Introduction to HRTech: A look into the latest trends and technologies

What is HRTech?

HR tech, (human resource technology), is a general term used for software and hardware tools that are used to automate most of the activities carried out by HR departments in organizations. HR technologies, at the moment, are being used to make talent acquisition better, enrich employee skills, mine data, analyze the workforce, evaluate performance, and learn and develop. Besides, they are deployed to enhance general HR operations too. The efforts include leveraging automation technology, data analytics, artificial intelligence (AI), and machine learning (ML) to handle HR processes efficiently, boost employee engagement, and enhance digital transformation and organizational performance.

How is technology utilized in HR?

The role of HR tech cannot be overemphasized in the modern day because it has virtually redefined the way functions of HR are monitored and how programs are carried out – recruitment of workers, on boarding as well as management of HR records and enhancement of employer branding. By using sophisticated tools and platforms, HR teams/leaders can adjust processes and improve performance while establishing maximum benefits for employees. Let’s look into the latest trends and technologies which is going to revolutionize the HR field:

• Artificial Intelligence (AI) and Machine Learning (ML)

Machine learning (ML) is a specialized division of artificial intelligence (AI). However, both of these domains extend beyond simple automation and programming to produce results through intricate data analysis. Their business and other organizations’ digital transformation necessitate coping with the sea of data that is incredibly valuable and more and more heavy to collect, process, and analyze. The organization of data in the vast amount of data produced, mining data to find insights, and acting upon such insights when realized, is a challenge that new tools and methodologies need to meet. Now, with ML, you need not have to watch over every step of each of your projects. It could be defined as the skill of giving machines the ability to learn, thus make predictions or even to improve the algorithms over time. 

• Rise of remote work solutions

HR tech has transformed remote work through the development of solutions for connecting teams, improving communication, and automation of processes. The power of data analytics enables the use of such data to make decisions that will lead to an organization’s success. Furthermore, AI-supported instruments will take care of routine operations thus relieving us of more creative activities and strategies. The pandemic was also a factor that further prompted a culture change which shifted organizations toward being employee friendly. Employers started to extrapolate perks and conduct parties to make the workplace a more fun place for the workers. The new health and safety regulations meant employers had to make provisions to support their workers who were working from home. Remote work has now spread everywhere as compared to less physical touch among other co-workers. The fact that employees convert their physical workplace to virtual, some organizations have sought to better employee experience in such a new setting. Technology decisions have become something they give priority to

• Diversity, equity, inclusion and belonging (DEIB) tech tools

DEIB technology tools are designed for organizations to promote diversity and inclusion in the workplace by providing differential insights, sourcing diversified candidates, eliminating unconscious biases, and automating diversity initiatives. These diversity tools continue to offer them the reporting and analytics capabilities to measure diversity metrics and determine progress over time. They also incorporate D&I to come up with programs for employee engagement, D&I training, D&I for diversity-related laws and regulations, and automated compliance tracking and reporting. This tool aims to strengthen diversity and inclusion within the workforce and also to make sure that the companies follow diversity and inclusion-specific laws and regulations through utilization of the AI, data analytics, and other advanced technologies championing these efforts. The organizations are HR managers, recruitment specialists, hiring managers, and wider HR departments are enthusiastic to cultivate DEIB within the place of the job.

• VR and AR technologies        

The present digital world enables us to generate simulations of various scenarios, whether they are based on real-life situations or not. It offers us the opportunity to obtain information, get prepared, experience assessments, take an interest in collaborative situations, and remain educated. The innovations of Virtual Reality (VR) and Augmented Reality (AR) are utilized to realize a sense of submersion in these encounters. VR and AR are exceptionally special in preparation for workers since they offer a 3D immersive environment where the worker can lock in with genuine life scenarios. These technologies allow trainees to enter the 3D world or superimpose digital information onto the real world which creates the safest and most controlled training environment for the trainees to practice. For instance, in industries like manufacturing, VR can mimic the intricate operation of equipment and machine tasks, allowing workers to improve their skills without risk of breakdowns or damage. This hands-on approach is instrumental in bringing about active participation and increased engagement during learning sessions which in turn results in improved knowledge retention and skill acquisition.

• Blockchain in HR

Blockchain is characterized by the DPOS (Delegated Proof of Stake)consensus system.The validation of the information will be done using voting and the information will be signed digitally by the necessary authorities. The authenticity of the information will be verified by whoever has access to the blockchain at a later time. Through the utilization of blockchain technology, specifically decentralized data storage solutions, HRdepartments can securely and immutably store this information.

 

Why should HR leaders prioritize HR tech? 

HRtech is not just for shredding papers and reducing paperwork;it can also be used for managing the entire employment life cycle. The human resource management systems can no longer be considered self-serving only by HR managers. They are now worth the attention of many organizational managers and even CEOs.In the absence of managerial guidance, the HR department can concentrate on enhancing recruitment methods and managing staff. These trends can encompass various aspects such as employee engagement, retention, and productivity.

Are you familiar with the HR tech trends that you should keep in mind? 

Every year IT modernization trends bring new technologies that have momentum. Few current HR tech trends are as follows:

• Self-service technology – Everyone prefers to download necessary papers to their devices, such as an employee pay slip, a tax form, or a medical document. When you educate employees in using employee self-services, be assured that they will no longer get in touch with HR for assistance. It will give them a chance to manage the administrative tasks.
• Remote work options – The advent of technology has facilitated the workplace’s modality to a mobile way. Remote work is a concept whose evolution is still in progress, but Zoom, Microsoft Teams, Google Meets and other types of teamwork apps have demonstrated that people can indeed work and take a day or two off from work at their home offices.
• Work-life balance – Wellbeing has emerged as an important consideration for many who work full time. The home-based work setup could improve work-life balance, but it also increases additional demands. HR tech has enabled HR, managers, and team members to link up, relate, and address stress-related mental health issues, such as those that may arise from remote working conditions or too much stress at work.
• Global hiring – Globalization continues, employers from countries all over the world hire overseas workers to reduce costs and get an extensive pool of talent. Global employment comes side by side with a variety of compliance headaches, but there are HR tech companies and Employer of Record (EOR) service providers that use software to simplify hiring anywhere in the world as if it were at a local market.

 

UNLEASH: An HR tech partner is available to fulfill all of your HR needs

UNLEASH stands out as a reliable and comprehensive HR tech partner for several reasons:

• Our Expert Guidance: Our HR Tech team has diverse professional experience and profound industry knowledge, enabling them to help HR leaders and companies define the optimal solutions to address their specific requirements.
• Content & Events: UNLEASH provides organization with up-to-date information and knowledge on the latest trends, insights, and best practices in HR Tech through their worldwide digital media platform and events.

UNLEASH: Growing the globally chosen program: Driving HR innovations

With a worldwide reach as a digital media partner and events company, UNLEASH assumes a central part in the advancement and transformation of the HR function on the global scene. UNLEASH facilitates this process via its flagship events, digital platforms, and expert-led content to establish a productive environment where the world of HR professionals can examine, adopt, and utilize the latest trends in HR Tech. Through collaboration with UNLEASH, organizations get more valuable insights, networking opportunities, and of course – best practices that will help them stay competitive and unleash the potential of their internal departments.