Talent has become a noteworthy concern for organizations trying to navigate the changing industry landscape. Companies compete to attract better talents and maintain the best employees with increasing skill gaps in an increasingly competitive labor market. The HR industry is searching for technology as a savior to fix this situation. It is therefore not very surprising that HR Technology is experiencing the worst periods in this decade. There is a huge global market. The industry is estimated at $400 billion, according to Times of India. Alone for $2 billion, risk capital and private equity investments have been invested into the market in the last two years. These numbers will continue to increase in 2019.
Data towards self-serving staff are driving this revolution. These platforms make it easier to learn, report, monitor time, and virtually all other HR operations—talent procurement changes. HR professionals are recruiting candidates to meet their needs with new technology. The gig economy is expanding, and talent teams are being developed to fulfill the outlined business objectives.
Social media is now one of HR's most powerful tools. Many companies use it to recruit new and more talented individuals. There is almost no comparison of how to share video job ads, for instance. Others use it to enhance employee involvement. Firms can use this technology to share success with them through photos, blogs, and videos. Social media also gives businesses a better chance of keeping up with the news and trends of the HR industry. Mobile is yet another booster to the HR field, particularly learning, recruitment, and corporate communication. The way to build a high-performance organization is to learn mobile in bite format modules.
Big data can't be taken away by HR. It makes sense to emphasize and use Big Data as the core function of a considerable number of HR techniques. Big data supports HR with its employees' understanding. It offers an in-depth view of the workplace and can give insight into trends through analysis. The fields of AI, predictive analytics and decision-making in the areas of hiring and selection will also continue to evolute in the areas of human resources.
As HR continues to implement these solutions, the HR function is expected to become more intelligent and dependent on an alliance between the HR professionals and the technology used for completing work.
Check out: Top HR Technology Companies in APAC