We are in the era of digital revolution where technology is playing a differentiated role in our business, career and personal life. The important department of any business is human resources (HR) and its development prompts easy management of people and thereby business development. Traditional management approach will no longer address the new challenges and complexities. HR department must accommodate to the modern business scenario to keep the employee lifecycle moving.
While technology is inducing HR transformation, simplifying the complex HR processes, and improving employee experiences, it is becoming a mandate to adopt HR technologies for organizations irrespective of their size to gain competitive advantage. Advanced technologies must get actualized in HR functional aspects like candidate experience, hiring processes, employee engagement, operational efficiency, learning and development opportunities, and career development, and the list add-ons further.
Here is an introduction to some of the popular hr tech trends that act as the key differentiators for innovative businesses.
Analytics in HR
Analytics in HR plays a key role in talent acquisition, talent retention, and attrition management. There is a myriad of use cases for analytics in HR.
Analytics helps to create a model and predict career progression and trajectory of a professional. Based on the experience, industry expertise, education, professional skills, and achievement, HR professionals can match their available positions at every level of competence.
Analytics can also be applied to develop an understanding of employees, plan impactful training programs, have more insights, determine training effectiveness, and internalization. Further, sophisticated algorithms determine the likelihood of high-value employees leaving the organization. This data will help in attrition management by initiating a set of proven actions. Likewise, algorithms can be used to refine the predictions of retirement, manage the retirement cycle, and ensure that roles have a successor in place.
Artificial Intelligence (AI) in HR
It helps the HR team to look for novel ways to motivate and engage employees.
AI in HR can be used for various purposes including screening and recruiting process, online and offline training recommendations as per employees’ preferences, approving employee benefits, managing leaves, initiating retirements, resolving queries, detecting anomalies, detecting patterns of withdrawal of employees from the business process, reviewing performance, exit metrics, and absenteeism.
Many organizations have moved to a cloud-enabled HR operating model. Cloud technology enables employee segmentation and drives scalable processes. Employees can raise a ticket regarding their concerns like career advice, career coaching, and others. HRs can promote a learning culture and provide employees with tools to get ahead of their careers.
With cloud, the HR team can refine their processes. A few of the efforts include embedment of workday into induction schedules during onboarding processes, feature workday in learning and development programs, roll out reporting and analytics to top management and business leaders, conduct mid-year and year-end performance reviews, and many more.
Virtual Reality in HR
Virtual reality enables the human resource department to create innovative and engaging learning and development programs to meet business needs. It also helps to attract potential candidates to join the firm as it creates an immersive and engaging experience of the organization before joining.
Ensuring employees that there are more good days to work help in improving retention rates and reduce attrition rates. It also increases the brand reputation across people like partners, investors, clients, and customers.
Chief Human Resource Officers (CHROs) play a key role in bringing technology into core HR functionalities and business expansion.
The demographics of the workforce are changing toward a new generation who know technology from birth. Their needs in the workplace are evolving. The new workforce seeks empathy and emotional intelligence.
Technology is a way forward to address the concerns of the evolving workforce.