With the emergence of groundbreaking HR solutions, we are witnessing a technological boom that could potentially change the landscape—and how we think about it. In the past few years, there’s been a marked change in the HR function’s role.
The Future of HR Will be Driven by New Technology
According to the 2019 HCM Trends report, global HR technology venture capital exceeded $3 billion in 2018. This was three times more than the amount in 2017. Technologies that took center stage in the report were artificial intelligence (AI) and automation technologies.
Commenting on the report, CEO of CareerBuilder Irina Novoselsky exclaimed that AI and ML were key technologies in the HR sector because they unlocked new opportunities for the field. She further added that the people at her company strongly believe that AI will become an integral part of an HR manager’s job within the next five years.
In fact, CareerBuilder has already developed an AI technology that can create a CV in less than a minute. Additionally, it can inform an organization about candidates who match the criteria for an open position and whom amongst them are likely to respond.
With the use of social media platforms like LinkedIn for recruitment on the rise, technology is already playing a key role in the HR sector. Now, emerging technologies, such as AI, automation, and IoT, are taking HR a step further. Following are 4 ways these technologies are helping revolutionize the HR sector.
1. An Improved Recruitment Process
The primary job responsibility for most HR professionals is recruiting the right people for a company. In the past, required recruiters would place an ad in a newspaper or on internet job boards to find the best available talent. However, this has changed in the past few years with the emergence of HR technology that is automating many of the tasks on the recruitment and hiring process.
Instead of placing an ad in a newspaper or on internet job boards, recruiters can make use of social media assisting and digital message boards to publish and share job postings. Additionally, they can use technology to search through resumes by simply accessing keywords that match the job requirements or posting.
In addition to the above, ML technology allows recruiters to precisely target suitable candidates for an open position with personalized ads and job postings. This is because ML can analyze data from multiple sources to more effectively match the interest of people with a potential job fit. This emerging HR technology can benefit not only recruiters but potential employees as well.
2. Ease of Information and Communication
The advancement of cloud-based Human Resource Management Systems (HRMS) is one of the most significant recent technology developments in the HR space. The HRMS is a key technology in the HR sector because it can digitize many of the HR activities and processes. This makes it possible for the HR people in an organization to offer their services from anywhere and at any time.
Using their computer or smartphone, employees can easily look up any of their payroll information or benefits and get their questions answered via the interactive platform. The cloud-based HRMS technology can benefit both HR managers and employees.
The technology enhances the efficiency of HR by reducing the time spent on repetitive tasks while allowing HR managers to focus on larger, more meaningful projects. Additionally, it makes information sharing easier for people within the HR department by having a centralized location for the exchange of information; this helps in reducing the redundant correspondence and saving time and energy.
3. Analytics-Driven Performance Management
For long, performance management has been a key function of HR. Traditionally, the process is driven largely by HR professionals who monitor employee performance, gather feedback from supervisors/line managers, and facilitate regular employee reviews. Until recently, technology was used in performance management to streamline the process and eliminate several redundant steps. However, we are now entering a new phase in performance management where data gathered and analyzed with the help of technology drives the process.
According to Doug Dennerline, the CEO of Betterworks, the rapid and widespread adoption of analytics for measuring the performance of employees will take HR to a new level of data competency in 2019. Dennerline believes that this new trend in HR will make it easier for executives and HR managers to make decisions about the workforce. According to him, HR teams can improve the performance management process for themselves and other executives by using analytical methods on sentiment data collected from the many interactions between managers and their subordinates.
With the above analysis, HR can identify opportunities for coaching while making it possible for managers and employees to benchmark their performance.
Perhaps, the biggest change in HR in recent years has been the increased automation of key HR processes such as time clocks and payroll. The automation of these tasks means that HR people have more time on their hand for new challenges and creatively demanding tasks such as creating employee appreciation programs and writing compelling job postings. In many ways, automation is a game-changer in the HR sector. With improvements expected in the coming years, we can already see automation playing a big role in transforming the HR field. These are some of the ways in which technology is changing the HR landscape. To know other ways in which technology is transforming HR, keep following us!
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