A PwC study shows that over 58% of businesses deploy HR technology for attracting and retaining new talent. With the Covid-19 pandemic, HR analytics and automation are slated to embed deeper into the people management framework. The demand for optimal HR tech
will put it at the heart of a global transformation in the workplace.
While HR professionals will see a drastic rise in their responsibilities, HR tech is evolving even faster. Therefore, keeping up with the latest trends in HR can prove critical in meeting business objectives.
The unprecedented demand for tech in workforce management is demonstrated by the fact that by 2022, the HR technology market will surpass $10 billion and there is a reason for that.
Covid-19 led disruption in HR management
The role of HR has acquired a new dimension post-pandemic, going from supporting a business to driving much of its momentum through its employees. In addition, it has forced organizations to modify their priorities about their workforce.
A Harris Poll survey of U.S. employees reveals that about 48% of employees reported feeling isolated from co-workers and 42% felt their career progression has been impacted due to lack of in-person interactions. As a result, employee learning, mentoring, engagement, mental health and all-round wellness are more important than ever. And HR technology is rapidly taking shape to cater to this new outlook.
Most successful organizations share the awareness that people management is the key to achieving great heights in business. Taking a people-first approach will help mitigate the hurdles created in the aftermath of a global health crisis. Integrating technology into the fabric of HR management might be the answer.
The confluence of HR and technology
Now that companies manage a workforce scattered across various physical locations providing a boundless working environment is vital. Simulating an office atmosphere may not be completely possible, but recreating the workplace experience virtually with collaboration, communication, engagement at the core is within reach.
Recently, Miami-based startup, Mytaverse launched a VR platform to make remote work more productive and collaborative.
On the other hand, HR tech has revolutionized core HR processes as well. Increasingly, human resources professionals are relying on technology to automate everyday operations.
It has made paperwork redundant and reduced the scope of administrative duties, creating more efficiency and redirecting precious resources to be used in a strategy-driven manner. In addition, HR functions like payroll and compliance being digitized will make HR a powerhouse of strategy and analysis.
Performance management will also see tangible impacts. With the adoption of analytics across employee engagement, recognition and retention components, HR managers can make better data-backed decisions.
The pandemic has also provided HR tech startups
and software providers with much impetus to innovate new solutions. As a result, feature-rich platforms which offer end-to-end user journeys that align smoothly with every stage of the HR workflow are on the rise.
The rapid growth of the HR tech market demonstrates that organizations, too, recognize the need to upgrade their HR tech.
Hiring with Artificial Intelligence and Machine Learning
While onboarding and recruitment have always relied on technology, Artificial Intelligence (AI) and Machine Learning (ML) are further opening up avenues of optimization. Technology is no longer just the facilitator but a catalyst in the hiring and onboarding process, as proven by the recent launch of Engagement AITM
The only way to improve the recruitment pipeline at scale is to automate the labor-intensive parts of the sourcing process with AI while optimizing candidates for quality. Today, recruiters manually reach out to candidates for each role only to receive a few responses. About 63% say that talent shortage and engagement from candidates is their biggest problem. Talenya's Engagement AITM converts ‘passive’ candidates into applicants without the extra work by optimizing and fully automating the process.
- Talenya CEO and Co-founder Gal Almog
Talenya, a leader in AI-powered hiring solutions, launched its fully automated talent sourcing software, Engagement AITM
, to engage passive job seekers. The tool allows HR teams to be proactive in automating sourcing and contacting candidates who meet requirements. The tool further integrates with Talenya’s Diversity AITM
to design talent search keeping the organization’s diversity goals in mind.
Software innovations like these take hiring to the next level by integrating organizational HR objectives into one powerful solution. Additionally, with the advent of cloud solutions, organizations have the opportunity to create a truly boundless HR process.
Is cloud-based HRMS the future?
Any discourse on HR tech is incomplete without the mention of cloud-based human resources management.
Today’s HR tech may have eliminated paperwork, but cloud solutions helped organizations put it into action. As a result, HR professionals can store, access and manage vast amounts of information through a centralized portal with virtually endless storage capacity and built-in data security.
Small businesses are especially making the most of cloud-based HR software solutions to move from an offline outdated HR function to a more future-ready setup. With single-point tracking, cloud platforms allow HR teams to manage workflows across all HR functions seamlessly.
In addition, the flexibility of the cloud and its ability to scale without extensive modifications has leveled the playing field for small businesses. As a result, they can compete better and scale faster.
Discovering new horizons of HR Management
The future of human resources technology is in good hands as providers and tech leaders continue to keep their eye on the future. Further, data analytics in HR is being used to gather insights into the workforce and to predict patterns and outcomes. For example, predictive analytics will be central to HR as more and more HR teams use it to identify which employees will be successful and most at-risk for turnover. But there is more.
Predictive data analytics allows HR teams to identify scope for optimization in areas of productivity, engagement and performance. Not only that, new tools enable HR teams to implement initiatives that boost performance. HR teams can add a layer of analysis to fine-tune processes to perfection with the continued mapping of these measures.
To put it simply, the confluence of HR and tech has created an exciting outlook for the function. While the pandemic may have left many repercussions in its wake, it has also exposed HR leaders to the potential of human resources technology to change the face of HR. From being a purely administrative function, HR will acquire a strategic advantage with the help of the latest technology in the future. Being open to solving challenges with the help of HR tech will prove crucial for forward-looking organizations in adopting upcoming technologies.
Frequently Asked Questions
How does cloud computing help maintain data security?
Data security features today are cutting edge and the cloud is no exception. Cloud solution providers today offer comprehensive data integrity that follows global compliance regulations as well. In addition, automation and self-service can further eliminate data manipulation and increase compliance with high-security benchmarks.
In what HR functions can data analytics be implemented?
Today’s human resources software offers data analytics and reporting across the board. Most HRIS functions offer data collection across recruitment, payroll and retention functions. However, with the rise of employee engagement and recognition, modern HR software solutions can now map and analyze data for workforce management.
How to improve adoption of new technologies within the organization?
A training program should help orient your employees to adopt new systems into their daily work. Ensure that HR teams develop fast and result-oriented programs that can be tracked for efficiency. It may not be an overnight process, but a dedicated program will enable the smooth implementation of new technologies.