Key Tech Advancements That Will Hit the HR Tech Space As businesses become more dynamic and competitive as well as technologically advanced, the need to identify, attract, evaluate, on-board, engage the workforce has become a top priority along with the focus on business outcomes
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As per PwC's HR Technology Survey 2020, 74 per cent respondents see spend for HR tech increasing and 72 per cent have or will have core HR applications in the cloud in 2020. The Survey explores the effectiveness of technology investments from the views of 600 HR and HR information technology (IT) leaders on six continents.
As businesses become more dynamic and competitive as well as technologically advanced, the need to identify, attract, evaluate, on-board, engage the workforce has become a top priority along with the focus on business outcomes.
We all know tech and HR go hand in hand, then so should all HR people.
So, what's the next big thing coming down the line in HR tech space? We have round up the key tech advancements that will hit the HR tech space.
Achieve Outcomation vs Automation
A lot of CEOs, CHROs are saying let us put AI, ML, bots but research says 68 per cent of initiatives don't yield results because we are focusing on automation and not on Outcomation. Technology is transforming traditional HR functions such as hiring and onboarding, learning and development, HR administration, however, Business Outcomation is the purpose. Basically, driving business outcomes through process innovation, lean HR and disruptive technologies.
Increased Data Security
With the rise of cloud HCM solutions and self-service platforms comes to the growing concern for confidentiality, security, integrity, privacy and availability. In 2020, businesses must ensure that their data is never compromised and database is encrypted, quarterly VAPT's (vulnerability assessment and penetration testing) are conducted and they (HR tech vendors) have a defined business continuity plan in place. Adopting cloud HR tech with data hosted on a safe and secure server like Microsoft Azure helps you reduce infrastructure costs while keeping scalability and agility as the prime focus.
A culture of continuous learning aligns the workforce. It reduces attrition and fosters a collaborative work environment. Learning is redefined for the enterprises these days with the inclination towards on-demand micro-learning which can, in turn, leads to employee performance. Multi-lingual learning adds to its effectiveness.
Enhancing Recruitment and Candidate Experiences
As we all know that technology is transforming the entire recruitment lifecycle. Everything's becoming digitized, from the hiring of a candidate to the interview scheduling, assessments and employee onboarding. HR managers have tools that help shape seamless recruitment and candidate experience. One remarkable development seen in HR and recruitment is the emergence of candidate experience platforms.
Greater Tech Integration Capabilities
These days integration capability plays a key role in the HR tech space. As the HR function is becoming more and more automated, system integration has become even more essential. To facilitate an effective combination of capabilities your HR technology should be able to easily integrate with third-party systems. This includes other tools as well within the HR tech space, such as payroll and claims management.
More Focus On Employee Engagement
As per a Gartner report, 20 per cent of organizations will include employee engagement improvement as a shared performance objective. There is a strong correlation between engagement and outcomes. High employee engagement tends to have an improved business outcome, increases EBIDTA margins and customer satisfaction. We believe that tech will play a great role in internal employee and stakeholder engagement through machine learning and predictive analytics.
AI and Robotics Will Take Precedence
According to a Deloitte report, about 42 per cent of the organizations participating in its Global Human Capital Trends survey reported they have fully implemented or made significant progress in adopting cognitive and AI technologies within their workforce. Robotic process automation can be used to automate processes that are repetitive, prone to error and hypercritical. There are 50-60 per cent of HR processes that can be replaced with robotic process automation such as hiring and on-boarding, recruitment, HR administration, analytics and payroll processing. While blockchain will become a disruptor it will be commonly associated with areas like payments and financial market, its effects on HR will be pervasive.