AI is also widely adopted for the ability to eliminate unconscious bias during the hiring process. AI software can be designed to disregard demographic information, such as race, gender, or age, and consider primary, job-related details in order to identify the best candidates.
Fremont, CA: An employee’s journey is no longer what it used to be a few years back. Thanks to technology innovation, every step- from job searching and onboarding to training and upskilling- has been simplified and convenient. Venture firms are showing more interest in investing in human resources. As per HRWin’s Global HR Tech VC report, investments reached $5.33 billion across 238 deals in 2019 – up from the $4.01 billion total invested in 2018. With rising investment interest, the competition in this field is also increasing. Companies are now equipped with various software solutions that promise to help them find top talents as well as turn them into skilled, productive, and highly-engaged employees. As a consequence, HR tech is transforming the way companies used to recruit and manage their workforces.
Let us look at the verticals in which HR Tech has disrupted:
AI Automates Repetitive Processes
Some of the steps in the recruitment process can be tedious and repetitive. AI and machine learning have helped expedite and automate these processes, which ultimately saves time as well as cost. AI is also widely adopted for the ability to eliminate unconscious bias during the hiring process. AI software can be designed to disregard demographic information, such as race, gender, or age, and consider primary, job-related details in order to identify the best candidates. Automating the repetitive steps in the recruitment process allows HR pros to spend more time taking care of more important tasks.
More Focus on the Employee Experience
Employee experience plays a crucial role in retaining employees. Poor employee experience can lead to a high turnover rate. HR pros are now looking for new ways to improve employees’ journey from its very beginning. People are changing jobs more frequently than before. As per the US Bureau of Labor statistics, the average employee now changes jobs every four years. In order to retain top talents, companies are shifting their focus on initiating an employee-oriented approach. Employee experience platforms are built to simplify the chaos by using automated, intelligent technology that can help employees feel better in the workplace.
Workplace Health and Wellness
Tools and applications for emotional and mental health, fitness, stress reduction, and sleep are everywhere. The corporate wellbeing market is worth approximately $48 billion and has become an important focus for companies looking to attract and retain talent.
Companies that are able to provide innovative wellness solutions will be in a better position in the future. It would also improve worker recruitment, retention, as well as enhance workplace productivity.