While the first part of the HR Tech blog briefed us about the history and the developing phase of HR Tech, here is the second part giving you an overview of the latest trends and future aspects of HR Tech.
The best HR technology solutions help to deal with different activities like recruitment, payroll and compensation, monitoring candidates, learning and growth, talent management and more. Being able to manage these areas successfully translates into other advantages for the organization, such as improving corporate processes and enhancing employee interactions to make them more active and dedicated.
Let’s go through some of those patterns that influence the HR Tech area.
1. Empowering big data in the organization
It is difficult for every organization to ensure compliance and avoid risk for each of its function and task at the same time. Technology, however, has transformed the monotony through HR platforms by digitizing human resource information needs. One such technical phenomenon is big data, which helps HR professionals understand their customers, sell to target customer groups, and interact with prospective clients. Big data helps to gain deep insights when combined with other technologies, which enables HR professionals to make decisions driven by the gained knowledge.
Big data provides HR managers with a fact-based view of the current workforce, helping them to identify the emerging trends. Moreover, analytics has proved helpful for recruiters to assess potential employees and let you make better risk management decisions.
2. Artificial Intelligence (AI) equipped chatbots
The latest HR trend garnering eyeballs is chatbots. It does not mean that the bot powers the entire recruiting process, but it does help to greatly speed up the screening of the candidate. One convincing benefit of bots is that it reduces idle time by helping recruiters respond far more quickly to the candidate’s application, which provides a seamless experience for everyone involved.
What is more interesting is that chatbots can operate in combination with increased frameworks for analytics and automation to handle interactions even more effectively. Ask the right question, run meetings seamlessly, take the candidate further in the process-customizing the entire process to ensure comfort for the candidate.
3. Cloud-based HR platform
The next major change on the anvil is a cloud-based HR platform trend that is scalable and ideal for fast-growing organizations where teams are globally distributed. It allows the HR personnel to use real-time data for work. Using all-inclusive HR platforms in the cloud will effectively help to manage all resources. Thus, all the core managerial aspects can be remotely integrated, whether it is payroll, time management, benefits, or the onboarding process itself.
HR departments used to rely on legacy HR software for completing tasks and/or storing information. Yet several HR executives are showing interest in cloud-based systems these days, a manifestation that marks the transition from “recording systems” to “engagement systems.” The change will make software easier to understand and use, while also encouraging workers to make use of the systems. Most HR employees will possibly receive additional time to complete administrative tasks as this happens.
4. Mobile recruitment – a new avenue
Mobile recruitment provides the most convenient way to connect with people and opportunities over mobile devices. Nowadays, people search and apply for jobs on their smartphones. This makes providing an outstanding mobile experience for job seekers all the more relevant.
No doubt that the smartphone dominates the HR landscape. As employees pursue access to applications via mobile devices through various operations, businesses are considering implementing HR systems more important. Delivering this kind of functionality ensures companies accept HR applications along with the mobilization process and the interface that the employees are looking for. Therefore, the trend of application development that streamlines the basic HR functionality continues to evolve. Today, mobile apps have become essential to every application that a company develops.
5. Data security plays a major role
Manual handling of paperwork has been replaced with online data work. Apart from the environmental concern, it signifies to make the process more robust to secure sensitive employee data. Such care can be taken by moving data to the cloud, implementing HR self-service platforms for employees, and improving data protection laws, among others. All of it implies that data security is of the utmost importance.
One other technology worth mentioning here is blockchain. Blockchain transactions may have a virtual impact over anything, whether it is data from individuals, financial records, or history of work. Blockchain would have a huge effect on data-driven cybersecurity, in addition to other technologies.
While the HR Tech market may appear bloated and overloaded with all types of applications, there is still scope for development and potential for new concepts to come true.
To investigate employee engagement and productivity, Slack decided to evaluate itself on various terms. After surveying 1,400 US employees, it concluded, “Though 76% wish to see more prompt communication software in the future, 31% of them are still fine working with the present communication tools.”
All projections for the further growth of this industry are inclined to say it will stabilize and grow further, predominantly due to increased acceptance in Small or Midsize Business (SMB) and middle-markets, where consumers are continuously becoming more selective and looking for sophisticated solutions. HR applications and platforms, on the other hand, would also specialize in niches identified by features such as geography, business segment, industry-focus, work or capability type, or some combination of these.
HR Tech will undoubtedly be the target of customers and business owners as it seamlessly fills the distance between human resources and technology, making it one of the corporate companies’ most powerful tools.