Companies around the world have come to rely on HR strategies to ensure their employees will uphold the company’s values in building a better future. For any business, a better future begins with a healthy company, and this encompasses a healthy, productive workforce. However, the COVID-19 pandemic has dramatically altered strategies for both governments and companies globally, and HR strategies are no exception to this change. As HR managers struggle to adapt to the new normal, they are also compelled to create new, more flexible frameworks to help their departments navigate the crisis.
Many companies are now more open to changes in the workplace because managers across the globe have come to understand that the COVID-19 pandemic can only be dealt with through change from within. HR professionals have also learned that old habits and strategies must make room for new ones to create a brighter future for both the company and its employees. However, while companies are now more flexible about employees working remotely, many find it difficult to create new HR strategies for the future. One of the reasons why organizations around the world are struggling to develop frameworks in 2021 is that many future risks remain unknown.
Top HR Risks in 2021
According to a study by the Centers for Disease Control and Prevention (CDC), the COVID-19 pandemic has brought a rise in mental health issues, substance use, and suicidal ideation among Americans. Even more importantly, may be the fact that mental health conditions are disproportionately affecting specific populations, and so are the negative effects of the healthcare crisis. Consequently, women are now more likely to report mental health issues, while Latino and black Americans are struggling with higher levels of anxiety than white Americans. Young adults, racial and ethnic minorities, essential workers, and unpaid adult caregivers are among the groups that struggle the most.
Deteriorating mental health is not only a problem for Americans of different ages, genders, and ethnic backgrounds—as companies in the United Kingdom have also reported mental health issues among employees. In fact, it is their top human resources risk. Companies and their HR departments should focus more on helping their employees cope during this unprecedented crisis. As the rise of mental health problems among employees remains an HR risk in 2021 and beyond, a good HR framework should include actions that promote self-care and peer help for those in need.
Cybersecurity as an HR Risk in 2021
Although the rise of mental health issues linked to COVID-19 is the top concern for UK-based companies and is an important concern for the CDC, cybersecurity is considered the greatest HR threat globally. Rapidly rising cybersecurity risks are considered a negative consequence of hybrid and remote work, with companies now forced to bolster their defenses to protect their data. However, according to the Financial Stability Board (FSB), the rise in cyberattacks is now greater than previously anticipated.
Instances of cybercrime, such as phishing, malware, and ransomware, increased from fewer than 5,000 per week in February 2020 to more than 200,000 per week in April 2021, according to the FSB. As risks continue to grow, companies will have to step up their cybersecurity hiring—which might prove to be easier said than done. As digital security and privacy issues become increasingly important for companies and their clients globally, HR departments are encouraged to provide IT professionals with new roles within companies and advanced training opportunities. Furthermore, HR managers may need to create new positions within their companies and find the right employees for these new cybersecurity jobs.
Going Back to Basics
Even though deteriorating mental health and cybersecurity are probably the greatest risks when building the right HR framework, they are by no means the only risks. Internationally, talent attraction, retention, and engagement are still major issues, while reassessing frameworks to add LGBTQ-inclusive benefits is becoming more important. Going back to the basics might prove to be the best solution for both HR departments and the companies they represent. This means that risks are carefully assessed, the right professionals are hired to resolve any cybersecurity problems that might appear along the way. What is more, employees are provided with benefits that actually help them.
