How the Future of HR Technology is Set to Change

Shefali Vasave | September 20, 2021 | 203 views

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.

Final word

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.

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HR PRACTICE, HR STRATEGY

Maximize Your Budget: 6 Strategies to Improve Efficiency and Contain Costs for Your Business

Article | August 8, 2022

The current economic climate and ongoing labor challenges have created a tough environment for employers of all sizes. In order to weather the storm, many employers are looking for ways to reduce their expenses and save money. However, in their efforts to do so, many organizations make the mistake of cutting costs without a clear plan, which can result in lost productivity, reduced morale, unhealthy company culture, and negative long-term effects on the company’s growth and people. Successful organizations, on the other hand, take a more strategic approach to contain costs. They understand that simply slashing expenses, or their workforce can be counterproductive in the long run. Instead, they focus on optimizing their resources by identifying areas where they can reduce expenses without compromising productivity or future growth. Ultimately, the key to successfully managing your costs is to strike a balance between reducing expenses and maintaining productivity and growth. Organizations that adopt this approach are more likely to thrive in a challenging economic environment and come out stronger on the other side, with a team that is committed to the long-term success of the organization. The following article outlines six proven strategies that your business can implement to reduce expenses and optimize your resources: Strengthen Employee Retention Prioritizing employee retention can be one of the most effective cost-containment strategies for your business. Replacing workers is often extremely expensive. Employee retention is a critical issue, as losing employees can be costly and disrupt business operations. Employee turnover not only increases an organzation’s recruiting and training costs but also usually results in decreased productivity, lost proficiency, and a big impact on revenue. You can strengthen employee retention with the following strategies: Provide opportunities for career development and advancement: Offering training and development programs, mentorship opportunities, and promotions can help employees feel valued and invested in their future within the company. This can improve employee satisfaction and loyalty. Offer benefits to meet workers’ evolving needs: As the workforce becomes more diverse, businesses of all sizes need to offer a range of benefits that meet the needs of all employees. This can include flexible work arrangements, healthcare benefits, retirement plans, and paid time off. Improve employee engagement: Employee engagement is crucial for retention, and it can be improved through several methods. For example, encouraging employee feedback can help employees feel heard and valued, while providing flexibility in work schedules and locations can help employees achieve a better work-life balance. Strengthening workplace efficiency can also reduce employee frustration and improve overall satisfaction. Bolster workplace culture through public recognition and reward programs: Improve retention by creating a positive workplace culture that recognizes and rewards employee contributions. This can include public recognition programs, such as employee of the month awards, as well as reward programs that incentivize high performance. Be transparent when communicating with employees to help them understand important decisions and establish opportunities for two-way feedback. Invest in New Technology Adopting new technology is becoming increasingly important to stay competitive and thrive in today’s digital age. Technology can help save time and money by streamlining operations and allowing your business to operate more efficiently. Here are some key ways technology can help your business manage costs: Customer relationship management (CRM) software: CRM software can help manage customer relationships and sales processes, reducing the time and cost associated with manual sales tracking and management. Cloud-based software: Cloud-based software solutions allow you to store data and access software applications from anywhere, reducing the cost and time associated with maintaining and updating software systems. E-commerce platforms: E-commerce platforms enable you to sell your products and services online, reducing the cost and time associated with traditional retail operations. Digital communication tools: Digital communication tools, such as email, instant messaging, and video conferencing, can help to improve collaboration and communication between employees, customers, and partners, reducing the time and cost associated with travel and face-to-face meetings. Human resources management systems: HR management systems can help to automate and streamline HR processes, reducing the time and cost associated with manual data entry and paper-based processes. Low-code solutions: Low-code solutions can help to create custom software applications and workflows with minimal coding expertise, reducing the cost and time associated with software development. Artificial intelligence: Artificial intelligence can help to automate and optimize repetitive or complex tasks, such as data analysis, customer service, and supply chain management, reducing the time and cost associated with manual processes. Additionally, many businesses are turning to open-source software alternatives as a cost-effective alternative to brand- name software applications. By adopting new technology, you can gain a competitive edge, save time and money, and improve customer satisfaction, ultimately leading to increased growth and success for your business. Manage Health Care Costs Managing healthcare costs is a major concern, as rising healthcare expenses can have a significant impact on their bottom line. Finding cost-effective solutions is vital for your business to maintain affordable benefits and reduce costs. Solutions may include reevaluating plan designs and offerings, directing employees to cost-effective services, and improving employee healthcare literacy. Employers can leverage their relationship with their insurance brokers to explore cost-saving solutions, like obtaining details on organizational healthcare spending and educating employees on shopping for healthcare services. Here are some ways your business can focus on managing healthcare costs: Encourage wellness programs: By encouraging healthy lifestyle habits and providing wellness programs, you can reduce the risk of chronic health conditions and lower healthcare costs. Wellness programs can include fitness classes, healthy eating options, smoking cessation programs, and stress management resources. Promote preventative care: Encourage employees to get preventative care, such as regular check-ups, vaccinations, and cancer screenings. Preventative care can catch health issues early, when they are less expensive to treat. Consider telemedicine options: Telemedicine is an increasingly popular option for healthcare, as it allows employees to access healthcare professionals remotely. This can reduce healthcare costs and improve access to care for employees in remote locations or with mobility issues. Use technology to manage healthcare expenses: Technology can be used to manage healthcare expenses by using online portals to access healthcare information and track expenses. Additionally, consider using data analytics to analyze healthcare costs and identify areas for improvement. Partner with a benefits consultant: Partner with a benefits consultant who can help navigate the complex world of healthcare and find ways to reduce costs while maintaining quality care. Overall, your business needs to be proactive in managing healthcare costs to maintain financial stability. By encouraging wellness and preventative care, promoting telemedicine, using technology to manage expenses, and partnering with a benefits consultant, your business can reduce healthcare costs while continuing to maintain a healthy workforce. Embrace Outsourcing While performing tasks in-house can often be cost-effective, there are instances when outsourcing key responsibilities and tasks can be more economical and efficient helping to reduce in-house costs.. Manual, time-consuming tasks—such as payroll, HR, compliance and benefits administration—may be better suited for an HR outsourcing firm than managed in-house. Outsourcing these kinds of tasks can enable your employees to focus on their core responsibilities that have a greater and more direct impact on the business. Here are some reasons why outsourcing can be highly beneficial and cost-effective: Cost savings: Outsourcing can help save on costs, especially for tasks that are nonessential or not core to the business. For instance, outsourcing payroll, HR, compliance and benefits administration can be more cost-effective than hiring an in-house staff to perform these tasks. Time savings: Outsourcing time-consuming tasks can free up employees to focus on their core responsibilities that have a greater impact on the overall growth and revenue. This can help increase productivity and efficiency within the organization. Access to expertise: Outsourcing provides access to a team of experts who have specialized skills and experience in a particular area. For example, outsourcing IT services can give your business access to the latest technology and technical expertise that you may not have in-house. Scalability & flexiblity: Outsourcing can provide the flexibility to scale up or down quickly as business needs change. For instance, outsourcing customer service can allow your business to quickly ramp up during peak periods or cut back during slow periods without having to hire or lay off employees. Reduced risk: Outsourcing can also help dramatically reduce and mitigate risk, as some outsourcing contracts include guarantees of service levels, quality, and data security. This is especially true when working with an HR outsourcing firm to manage your benefits, payroll, and HR compliance-related initiatives and tasks. Adopt Flexible Work Arrangements The expense of having a physical workspace can add up. Each month, employers must pay rent, utilities, cleaning costs and other expenses. While these expenses are often unavoidable, some businesses are transitioning to remote and hybrid work arrangements to contain costs. These solutions may not be suitable for all industries or job positions, and if going hybrid or remote isn’t possible, consider downsizing facilities to reduce rent and utility bills. Your business can also explore other alternatives, such as co-working arrangements and renegotiating leases to term, to try and better manage costs. Here are some additional ways adopting flexible work arrangements can help reduce or contain costs for your business: Transitioning to remote work arrangements: This can help cut down on rent, utilities, cleaning costs, and other expenses associated with a physical workspace. While this may not be suitable for all industries or job positions, many businesses can consider offering flexible scheduling and improved benefits to lower overhead expenses. Downsizing facilities: If converting to a home-based business or going remote isn’t possible, consider downsizing. Additionally you can consider subletting excess space or renting out unused areas to generate additional income. Exploring alternative workspaces: Explore alternative workspace options, such as co-working arrangements, to reduce the cost of renting an entire workspace. This can help reduce rent and utilities, as well as provide networking opportunities and access to shared amenities. Overall, you should carefully evaluate your workspace needs and consider all options available to reduce overhead expenses. By doing so, your business can allocate more resources to growth initiatives, maintain positive company culture and drive long-term success. Reviewing Expenses Maintaining healthy cash flow is essential for your business to operate and survive, especially during difficult times. Reviewing expenses regularly can you help identify areas where you can adjust costs and optimize your spending and overall financial resources. Here are some ways in which reviewing expenses and building relationships with providers, suppliers, and vendors can help your business contain costs: Reviewing contacts with providers, suppliers, and vendors: Try reviewing your contract with their providers, suppliers, and vendors to see if there is any way to adjust your license, or services provided to try and reduce overall expenses. Identifying and eliminating unnecessary costs: By reviewing expenses regularly, you can identify and eliminate unnecessary costs. For example, eliminate subscriptions or services that are no longer used or needed. Building strategic partnerships: Building relationships with providers, suppliers, and vendors can help cultivate allies and strategic partners. These partnerships can potentially reduce your costs by sharing resources and collaborating on cost-saving solutions. For example, you can partner with a supplier to get better prices for materials or with a vendor to share marketing costs. By implementing these strategies, you can reduce expenses and optimize your financial resources, which can help you weather challenging times and achieve long-term success.

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As the science behind employee engagement evolves, it’s become clear just how much businesses can gain from a happy and involved workforce. From improved performance, to reduced attrition, increased revenue and even a better customer experience, employee engagement is at the heart of business growth. Given these benefits, it’s no surprise that the role of HR departments is moving beyond just managing people and towards managing experiences.

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Article | August 24, 2022

Employees are companies most valuable asset – Without the talent, knowledge and expertise those employed bring to an organisation, it’s safe to say that the business world would be a very different landscape. Human Resources is often held responsible for owning the employee value strategy, where we’re now embracing tremendous improvements in how the value that employees bring, can be achieved. Here we’ll explore how data analysis, learning & development, employee engagement, 360 feedback and flexibility all offer a significant opportunity to improve employee output within every organisation in 2020.

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MMC Selects RingCentral’s Cloud Communications Solutions to Improve Customer Experience and Streamline Employee Workflows

Businesswire | March 17, 2023

MMC, Inc., a Human Resources Outsourcing company (HRO), today announced it has replaced its on-premise legacy communications systems with RingCentral, Inc. (NYSE: RNG), a leading provider of global enterprise cloud communications, video meetings, collaboration, and contact center solutions, to drive an improved client experience, streamline employee workflows, and deliver IT cost savings. After migrating 3,000 of its employees to RingCentral MVP® (Message Video Phone™), MMC realized substantial savings on its business communications costs. Known for its expertise in HR outsourcing, payroll, benefits administration, and other business processes, MMC was looking for a cloud solution that could provide greater mobility for its employees and would allow them to more efficiently connect and communicate with clients. By implementing RingCentral MVP, they have enabled employees to increase productivity and efficiency through the use of a cloud-based business phone service, video conferencing, digital fax, and SMS–on any device from virtually any location. As a result, MMC has streamlined employee workflows, increased accessibility to clients, and empowered remote workers. “What sets us apart from the larger competitors is our white glove service delivery. We care about our customers’ experience and go that extra mile to ensure the highest service delivery possible. This means being accessible to clients when they have questions, concerns, or require assistance,” said Raul Terrazas, manager of information technology at MMC. “With RingCentral, we are now able to seamlessly communicate with clients from virtually anywhere using our office phone, mobile, or PC. Given how many employee workflows we’ve been able to improve across our company, how much visibility we’ve gained into our client communications, and how much money we’ve saved — not to mention how effortless the implementation itself was — my only regret is not migrating MMC to RingCentral sooner.” In the company’s next unified communications transformation phase, MMC’s IT team plans to roll out RingCentral MVP to their sales and support teams and optimize those operations with the RingCentral for Salesforce integration. This integration will enable them to consolidate platforms for the company’s agents, reduce the number of vendor relationships for Terrazas’ team to manage, and streamline agent workflows for added speed and efficiency. “We are thrilled to work with MMC on their cloud transformation—leveraging the strengths of our unified communications platform,” said Carson Hostetter, chief revenue officer at RingCentral. “By shifting to RingCentral, MMC is driving greater operational efficiencies and improvements in both customer and employee experiences.” About MMC California-based Human Resources Outsourcing company MMC was established over 40 years ago for the purpose of providing HR Outsourcing & Consulting solutions to improve business performance. By outsourcing HR, you will be cutting costs, lowering risk, and better positioning your company for success. As the top HR Outsourcing service provider for over 8,500 employees nationwide, MMC has learned that there is no cookie-cutter approach when it comes to resolving workplace concerns. MMC takes a special interest in assuring each client’s success while providing a hands-on approach to exponential growth with your company. About RingCentral RingCentral, Inc. (NYSE: RNG) is a leading provider of business cloud communications and contact center solutions based on its powerful Message Video Phone™  (MVP®) global platform. More flexible and cost-effective than legacy on-premises PBX and video conferencing systems, RingCentral® empowers modern mobile and distributed workforces to communicate, collaborate, and connect via any mode, device, and device location. RingCentral offers three essential products in its portfolio, including RingCentral MVP®, a Unified Communications as a Service (UCaaS) platform including team messaging, video meetings, and cloud phone system; RingCentral Video®, the company's video meetings solution with team messaging that enables Smart Video Meetings™; and RingCentral Contact Center™ solutions. RingCentral's open platform integrates with leading third-party business applications and allows customers to customize business workflows easily. RingCentral is headquartered in Belmont, California, and has offices worldwide.

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HR ANALYTICS, WORKERS COMPENSATION

Asure and ZayZoon Partner to Provide Earned Wage Access to Small Business Employees

Asure Software | February 24, 2023

Asure Software, Inc., a prominent provider of cloud-based Human Capital Management (“HCM”) software solutions, partners with ZayZoon, a market leader in providing access to earned wages and employee financial wellness to small and medium-sized enterprises. This partnership aims to give payroll clients of Asure's on-demand compensation while fostering financial wellness and giving their companies a distinct competitive edge in hiring and retaining staff. The ZayZoon system integrates with Asure's payroll and time and attendance solutions through this agreement, enabling employees to receive their earned earnings as they are accrued promptly. This voluntary benefit helps small business customers of Asure alleviate their employees' financial stress, and increase retention and productivity by cultivating a more engaged workforce. ZayZoon collaborates with organizations of every scale to grant their employees access to our product suite, which encompasses Wages On-Demand, Financial Education, and personal finance tools. To cope with pre-determined payroll cycles, employees worldwide resort to payday loans and overdraft fees, exacerbating their paycheck-to-paycheck predicament. The on-demand wage access mitigates financial anxiety and enhances workplace contentment and efficiency. Pat Goepel, Chairman and CEO for Asure, said, “Financial pressures can impact employees across all industries and job types. By partnering with ZayZoon we can help ease that burden by offering small business employees the option to access the funds they’ve earned faster, when they need them most.” He further added, “Earned wage access is fast becoming a necessity in the war for talent and we’re pleased to join forces with ZayZoon to deliver this competitive advantage to main street.” (Source – Globe Newswire) About Asure Software Asure is a Human Capital Management (“HCM”) software solutions provider. The firm works to support the growth of small and mid-sized companies and helps them build strong teams with the necessary skills to comply with constantly changing federal, state, and local tax jurisdictions and labor laws. Additionally, Asure helps enterprise optimize their cash allocation, so they can direct their financial resources towards growing their business, rather than incurring unnecessary back-office overhead expenses. The company’s comprehensive Human Capital Management suite, known as Asure HCM, includes a range of cloud-based software solutions, such as Payroll, Tax Services, and Time & Attendance software.

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