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How HR Tech Trends Will Impact the Industry in 2020

April 28, 2020 / SUJATA BONDGE

The human resources field has gone through a lot of rapid changes in the last decade and still adapting many of it. There have been ample changes in what used to be a norm. From manual processes to programmatic advertising. Technologies have brought many changes using automation and AI. And we are thankful for digitization and globalization that are influencing the minds to restructure the employee ballgame.

As leaders are moving into 2020 they are pondering to adapt HR tech trends. And why these trends are gaining so much importance? Because they are going to give more applications at a fast speed and low cost. Basically, these HR tech trends in 2020 are going to advance three chief KPIs. The first among them is the time required to hire. The second one is the cost needed to hire. And the third one is the quality of the hired person.

If you are in the HR department using the latest technology trends, you will be able to get more applications to fill the next vacant position in your company, but that does not mean spending money to filter out qualified candidates. When HR tech trends are used wisely then they are efficient and when used poorly, it can get in the way of managing the company’s human resources. Here is valuable information on how HR tech trends will impact the industry in 2020 and with the help of it how you can manage to maximize the benefits and minimize the problems in the hiring process.

Table of Contents:
- Use of Automation
- Running Targeted Ads
- Optimizing the Budget
- Data Storage and Employee Performance

Use of Automation

On an average, the time for the hiring process is noted as 23 days. But it can be felt like months if you get tons of resumes for a single position. Now imagine the traditional method of going through the resumes one-by-one manually. No doubt it is going to consume more time and energy taking your eyes through all these resumes and shortlisting eligible candidates. And the chances of not missing something can’t be ignored. But in this age of automation, HR professionals can take a long breath of fresh air because AI is here to make this task better, faster, and more accurate. This HR trend has already taken place in the HR system. You type a keyword that you need as a skill in the candidate and you get a lot of resumes matching to that particular skill. And all this is done using natural language processing.

Further automation can be utilized for arranging an interview of the candidate with the manager in the open slot, sending offer letters to selected candidates with digital signatures, sending welcome emails, and giving technology access in the onboarding process.

Running Targeted Ads

Running targeted ads without having digital marketing background is now easy for HR professionals because of the programmatic advertising method. This technology makes sure your job ads are seen by the right people on the right websites at the right time which eventually helps in reducing cost-per-hire, time-per-hire and you end up getting quality applications within the niche.

Various programmatic job platforms make use of targeting algorithms. How does this work? When you create a job description to search your candidate, the algorithms use job type to find more suitable candidates in the best location where they will be searching for that specific job role. It also uses predictive analysis method that finds candidates who have searched that particular job in the past and identify places where they can be found now. All this is done by using their historical data.

Every click on the ad from candidates makes it easier for AI to further target job seekers on various platforms in real-time and also gives you better insights on how your job is performing.

When you deliver your messages in the right way and to the relevant people, over time they will become familiar with you. This is how targeted advertising also helps you in brand building as your ads are shown to targeted and highly valued people in your domain.

Optimizing the Budget

Hiring is not only a process that takes time but it is also expensive. Nearly 30% of the overall recruitment budget is spent on running job ads. And so you need to work on boosting ad presence across job portals and various websites with an optimized budget. For that, you have to make smarter budget decisions. And this daunting task can be done with the help of AI ad technology that maximizes your job ad spend. It distributes the budget across all platforms, analyzes the most effective of them, and automatically manage the budget that gives you maximum ROI.

There are lots of programmatic job platforms that are a great help in making this task easy for you and you can some free time to focus on other important things.

Data Storage and Employee Performance

HR professionals deal with huge amounts of data. They need to save data associated with existing as well as ex-employees as it is required at any time. Many apps facilitate them to save the essential data on the clouds as it eliminates the need of having paper copies. It is also very simple to store, organize, and access the data quickly and easily.

Employee performance analysis is one of the key tasks of the HR department. Stored data is essential in monitoring employee performance using key KPIs. There are many software in the market that are developed with the help of technology that can be used to track the performance, identifying areas where improvement is needed, and accordingly provide the training.

This is how using advanced technology in human resources can give you lots of benefits. In 2019, only 6% of recruitment organizations believe they have the best-in-class process and technology. Looking at the pros of adopting the newest technology trends is going to impact the HR industry to progress. How you are seeing this affecting your HR department?