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The Future of HR Technology

Hiring can be a tricky and challenging task nowadays. Just imagine, a corporate job post receives on average 250 resumes, and all of them are to be reviewed by HR professionals. However, sorting through the noise and finding the best person for the job can be time-consuming and rather daunting. That’s why innovative recruiting solutions and technologies are vital for your HR department to be more efficient and productive (HR Technology to the rescue!).

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Must-have HR technologies driving the future of HR

What exactly are the technologies your organization should use to reach the stated objectives? Here’s an overview of a few must-for your HR department.

Prescriptive and predictive analytics

According to Gallup, the high employee turnover costs the American economy $30.5 billion annually. The right decision making, prescriptive and predictive analytics can reduce the expenses. When it comes to employees, HR has tons of information to revise, gather, track, and analyze: recruitment, salary, onboarding, performance, training, and so on. As a rule, all that data is collected and stored in disparate repositories in a variety of formats that makes it harder to process the information accurately and efficiently.

The integration of the latest analytics programs will improve the management of the employees and predict when an employee is about to quit. Such insights can help your HR professionals pinpoint the main reasons why an employee is seeking other opportunities and make the right decisions that will impact on employee retention, increase worker engagement, and attain better business results.

Artificial Intelligence (AI) and Natural Language Processing (NLP)

AI technologies are already mainstream in the HR industry. In its turn, NLP is widely used for automated chatbots. Highly advanced chatbots have already proved their effectiveness. They can automate a lot of repetitive and internal tasks, communications, training, onboarding, and other jobs typically performed by HR workers. NLP can be applied also for a semantic network. For example, a semantic algorithm can be one of the filters built into a customizable system for HR-related needs. A semantic algorithm can set clear job requirements and filter out CVs that do not match when importing. It extracts skills, technologies, years of experience from CVs and adds this information to the profiles of each specialist in the database.  If NLP and AI solutions are implemented properly, they can:

  • Provide efficient recruitment experiences;
  • Reduce administrative burdens;
  • Increase employee self-service options;
  • Improve employee onboarding.

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Virtual Reality (VR)

VR is a booming technology that is reshaping the future of work within HR software. The implementation of VR into HR has a lot of advantages. Yet, the biggest opportunities cover the following areas:

  • The solution can provide the candidates with a better sense of what it’s like to work for your company, understand your organization’s culture, etc.
  • VR can create a rich onboarding experience by providing information in an immersive environment through video content, images and stimulating real-life scenarios.
  • The technology can enrich employee training for both in-office workers and remote employees.
  • Employee engagement. Because of the rise of the gig economy and mobility, VR can be helpful in the engagement of remote teams.

Leverage the cloud for efficiency and agility

Since the gig economy has become mainstream, cloud technology is a must-have in 2020. The integration of cloud technology provides HR teams with a range of opportunities. First and foremost, HR can easily access the software capabilities to do a lot of tasks remotely.  Not only does it help HRs meet operational demands and business needs, but they also can drive efficiency and productivity at a higher level. What’s more, the integration of technology can result in:

  • Cost reduction;
  • Speed of updates;
  • Less downtime, etc.

Blockchain Technology

Blockchain has considerable potential in various fields. If implemented successfully, it can improve data integrity and streamline payroll for your company. Not only can workers and hires of your organization have full control over the data sent, but they also make sure that sensitive records are prevented from being hacked. In addition to that, Blockchain assures the following:

  • The total safety and security of all the information without a need to rely on third parties;
  • Reduced payroll delays;
  • Accurate historical data, and other advantages.

Mobile-friendly experiences

Mobile usage has already surpassed desktop usage. Since your employees communicate via smartphones or other gadgets, mobile is critical in maximizing efficiency for self-service and providing a better employee experience. Thus, implementing mobile HR apps or mobile-enabled solutions is a must for the HR team to be more flexible across locations and devices.

Bottom line

The digital revolution has changed how HR teams perform everyday tasks. That’s why the future of HR requires new technologies to be implemented. Not only will it help to meet the demands and provide both organizations and employees with seamless experience, but it will also keep a business flowing. In this article, we have overlooked 6 trends that have an impact on the future of HR technology.

Each solution allows human resources professionals to stay relevant and become extremely efficient. Reduced turnover costs, enhanced employee experience, improved worker engagement, increased efficiency and agility of the company are just a few advantages to get. As you see, the adoption of advanced solutions is worth investments to drive growth and achieve success.

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