goal attainment and to provide
real-time evaluative feedback.

A company that operates by its own workforce. Requires employers not only to look
for the best talent, but to strive to create a working environment that makes them loyal
to the business. Enhancing employee experience, training and skills development will
help the company achieve more success and attract young talent. In short, human
resource management now plays a key role for every business that creates the face as
well as the success or failure of the company.
Reference:
http://www.du.edu.eg/upFilesCenter/com/1584615032.pdf
http://mmu-human-resource-management.blogspot.com/2013/07/the-trends-shaping-
hr-management.html
https://blog.ubabenefits.com/economic-trends-and-human-resources