The HRTech market is estimated to be at $400 billion, and it will inevitably evolve in the coming years.
FREMONT, CA: With the rapid technological transformation, businesses are also becoming more progressive, and before long, we will see new developments in the field of HRTech. Armed with disruptive technologies, enterprises will soon be paving the way for a more dynamic workspace.
Here are seven HRTech developments expected to be in trend in 2020:
Businesses will soon adopt RPA as it increases productivity across all industries. Computational intelligence will primarily focus on teamwork and cooperation and enable human intervention through structured data management powered by ML.
The Use of Continuous Performance Feedback
Having continuous performance feedback tool would lead to a more complete and accurate representation of employee performance instead of traditional bi-annual or annual review structure.
Personalized Learning Experience in Workforce
The need for micro-learning in organizations has become essential to improve employee performance. It reduces loss and helps in the adoption of a shared work environment. Learning and development teams need to identify the demands and requirements of each employee and imply that unique knowledge about them to personalize their learning.
The Application of Cloud Storage
With the advancement in cybersecurity and data privacy capabilities in cloud server architectures, enterprises are provided with the highest level of encryption so that the security and confidentiality of their data is always maintained. The integration of hybrid server capabilities will secure the confidential data, leaving no opening for any external user to access this data.
The Evolution of Artificial Intelligence, Deep Learning, and Machine learning
RPA or robotic process automation can substitute for around 50 to 60 per cent of HR processes. It can also automate processes that are monotonous, prone to error and overcritical. Machine learning can also determine a systematic hiring and on-boarding process to facilitate digital workplace and speed up new-hire efficiency. By powering human capital management to obtain intelligent insights, it can help guide through the challenges, alleviate the cost of a bad hire and optimize the return on investment on the resource time and cost spent on hiring.
Implementation of HR Analytics
Implementing a data-driven decision can influence the topline and bottom-line in an agile and dynamic business environment. HR analytics enables HR leaders to make the right decision based on intelligent data, providing them with a real-time view of the HR measurements.
Increase in Employee Participation
Higher employee engagement improves business outcome, increases Ebitda (Earnings before interest, tax, depreciation, and amortization) margins and enhances customer experience all the while aiding in employee retention and protects the organization from any potential loss.