Five Most Promising Areas of HR Tech Investment in 2022

Shefali Vasave | March 25, 2022 | 22 views

Introduction: Why Investment in HR Technology is Surging?

HR technology is much more than a buzzword. It’s a necessity. HR technology has transformed processes over the past decade, providing organizations with the tools, insights, and capabilities to be more agile, efficient, and connected.

However, today’s HR technologies are required to keep up with the unprecedented pace of the market.The  future of HR tech will include comprehensive solutions that help with recruitment and selection, on-boarding, performance reviews, learning management, and more!

As businesses look for ways to become more efficient in an increasingly competitive environment, let’s explore some of the areas where technology investment is currently focused.

“AI is our friend, if we use it in such a way. But never forget that it’s people who hire people, so we’ll always need a human element in the end.”

- Arran Stewart, Co-Founder and CVO


Virtual and Augmented Reality in Recruiting

Virtual reality (VR) and augmented reality (AR) have been around for some time and their use in recruitment and employee experience is growing rapidly. VR technology is a high-potential area for HR tech investment, and the rise of remote hiring and hybrid work cultures has only made it more significant.

For instance, Jet.com, an ecommerce company, is making the most of VR to showcase its corporate culture and office space. Jet.com has been able to connect with its new hires by showing events like its ‘happy hour’ celebrations to provide a glimpse into its every day operations.
KFC has been using VR since 2017 to train its staff to cook its signature fried chicken. The German railway company, Deutsche Bahn used VR to attract and engage the young talent pool. The company reported a significant increase in applications from young, skilled professionals after this move.


Blockchain in Employee Benefits

Blockchain finds mention in almost every discussion about game-changing technology trends worldwide. And blockchain-driven HR technology isn’t far behind. For HR professionals who manage large volumes of employee transactions, blockchain HR technology could be a catalyst in ensuring robust cybersecurity. In 2020, APG and PGGM, asset managers of the two largest pension funds in the Netherlands, reported that they were testing a system based on blockchain to simplify administering pensions.

Blockchain enables HR managers to provide on-demand pay, allowing employees to withdraw their accrued earnings any time they want. In addition to providing 360-degree control, blockchain has a feature called ‘smart contract’ that allows companies to automate their payments to independent contractors and vendors. These clear advantages have made blockchain a subject of future-proof technology investment.


Intelligent Chatbots for HR Support and Service Delivery

With the scope of global HR management expanding during the pandemic, recruiters need all hands on deck to attract, hire, and retain talent. Tech giant IBM developed chatbots to address this issue. IBM’s Watson Candidate Assistant (WCA) has transformed candidate engagement for IBM. The organization receives 7,000 resumes every day. WCA’s ability to match applicants with the right opportunity helped convert 36% of applicants compared to a website without the chatbot.

The business case for AI-driven chatbots is clear. As chatbots become the norm on technology platforms and career pages, investment and research in the area will only grow. Personnel Today reports that over 62% of organizations plan to start using AI in 2022.


Automation Improves Applicant Tracking

Applicant tracking systems, or ATS, are a staple in every recruitment process. Just as global HR management software eliminates the need for paperwork and repetitive tasks, resume screening can be enhanced. With the advancement of HR technology, it has become imperative to use automation for screening applicants.

For instance, leading cloud data management provider, Informatica integrated automated reminders into their ATS. This was done to reduce manual follow-ups between recruiters and hiring managers. 80% of hiring managers responded quickly and enabled recruiters to experdite their candidate search. This is just another case of HR technology yielding real-world results.


Predictive Analytics in Recruitment Processes

HR tech investment continues to boom in the field of data analytics. Predictive analytics is a relatively new tool that can predict an applicant's potential to succeed in a job and recommend them for a specific position.

HR departments use predictive analytic tools to identify high-potential candidates, who are likely to succeed at the company. The predictive model uses data like skills and experience and factors in personality traits like openness and conscientiousness. This also enables employers to develop a fit index to match an applicant’s resume with an ideal-match candidate profile. In fact, LinkedIn uses predictive analysis to match candidate resumes to existing job openings. With an increase in technology investment, predictive analytics will be able to do much more for recruiting managers in the near future.


In a Nutshell

HR processes are completely different than they used to be a few years back. Transformative technology and HR solutions have changed the way HR processes are managed. The future of HR tech investment is not about lowering costs but about optimising it for benefits.

While the main objective is to increase business efficiency, many areas of HR technology need to be disrupted to achieve new heights of employee engagement and experience.

HR tech investment is a way to make sure that the company can stay competitive in the digital era. With a lot of opportunities available and rising competition, companies need to invest in HR tech to stay ahead of the curve.


Frequently Asked Questions


What is the top obstacle preventing organizations from making HR tech investments now?

The top obstacle preventing organizations from making HR tech investments currently is a lack of understanding. Many companies are still unclear about what HR technology platforms can work for them and how to use them in their organization.


What are the industry trends in HR Tech?

HR tech companies are focusing on how to make it easier for managers to hire and retain talent. They aim to provide a more personalized experience for employees. Additionally, they want to make it easier for HR professionals and managers to find talent in their own backyard.


What does the future of global HR management look like?

The future of global HR management looks bright. With new technology, it’s easier for HR managers to keep track of their workforce and streamline the entire hiring process.

Spotlight

Infinisource

Founded in 1986, Infinisource is a nationally recognized provider of SaaS-based Human Capital Management technology solutions that was named to the Inc. 500-5000 list of fastest-growing companies for two years running. Infinisource offers iSolved, a comprehensive solution for HR, Payroll, Time and Attendance and Benefits Administration, as well as administration for COBRA, Flexible Spending Accounts, Health Savings Accounts and Health Reimbursement Arrangements. With more than 4,000 broker relationships and 63,000 employer customers, Infinisource is leading the transformational HCM movement for the small to mid-sized business.

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Assembling a winning recruitment tech stack is much like recruiting the right candidate. You’re bound to find people who match some of your requirements. There will be a few candidates who seem like a match but don’t tick every box. Then there are those that stand out because of a single quality. The recruitment tech stack has long served the HR departments in large organizations to streamline their people management. However, for small businesses, using an HR tech stack can be a big decision. According to a study by Goldman Sachs, 44% of small businesses had only three months of cash reserves during the pandemic. This forced them to be smarter with their resources when it comes to staffing. HR Recruitment Tech Stack for SMBs: The Status Quo Considering how HR as a department can be loaded with work in small and medium-sized organizations, it is imperative to have a tech stack that is well-rounded and cost-efficient. 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How Key HR Metrics Can Inform Business Decisions

Article | January 18, 2022

Numbers tell a story, and with analytics at the center of decision-making, businesses are increasingly turning towards data to uncover insights. When it comes to people, organizations are warming up to people analytics to find insights that go beyond operational efficiencies. Although workforce analysis in HR has become a coveted skill, can its insights be concrete enough to inform major business decisions? The Crucial Role of HR Data and Analytics in Business Decision-Making As the role of HR expands from being mere record keepers to helping organizations achieve business objectives, uncovering human resources metrics becomes critical. Achieving synergy between HR goals and organizational objectives is crucial. Key HR metrics can benchmark performances, identify KPIs, forecast requirements, predict employee tenure, and design new initiatives. 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This is just one example of how HR teams can bring finance teams on board to develop HR initiatives and align with business strategies. Frequently Asked Questions How can an organization measure the importance of HR strategies? A combination of mapping important HR metrics and using predictive analytics for forecasting their effectiveness can help HR build a compelling case for the effectiveness of their strategies. What are the different types of HR metrics? The three types of key HR metrics include recruitment, performance, and HR cost. What is the most effective way to use HR metrics? Human resources metrics can be used to get insights but can also be used for benchmarking and predicting future performance and strategies.

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4 Powerful Examples of HR Data Analytics in Action

Article | April 25, 2022

Data Analytics Applications That Are Positively Impacting HR Data analytics has some critical and timely applications in people management. According to SageHR, global data and business analytics revenues have grown by about 36% in just four years. The importance of HR analytics can be felt today more than ever in everything from attracting and onboarding talent to boosting employee morale. Diversity, Equity, and Inclusion It is possible to leverage HR data management to improve the diversity quotient of an organization. For example, companies can expand their candidate search with big data and present a clear picture of pay structures to uncover bias and create more diversity. Training and Development Skill gaps are a significant aspect of core HR responsibilities. 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Employees who leave an organization are leaving with their knowledge base, network, and even customers at times. For a company like HP, this means a loss of millions of dollars. With data scientists at the helm, the HR data analytics team took up the task of identifying employees who might be at risk of leaving. The exercise revealed several intricacies that would allow managers to build better retention strategies. For instance, if a promotion didn’t come with a significant raise, promoted employees were at a high risk of leaving. Siege reported that HP saved an impressive $300 million with data analytics in HR. People Analytics at Every Step at Google Google is the youngest firm in a league of industry leaders who attribute its success to having decades of history and reputation. Google owes much of its success to people analytics and data analytics in HR. The firm’s people analytics team reports directly to the VP. With predictive analytics, Google identifies hiring problems like salespeople leaving the company if they haven’t gotten a promotion within four years. In pursuit of better retention, Google has also developed an algorithm to predict which employees will be difficult to retain. In addition, the search giant uses analytics to analyze rejected resumes, so no top-notch candidates fall through the crack. The company has used data analytics to compare the value of top performers versus average ones to enable HR leaders to make a business case for better resources to hire, retain, and develop talent. Boosting Hiring Decisions with Facebook “The great thing about data is that it gives you a comprehensive view of the organization. It’s just not possible to get this 360-degree look on our own for most organizations.” -Alex Fink, VP of People Analytics and Workforce Strategy at Facebook Social media has long been used by companies to supplement screening and background checks. But can a platform like Facebook be used to predict personalities and work performance? A study by Kluemper, Rosen & Mossholder thinks so. The hiring rate provided by participants based on Facebook profiles in this study predicted a manager-rated job performance of 8%. Although a standard personality test delivers a higher predictive value than this, studies have shown that multiple predictors like IQ tests, interviews, and personality quizzes contribute to the most accurate predictive models for future work performance. Adding a Facebook personality test might just be the edge needed to predict job performance. Increasing Employee Retention at Nielsen Organizations using HR data management and analytics have seen a major breakthrough in employee retention. Data analytics firm Nielsen was among the first to do that. One of its financial impact studies found that a percentage point decrease in employee attrition leads to a whopping $5 million drop in business costs. Guided by these statistics, Nielsen’s data analytics team succeeded in identifying 120 key employees at risk of leaving. By running multiple programs to arrest the retention rate, Nielsen was able to reduce employee attrition by two percentage points and save $10 million. Conclusion: How Can Human Resources Analytics Continue to Be a Game Changer The importance of HR analytics is undisputed. These examples clearly demonstrate the business case for using data analytics applications in HR and using them to predict performance, identify patterns, and eventually develop HR management strategies. It helps to identify negative patterns and course-correct work strategies to maximize resources. From optimizing day-to-day HR operations to attracting top-notch talent to delivering a positive employee experience, HR data analytics is helping build agile HR processes. Frequently Asked Questions What are the areas of data analytics in HR? HR data analytics include descriptive, predictive, diagnostic, and prescriptive analytics. Who is responsible for HR data management and analytics? As data grows in importance, the role of HR expands to include data analytics skills as an integral part of them. HR analysts typically use data to draw actionable insights. What metrics are used to analyze HR data? Key metrics like absenteeism rates, overtime expenses, training expenses per employee, productivity, and employee happiness are the most significant data points in HR.

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Infinisource

Founded in 1986, Infinisource is a nationally recognized provider of SaaS-based Human Capital Management technology solutions that was named to the Inc. 500-5000 list of fastest-growing companies for two years running. Infinisource offers iSolved, a comprehensive solution for HR, Payroll, Time and Attendance and Benefits Administration, as well as administration for COBRA, Flexible Spending Accounts, Health Savings Accounts and Health Reimbursement Arrangements. With more than 4,000 broker relationships and 63,000 employer customers, Infinisource is leading the transformational HCM movement for the small to mid-sized business.

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TALENT SYSTEMS® ACQUIRES eTRIBEZ CASTING PLATFORM AND STAFF ME UP

Talent Systems | June 20, 2022

Talent Systems®, the software provider for casting and auditioning that connects talent and their representatives with casting directors, has acquired the eTribez Casting Platform, becoming the leading source worldwide for reality television talent casting. It has also acquired Staff Me Up, the leading production crew professional network with a heavy focus on unscripted productions. With these additions, Talent Systems can provide unscripted shows with all of the tools they need to fully cast and crew their productions. The eTribez Casting Platform, previously led by eTribez CEO Eli Abayan, has been used to cast some of the most recognizable reality shows around the globe, including "Survivor," "Big Brother," "Idol," "Love Island," and "MasterChef." Staff Me Up, led by CEO Jared Tobman, is the top professional network for hiring qualified crew members and creatives and also developed Coded for Inclusion, which works with diversity advocacy organizations and studios, including A+E Networks, Warner Bros. Discovery, Banijay Americas and Amazon Studios, to improve inclusive hiring for historically underrepresented groups. "These acquisitions extend the Talent Systems offerings into the reality TV vertical through both talent casting and crew staffing, We are also excited to continue to grow and support Coded for Inclusion in collaboration with the Staff Me Up team." -Talent Systems Co-CEOs Alex Amin and Rafi Gordon. More than 8 million people have registered with the eTribez Casting Platform. This end-to-end software offers talent a secure front-end registration system, and helps casting directors, production companies, and networks manage the tens of thousands of applications one reality show may receive. Staff Me Up connects 350,000 crew freelancers to exclusive production jobs at more than 3,000 networks, studios and production companies, and its staff of nine will join the Talent Systems team. Later this year, the eTribez Casting Platform will be rebranded under the Talent Systems portfolio while eTribez will continue to independently run its separate Production Management Platform. In the coming months, Staff Me Up will expand its hiring and networking platform, which currently focuses on unscripted crew, into scripted TV and film production. Talent Systems is the parent company of Cast It Systems, Casting Networks®, Spotlight, Casting Frontier, and Modasphere. These platforms, along with the eTribez Casting Platform and Staff Me Up, will continue to operate independently while leveraging each other's technology.

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