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The Latest Technology Trends in the HR Industry
The focus of internal HR and company culture has shifted drastically over the last few years. The market now demands new technology to modernize today’s workplace. Your business has the opportunity to be on the forefront of innovation by adopting technology that will revolutionize today’s workplace.
Implementing the latest technology is so important that many employees decide whether to join or stay at a company depending on its technological sophistication. According to this report from the Harvard Business Review, 51% of survey respondents said outdated or inadequate office technology impedes their organization’s ability to retain employees with high-value skills and experience, and 58% say the state of a company’s technology factors into decisions by job candidates about where they want to work.
So where do you go from here? Let’s break down the basics of the latest HR technology trends that recruiters, hiring managers, and other HR professionals should keep in mind.
HR software options for internal company procedures combine a number of systems and processes for easy management of everyday business tasks. Lower level choices include Human Resource Information Systems (HRIS), which enable users to more efficiently automate administrative processes and manage people, policies, procedures, and tasks such as payroll and compliance.
Higher level options often involve more extensive, cloud-based HR Management Systems (HRMS) that incorporate everything an HRIS offers, plus a streamlined, automated process for workflow, Time & Labor Management (TLM), artificial intelligence and data-driven analytics.
Two other important software options to consider include Applicant Tracking Systems (ATS) and Candidate Relationship Management (CRM) Systems to automate and improve relationships with potential job applicants. An ATS system is a software application that enables recruiters to automate and streamline their hiring and onboarding procedures. The primary role of an ATS is to provide a central repository for submitted data and to allow seamless collaboration between recruiters, applicants, and clients, as well as internal and external job boards.
Most ATS systems integrate with job boards and allow recruiters to effortlessly acquire resumes from candidates seeking positions. Recruiters can track job postings, engage with candidates, maintain compliance, collaborate on team decisions, search their repository of applicants, and so much more.
CRM systems are complementary to ATS systems because they actively market to job-seekers, nurture relationships, and create a talent pool of qualified active and passive candidates. CRM technology automates the attraction of talent, as well as organizes, communicates and manages the process for potential new hires. CRM systems gather data from many different sources including technological tools like e-mail and chat groups as well as searching marketing materials and social media sites to learn about the target market. This gives businesses an upper hand in marketing because they are able to effectively analyze where to find top talent and are more knowledgeable on how to meet the needs of potential new-hires.
ATS and CRM systems are complementary tools and are both an absolute requirement in today’s technology-driven marketplace to improve business relationships. In order to recruit top talent, it is crucial to utilize the full scope of available tools to streamline process automation, cut costs, and remain competitive.
It is becoming clear in today’s market that HR departments must choose from the many evolving, user-friendly systems that make jobs easier and more enjoyable. Artificial intelligence (AI) and machine learning are the hot new buzzwords in the HR community, and the advances in AI tech are exploding. So, how does it apply to the HR field?
In terms of recruiting, AI tools can filter through your talent pool and uncover ideal candidates with appropriate skill levels, culture fit, and a high likelihood of job acceptance before or after an application has been submitted to your organization. Chatbots can build relationships with candidates and lead to a greater chance of offer acceptance, while automated data analytics tools predict and track hiring outcomes.
Internal HR is benefiting as well. Artificial Intelligence empowers leadership to plan a more personalized approach to managing and evaluating each individual’s specific needs, rather than focusing on the department as a whole. Leadership can now provide real-time feedback when problems arise, predict trends and measure performance, and develop employee engagement plans with the help of AI.
Blockchain is another technology poised to disrupt the HR world. A blockchain is a list of records similar to a ledger, with each transaction stored in a block of data and secured by cryptography. What’s interesting about this technology is how it stores data in a peer-to-peer network, contains verifiable records, and is incredibly difficult to edit or hack.
This technology’s strong security and the ability for two or more parties to simultaneously record verifiable data makes it an excellent option for securing many transactional HR processes (i.e. records management, identity management, payroll, legal documentation, etc.). Blockchain has the power to overhaul any type of transaction process that needs verification, and virtually eliminates intermediary sources such as lawyers, banks, or other sources needed for data verification.
Embrace the change
Businesses that adopt the newest tools in HR technology attract and keep high-quality talent. Employees are more autonomous, more aware of real-time feedback, and less bogged down with administrative work. The latest technology trends simply remove the stumbling blocks and make each day’s workload a little bit easier and a little bit safer. Stay up-to-date in today’s modern environment. Embrace the change!
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