10 Best HR Tech Trends to Look Out For In 2024
Published on November 30th, 2022
Can you imagine a time when you had to sift through piles of Resumes? You might have to do this for a day to get that one candidate that ticks the most number of boxes on your list. Well, now this entire process can get done in about a few minutes! Just look at how far the HR world has come. And the one-word answer to this progress is ‘HR tech’. It would be a fool’s gamble if HR professionals ignore the changing tides in the HR world.
Well, you have come to the right place to get wind of these HR trends, but for those that are relatively new, let’s address a few basic questions.
What is HR tech?
The term "HR technology," or "human resources technology," refers to software and related gear used to automate the human resources function in businesses. Workforce analytics, performance management, talent acquisition and management, payroll and compensation for employees, and benefits administration are all included.
HR technology, also known as HR tech, has advanced quickly in recent years as significant employers all over the world have adopted core HR Software solutions from specialized HR tech suppliers as well as enterprise software firms like Oracle and SAP. Many of these organizations are transitioning from existing on-premises systems to cloud platforms, including SaaS, to enter the second generation of HR technology. Small and mid-sized businesses are also taking significant steps to digitize their HR processes, frequently turning to SaaS platforms or cloud-based suppliers for HR technology outsourcing.
What are the different types of HR tech?
There are many different types and sizes of HR tech businesses. One HR task may be the only emphasis of some software, such as:
- Employee engagement
- Learning and development
- Applicant Tracking Systems
- Payroll management
- Performance management
- Talent management
“If you fulfil the wishes of your employees, the employees will fulfil your visions.” – Amit Kalantri
Technology is also being used to automate and streamline employee training. For instance, software walkthroughs and on-demand counseling for digital workplaces are created using various platforms for digital adoption.
This training method helps businesses realize the full benefit of their software investments by vastly accelerating employee training, enhancing the employee experience, increasing staff productivity, and improving staff morale. In the modern workplace, which is moving toward a hybrid office design, this is crucial.
Digitization of the workplace
Workplace digitization has exploded since March 2020. Organizations have taken a number of actions to make sure they are maximizing the benefits of the unique working arrangements, beginning with reluctance, adapting to it, and then embracing it. Organizations are anticipated to update their technology foundation in 2023 by integrating machine learning and artificial intelligence into their core operations. We may anticipate a number of changes that will increase adaptability, engagement, and productivity in enterprises, from the employee experience to the satisfaction of customers.
These technologies will have an effect on an employee's whole life cycle, from onboarding to retirement, from an HR perspective. The digital workplace will offer greater methods to communicate with coworkers and a more individualized experience for them as the hybrid work paradigm becomes the standard. Additionally, businesses that invest in these technologies can anticipate having a more informed, educated, and creative workforce. These businesses will have a workforce that is data- and technology-driven and will operate more efficiently.
With remote employment, managing the staff effectively can occasionally become difficult. Metaverse is the ideal tool for HR managers at this time. The definition of hybrid work as it exists today may change as a result of the metaverse. When working remotely, employees can use AR and VR to communicate effectively and interact more authentically. Simply expressed, there may be a bridge between real-world and virtual offices thanks to the metaverse. We can definitely anticipate this in the upcoming year.
Remote work became the norm for companies all around the world. As a response to the epidemic, businesses had to develop remote working techniques and tools. Similarly, HR has been compelled to adopt remote-friendly solutions for both their own departments and their employees. HR departments must be ready to deliver online capabilities for every HR duty in the age of remote work, including employee-focused tasks like onboarding and training. Investing in cloud-based HR technologies is essential since HR professionals need platforms that allow for remote operations.
Hybrid working model
According to Forrester's projection study, just 10% of firms would continue to be dedicated to a wholly remote working model, while 60% of organizations will transition to hybrid work arrangements. It also states that 1 in 3 businesses who switch to a hybrid model will fail to do so. Redesigning the workplace, and job functions, and creating a stimulating work environment are the main causes.
Employers have so far struggled to keep up better standards of labour and production while managing a geographically scattered workforce. It will get harder to control them and provide an enjoyable and productive work environment when workers are summoned back to their offices. In order to provide a better employee experience, interconnectedness, and engagement, HRs will need to overcome three significant difficulties. Organizations are taking a number of steps to ensure the success of a hybrid workplace. They consist of the following:
- implementing a central platform to combine many staff applications in order to increase productivity
- Utilizing multimedia content to enhance internal communication By engaging with employees through interactive films and surveys, HR can break down silos.
- using technology to manage space to reserve desks and offices
- fostering a healthy work environment by keeping track of visitor check-ins, and employee health screening updates, and providing each employee with the best possible support with solutions like OfficeTogether.
The comprehensive HR solutions known as HCM platforms comprise many of the other technologies covered in this essay. These include centralized hubs that give HR staff members access to nearly all HR-related tasks and advanced technologies that go above and beyond other kinds of solutions.
Additional traits could include data and analytics made possible by AI, Workforce management, talent management, performance management, recruitment management, and self-service solutions.
Although HCM platforms are designed for large businesses, SMBs can also use HR solutions. Software for human resources, like BambooHR, offers a range of features designed specifically for startups and small businesses.
HR analytics with AI
A wide range of technologies will be used in HR in the future. In 2023, artificial intelligence will make it possible to analyze data and identify hiring trends. According to IBM research, usage of AI integration will rise from 40% to 80% over the next three years. Businesses will be assisted in finding candidates, conducting resume analyses, and accurately onboarding new hires. By automating some processes and interactions, businesses may save time and money, according to Harman India's HR Head.
The Department of Human Resources has gone a long way since the time when it was dependent on paper, but we're not there yet.
According to Gartner, For 47% of HR leaders, this is a top priority, and 44% of them think their companies lack inspiring career paths. Many HR professionals find it difficult to pinpoint the internal changes that workers need to make in order to advance their careers. Only one out of every four workers in a recent Gartner survey on employee career preferences expressed confidence in their career at their the company, while three out of every four people seeking a new post are interested in employment outside of their company.
Typically, there are three steps in career development:
- Establish a course and explain the responsibilities and advantages of the post.
- For prospective new roles, look for in-role opportunities.
- Determine internal responsibilities to accomplish objectives.
That route, meanwhile, is less obvious now that job experience is evolving. With less time spent in offices, career possibilities are less obvious; employees aren't prepared for future responsibilities because of their outdated abilities, and present options don't meet their demands because they're people instead of jobs.
DEIB powered by data.
Organizations have increased their efforts to foster a diverse and inclusive workplace over the past ten years. However, the success was not very significant. The main reason for this was that there wasn't enough information to examine the results because many of the efforts were made on paper. Data releases in several businesses have been shown to signal behavioral shifts.
Utilizing data analytics to gain useful insights is crucial as firms implement several policies and practices to improve diversity, fairness, inclusion, and belongingness at work. According to research by HBR, an organization's diversity initiatives can be significantly impacted by data analysis and disclosure.
A solid and data-driven DEIB strategy will be one of the most significant HR tech trends in 2023. Organizations must implement practical steps to improve diversity and inclusion because a significant part of employees is eager to work in a hybrid environment. It entails using a capable tech-enabled system to drive multiple activities like sourcing, hiring, onboarding, employee engagement, grievance redressal, and policy creation.
Automation of compliance
Regulatory compliance will be impacted when cutting-edge technologies and automation take the front stage. More and more compliance-related tasks will be automated with the use of technology, improving the cost, time, and resource efficiency of processes. In the upcoming months and years, we can also anticipate that this will become an essential component of HR Tech, providing both employees and employers with a seamless, unified experience.
That covers the most important HR tech trends to look out for in 2023. Many of these trends are built on existing tech, and you should probably get some of these tools up and running before trying these out. One of the most important HR techs that’s out there are skill assessments and HireQuotient provides video and skill assessments for candidates across the globe for companies at different levels. Get on a quick 15-minute call with us, and we’ll help you set up an efficient recruiting system in no time.
Thomas M. A.
A literature-lover by design and qualification, Thomas loves exploring different aspects of software and writing about the same.
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