While some companies maintain a traditional approach to HR, forward-thinking enterprises are leveraging technology to gain a competitive edge.
IF YOUR HR STRATEGY IS FLOUNDERING IN THE DARK AGES, THE FOLLOWING TECH TRENDS WILL HELP YOU RETHINK THE STATUS QUO.
HR technology is booming, especially in the form of software as a service. From payroll and benefits to recruiting, training and analytics, SaaS offers a wide array of options that deliver versatile solutions for a company’s individual pain point.
A growing number of HR software vendors are offering cloud-based solutions that provide faster updates, increased innovation, more flexibility and decreased costs.
Big data and advanced analytics are paving the way for greater integration between individual branches within a company. This is leading to more seamless interactions and greater inclusion. For instance, the Affordable Care Act has turned annual enrollment events into monthly reporting and tracking, requiring the attention of – not only HR – but finance, legal and IT departments.
Talent Management Software:
HR departments have always struggled to find and maintain top talent. Talent management technology is making it easier for administrators to target new demographics and locate new candidates, while also assisting with learning and development.
Standardization of Data:
As HR departments continue leveraging data analytics, they are recognizing the need for standardization across multiple departments, so all relevant parties are able to understand and take action based on key numbers and trends.
Better Analytic Tools:
A sea of data means nothing if it can’t be analyzed to spot trends that deliver actionable insights. To acquire a competitive edge, companies need to be able to organize and evaluate data to optimize recruitment strategies, operational efficiencies and compensation incentives.
Increased Focus on Millennials:
By 2020, millennials are expected to account for 50 % of the global workforce. Forward-thinking companies are preparing for this inevitability by streamlining their HR departments, so they can recruit and attract the best new talent.
Modern businesses have become increasingly aware of weak employee engagement. According to a study from the Harvard Business Review, 71 percent of business executives rank employee engagement as very important to achieving overall organizational success. Unfortunately, this same study showed that only 24 percent of respondents regarded their employees as highly engaged. In turn, software vendors are now providing new tech tools that allow administrators to assess culture, gather real-time employee feedback, and manage employee goals and performance.