Know about the trending HR tech and how it can help businesses grow.
Human Resource Management System has seen an extraordinary transformation in the past couple of years. Technology in HR and Payroll has made remarkable progress and continues to surge ahead with new HRMS trends. Further, the pandemic has contributed to the increased need for technology and automation to manage the workforce with more efficiency. There is a paradigm shift in business priorities owing to the current situation, and companies are mainly leaning back on technology to ensure business continuity. However, with the rise in demand comes a blitz of new tech products that blurs our decision-making process. Sieving the array of options to find the right technology that suits the business requirement becomes tricky.
What do we mean by HR Tech
Technologies used to simplify and streamline human resource operations and improve the various functioning of HR is considered as HR Tech. From talent acquisition to employee management, payroll, leave, and attendance, everything in between HR departments use multiple technologies to perform the HR chores. Today, there are specific technologies available in the market for all the vital HR responsibilities like onboarding, employee engagement, collaboration, and communication, etc.
Emerging HR Tech trends in 2020
Migration to Cloud
The data management system has transformed into a more secure and hassle-free technology. With the increasing importance of data in the decision-making process, it has become integral to any company to create safe and accessible storage of essential data. Centralizing the data storage and creating one single place for data access also helps organizations to create transparency. As the demand to collect, store, and track an enormous amount of data increases, more and more companies are migrating from manual or on-premise software to cloud-based HR solutions.
Listening Tool
While we stress that HR is all about bonding, and nurturing employee and employer relationship, individually attending to each employee in the organization becomes overwhelming for the HR. Hi-tech listening tools do a great job of collecting employee feedback effortlessly and in no time. Such tools empower the employees to voice their responses and ideas in real-time with extreme confidentiality. Chatbots, surveys, and social feeds boost employee engagement and bring in transparency in the system. The employee feedback on various policies help the organization progress and take necessary actions towards improvement.
AI for recruitment initiative
Smart technology came into the scenario to eliminate human efforts on standard tasks and suggest specific complex tasks to make the operations easier. Yes, we are referring to Artificial Intelligence (AI) and Machine Learning (ML). The application tracking system is one of the vital and strenuous tasks in the recruitment process. This is made effortless and straightforward with the use of Artificial Intelligence. Technology has reversed the age-old flow of the recruitment process. From employees browsing through the requirements and applying for the job, employers today directly contact the candidates registered through apps and find the best fitment. The simple plug-in feature helps the HR team scan through the large pool of applications and shortlist the most relevant ones based on the requirement. AI has remarkably simplified the recruitment process and made it more efficient and tailor-made.
Virtual onboarding
Technology has taken over the manual HR chores of onboarding and offers a seamless experience to the new onboards by digitizing the entire process. With evolving technology, companies are opting for paperless onboarding that prevents both the employer and the employee from piles of documentation and manual paperwork. Employees can self-onboard themselves with minimum or no HR intervention. Digital documentation not only makes the process error-free and efficient, but periodical updates of employee information like KYC, address change it becomes easy and quick.
Employee communication and collaboration
In this remote working situation, companies must ensure that individuals and teams collaborate and work together seamlessly across locations to achieve common goals. Organizations are embracing new technologies to facilitate collaboration and improve productivity. Collaboration tool helps eliminate bottlenecks by ensuring that employees get the right information at the right time to execute various business processes. Mobile-friendly interfaces for collaboration and communication allow employees to connect, access, and share ideas and information on the go to prevent delays. Hence, automating the employee communication system is finding a unique place in the priority list of most of the companies in current times.
Employee Recognition
Employee recognition has an immense impact on employee engagement, and it directly affects productivity. Employees engage more when they realize that the organization recognizes their contribution. To increase employee engagement, companies should move beyond annual appraisals and have a real-time recognition system. An appreciation post by a peer or manager on an organizational platform provides visibility to other teams about the work and gives a tremendous morale boost to perform better. Employers must embrace emerging technologies to enable employees to engage with a one-click rewards and recognition system. This software makes it effortless to celebrate small day-to-day achievements and motivate each other to perform better.
Enhancing the human touch while embracing evolved technology.
It is time to break the myth that technology takes away the human element from the Human Resource Management System and makes it a mechanical transaction. On the contrary, using technology to execute the recurring HR activities frees the HR department a lot of time to involve employees. This personalized services that the tools offer streamlines the HR processes and offer a better employee experience. The most significant advantage of HR technology is that it helps bridge the communication gap across the organization and seamlessly connects professionals and helps build a healthy environment.
With more options comes a lot of confusion. There are many HR Technologies available in the market that makes it difficult for companies to decide which tool to opt for. But the thumb rule to choose the one that would suit you best is to know your requirement well. HR impacts almost all aspects of the business, and hence it must use the right technology that enhances its performance and boost productivity.
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