These platforms simplify training, reporting, time tracking, and almost every other HR function. At the same time, HR hiring policies are also undergoing rapid transformation.
Fremont, CA: In these fast-changing times, the role of HR has evolved significantly. In today's world, technology is leveraged to find, develop, engage, and retain talent. This powerful technology has redefined what it means to be an HR professional. This comes at a critical time when workers prefer to be employed in a company that is on point when it comes to the use of technology. Job seekers are attracted to independent work, the gig economy, employee engagement, and the technology-driven employee experience. It is safe to say that technology is no longer just a solution but a strategic partner to HR.
The global market for HR technology is massive, with a reported valuation of USD 400 billion. In 2018-19 alone, over USD 2 billion has been poured into the market in the form of venture capital and private equity investment. Despite figures soaring higher every year, reports suggest that 45 percent of companies are still focused on developing underlying infrastructure instead of developing innovative HR technologies. This puts the company and the workforce at a disadvantage, not just with its competitors, but also with the entire business world.
Self-service tools are evolving, and data is driving the change towards the self-serviced employee. These platforms simplify training, reporting, time tracking, and almost every other HR function. At the sam
e time, HR hiring policies are also undergoing rapid transformation. HR professionals are using more technology to recruit candidates to fulfill their needs. The growth of the gig economy has led to more emphasis on developing talent and teams to meet the outlined business goals.
One of the most powerful tools at the HR's disposal, social media, is now being used by multiple organizations to recruit new and better talent. Social media's ability to share video job ads is almost unparalleled. It can also be used to strengthen employee engagement. Social media is used by the common people to share their stories, and this is one of the most powerful ways to use this platform. Companies can leverage this to tell their stories of success, in the form of pictures, videos, and blogs. On the whole, social media enables companies to keep up with industry news and trends.
Mobile applications have become an essential part of everyday life, and it comes as no surprise that HR has taken up this as a tool as well. Creating apps that assist essential HR functions is taking place at a rapid pace as more and more companies are looking for HR applications that offer some form of mobile interface. This is the case not just for HR, but employees as well.
Big Data is inevitable for HR as a considerable amount of HR technology has a significant role at the core of its functions. Data plays a vital role in helping HR to understand its employees. Big data provides a real-world view of the workforce, and through analysis, it can offer you insight on trends. Data is used in a variety of HR functions like recruitment and talent acquisition, employee engagement, compliance, and strategic workforce planning.
HR professionals are often caught up between daily responsibilities and special projects. On average, HR professionals spend at least 1/3 of their time in meetings. Amidst all these, much of the work becomes time-consuming and redundant. This detracts them from their ability to perform strategic tasks on high priority projects or problems.
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