hrtechoutlook

How Technology Will Help HR Industry?

By HR Tech Outlook | Tuesday, August 13, 2019

 

HR's future carries a mixture of tech with human capacity, and it's time for HR officials to adapt to this change to make the workplace more productive and profitable.

FREMONT, CA: A study on the Future of Workforce stated that the HR function was the most sensitive sector to be replaced by automation. If one were to look at the technology's historical effect, the statement would feel separated from reality.

What technology has historically done in the immediate future over function-replacing labor-intensive employment to generate new types of jobs, in the long run, is set to do the same for the HR department as well. The HR Federation's 2019 HCM Trends report states that global venture capital for HR technology reached $3.1 billion in 2018, more than tripled the amount invested in 2017.

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Technology in HR Operations

The HR sector, powered by the new wave of techniques such as Automation, Digitization, Machine Learning, and Artificial Intelligence, has created valid and data-driven operational solutions with predictable ROIs, an indication of the graduation of HR's position from an administrative and enforcement department to important decision-makers and influence makers.

Some of the biggest trends to emerge are:

• Process Automation: With Robotic Process Automation, laborious duties such as worker onboarding have been converted so that repetitive jobs such as record creation, paperwork and the addition of staff in payroll systems can be made faster and easier.

• Learning and Development: Training programs for employees have become digital and are tailored to individual requirements. To guarantee involvement, these programs use interactive AI and AR/VR solutions and gamified L&D systems. Their efficacy can now also be measured against clear ROIs and objectives.

• HR Analytics: HR analytics can be used to make data-driven choices about promotions, compensation, training, retention of employees and agile cross-functional team staffing. Analysis of sentiment based on information produced by hundreds of interactions between executives and staff is also not unheard of in today's moment.

• Talent Management: Companies make way for the vibrant target environment, periodic performance check-ins and crowd-sourced feedback with HR Tech. This type of commitment, which is supported by data analytics, makes staff feel more involved and helps to maintain them.

• Recruitment: A few clicks with smart AI systems can be accomplished by predicting workforce demand and attrition, looking for the correct candidate, primary screening and interviews.

• Background Verification: Information digitization combined with the recent techniques such as Artificial Intelligence, Machine Learning, Elastic and Deep Search etc. has opened up fresh opportunities for background verification. Technology has made it possible to create proprietary databases and reliable search engines to scrape millions of data points to produce accurate outcomes. Most importantly, technology has enabled us to provide our customers with better data security and compliance, two critical pillars of achievement for any company.

Technology is Learning to be Humane

HR departments have traditionally worked on human judgment to understand staff and their feelings, motivations, behaviors and complexities. While automation for operational duties began a long time ago, Artificial Intelligence and Machine Learning's new-age technology is now prepared to allow the HR department to draw data-driven conclusions about the vagueness of human feelings and psychology as well. This technology changes the HR world's ecosystem and makes it work unimaginably a decade ago. Whether its direct training and development roles, payroll management, onboarding, employee engagement, or outsourced services such as staff background check, HRMS, etc., technology has empowered the HR domain as never before.

Future of HR Technology

It is estimated that the global human resource management (HRM) industry will reach $30 billion by 2025. The McKinsey Institute estimates that somewhere between $7 and $13 trillion will be the worldwide financial effect of AI at the same moment. The HR role will be able to move beyond the mundane to generate business efficiency with timely investment and proper tech education. The future's effective HR rulers will have a place at the high table that they can use to engage in a dialogue on the future of job that is not supposed to be linear but will adapt to the new generation's excellent requirements to expand across sectors, verticals and departments.

Technology changes the way HR departments contact staff, store files, and analyze the performance of employees. Technology is well used to make HR practices more effective. It may get in the way of managing the human resources of the company when used poorly. Good HR practices maximize advantages and minimize issues.

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