In the ever-changing HR landscape, companies across various sectors are continually dealing with workforce dynamics, tight competition, and game-changing technological advancements. With the intensifying competition among businesses, the need for managing, training & growing the workforce to stay afloat in the business world has become a top priority.
As per Kevin Simon, “the new age work order must be about connecting employees with technology-savvy”. While antique HR platforms were limited to operations such as professional development, recruitment, etc. in 2019 & beyond, the HR tech will go beyond the base functionalities to help organizations to eliminate the need for human involvement and integrate automation.
So, what exactly is the HR tech?
In layman terms, HR tech is a platform consisting of software products that focus on the various aspects of a business. This platform can either be employed to perform a specific task or cover all the elements in HR operations. Lately, there has been massive innovation in the HR platforms. The new & cost-effective trends have replaced the traditional platforms and have become a boom to companies irrespective of their sizes.
Some of the HR tech innovations capable of bringing about a change in the HR sector include:
- Augmented analytics
Organizations often collect a huge amount of data but struggle to obtain actionable insights into the data. Augmented analytics, a newbie in the smart software, is an effective framework that automates data insights through machine learning and natural language processing framework. The augmented analytics can smoothly go through the collected data, clean it, analyze it and transform into actionable insights without the need for continuous monitoring. It is considered to be the most efficient platform for bridging the gap between the collected data and tangible results.
- Natural language processing
NLP (natural language processing), a branch of artificial intelligence has the ability to understand human speech and language. It can be applied to either human voice or written text. This platform is designed to automate recurring communication while retaining the humanization. Natural language processing can be used in the chatbox to automate communication with candidates, screen resumes & cover letters, analyze speech patterns, ask questions pertaining to candidate’s work experience, and also schedule an interview with the recruiter.
- Artificial intelligence
A major trend in the industry is the Artificial Intelligence (AI). As per statistics, about 67% of the hiring managers and recruiters have been benefited from this software. This technology influences job description and redefines the functioning of the HR & talent management team. AI speeds up the resume sorting and filtering process, helping the HR team to scan the talents in the least amount of time. Another advantage of artificial intelligence is it analytically evaluates the candidates and provides error-free reports. It also eliminates gender, ethnicity discrimination and offers a data-driven screening process.
Robotics continues to grow and evolve in terms of capacity and diversity. According to Josh Bersin, “the demand for robotics or robot automated process is increasing as the organizations are seeking to drive support scalability, HR delivery model efficiency while reducing the cost”. In the HR sector, robots fuel the communication process and improve productivity. Some of the administrative operations performed by robots include data upload, gathering documents, developing employee records, hiring, regular alerts, etc.
- Visual storytelling
Storytelling as a hiring strategy is the most underutilized approach. With fierce business competition and urge to win talents, organizations are moving towards visual storytelling techniques and are capturing the interest of their candidates. According to a report by Glassdoor, job postings with interactive elements are viewed 15% more than those with such elements. With visually appealing Gen Y entering the workforce, organizations are opting to include videos, gifs, images, etc. into their job posting.
Blockchain is considered to be the most secure form of distributer ledger technologies. It is known as ledger mainly because it keeps track of transactions between the people in a network. This platform improves the recruitment process by quick proof of educational and work verification. It determines who has worked on a specific project and their role in it. Blockchain also enables the candidates to compare the potential hires’ and assess the benefits offered by them, transparency, etc. On the other hand, it allows employers to verify the accreditation of the hires’, record the education skills, training, and performance of the employees.
If you haven’t reviewed and updated your HR platforms, you are not doing good enough for your business. Employ sophisticated platforms, improve employee productivity and drive the growth of your business.