What is HRTech? Transforming HR with technology
What is HRTech?
In a nutshell, HRTech is the application of technology to reinvent or build HR processes, including hiring, talent management, payroll, compliance, performance management, and employee engagement. In the HR industry, new technologies like robotic process automation (RPA), artificial intelligence (AI), and machine learning (ML) are being effectively employed for automation, BI, people analysis, and the HR sector. Fundamentally, HR functions are being transformed with technology. It is also redefining the objectives of HR, moving from simple processes to maximizing the value produced via talent.
Why is HRTech important?
Recent years have been marked by companies going bankrupt and others just managing to stay in business, in a Volatile, Uncertain, Complex, and Ambiguous (VUCA) environment. With rapid disruptions becoming de facto in the modern era, there is only one thing that organizations can be confident of driving their success — talent. In an age when new inventions are rapidly impacting the labor force all around the world, HRTech can be a solution to talent management.
HRTech solutions can include:
Recruitment and Applicant Tracking Systems (ATS): The systems that ensure that the recruitment process is simple and easy to bank on job posting management, resume screening, interview organization, and candidate application.
Human Resource Information Systems (HRIS): HRIS platforms integrate every employee’s data throughout the organization and their various processes including payroll processing, benefits administration, and performance management.
Learning Management Systems (LMS): LMS platforms allow organizations to be accurate in the delivery of their employee innovation and training programs.
Performance Management Tools: These tools help systems managers establish missions, assess employee performance, collect feedback, and design trajectories for improvement.
Employee Engagement and Feedback Platforms: Employees can evaluate the success of implementing engagement activities through tools that can be used on different platforms to conduct surveys, elicit feedback, and establish recognition programs.
Workforce Analytics and Planning Tools: They reveal trends in workforce, employees´ achievements, and skill gap which enables organizations to be data-driven in human resources planning and strategy development.
Employee Self-Service Portals: These sites offer a single-window gateway to employees, enabling them to make corrections in their personal information, view paychecks, apply for time off, and enroll for benefits without the HR comprising an intervening role.
The main purpose of HRTech is to make HR operations more efficient, while building a positive employee experience, and increasing support towards organizational objectives by employing HRTech to automate the procedures, derive invaluable insight and analytics, as well as cultivate engagement and development.
What is HR transformation?
HR transformation is a large-scale restructuring of an enterprise’s HR system meant to support organizational strategy and stimulate employee engagement. An aspiring business plan developed with the intent to tighten the old-fashioned inefficiencies that are very persistent in traditional HR-related processes, thus, a HRTech-driven solution has to be installed. The fact that HR transformation is always happening to meet such needs of the business is just a basic truth. As professionals turn into the source of a company’s profitability, HR becomes vital to winning the business race. Organizations that do not seek new ways things could be done just to keep their position do more harm than good, especially in our win-at-all-costs business environment. Organizations can empower themselves by making use of the latest analytics, automation, and personalization techniques for their human resources and make them more agile, data-driven, and employee-centric so that they have a workforce that is more engaged and productive as they adapt to market changes.
How is HRTech transforming HR?
Technology has reshaped the way we work and while there are many aspects of HR management that technology cannot replace, it nevertheless has a positive impact on human resource systems. HR managers increasingly understand that HRTech is a resource for faster and easier work and better decisions. Besides employing worker management, HRTech automation tools also help in the reduction of paper usage and setting up data sets. All of this can be done with the help of the membership management software which helps in managing and storing the data in a centralized system.
The outline below presents some instances of transforming HR with technology:
- Employee management
Automated employee management systems can improve the overall performance of these processes. Employers can use it to design a more consistent, systemic, and formalized avenue for appraisal.
More specifically, it provides:
- Greater employee-manager accessibility;
- Training programs that are high-yielding;
- Effective performance reviews.
- Task automation
Automation of work entails developing machines or software to perform easy tasks without human effort. The purpose is to streamline operations through task automation and make them more effective so that human productivity can be increased.
- Data-driven decision-making (DM)
DM refers to using facts, numbers, and data to guide your strategy and decisions that are aimed at attaining the goals, objectives, and initiatives of your company. The moment organizations start to understand the full worth of their data it means everyone, from business analysts to sales managers to human resource specialists, without exception do in-depth analysis and make better decisions with the help of data every day. Nevertheless, these potentials are not fully realized by just installing analytics software to identify what to do strategically next.
- Recruitment and onboarding
Recruitment and onboarding process must be central pillars in your strategy to ensure that your new hires are welcomed and feel supported and valued during the initial stages of their new roles with you and become full-fledged members of the team quickly. A positive onboarding process also contributes to improved staff retention: compared to just 32% of employees that will stay in a company for 3 years if they don’t have a good onboarding experience. One more piece of research also shows that about 20 percent of total staff turnover occurs within 45 days of employees joining a company meaning that they have very little time to make a positive and long-lasting impression. The correct onboarding software can ease the task for organizations similar to yours, remodeling onboarding procedures in a manner that introduces your new employees in the first few weeks to the company culture and leaves them desiring more years in your organization.
- Enhanced Employee Experience
Self-service portals, mobile apps, and digital learning platforms are just a few of the ways that HRTech helps businesses provide employees with individualized experiences. Making information, tools, and growth opportunities easily accessible, raises employee engagement and happiness.
- Enabling Remote Work
HRTech solutions that support online performance management, communication, and collaboration have grown in popularity as remote work has increased in frequency. With the use of HRTech tools like project management platforms, video conferencing software, and employee engagement apps, remote teams can stay in touch and be productive.
- Diversity, equality, and inclusion (DEI)
DEI is not a novel idea, but in recent years, its importance has increased. By creating DEI initiatives—specific actions and programs meant to create a more diverse and inclusive workplace, a reality for all workers—many corporations have gone beyond simple declarations of support. A company is considered to be putting DEI strategies into practice if it places a high priority on hiring a diverse workforce and creating an inclusive and equitable work environment for all employees. Regardless of its diversity, the main goal of DEI programs is to promote an inclusive workplace. A diverse workforce has several advantages for organizations, from increased morale and productivity to better recruitment and retention strategies.
- Continuous performance management
Continuous performance management, as used in human resource management, describes performance management practices that are annual and ongoing. This annual appraisal is ongoing and comprehensive, in contrast to traditional ones that are based on a single, traditional assessment. As feedback is given increasingly frequently, it becomes essential for managers and employees to have a strong, dependable, and authentic working relationship. Among these procedures are short-term objectives and goal-setting, frequent one-on-one meetings (sometimes known as “check-ins”), and real-time feedback. This makes it possible to track goals, provide feedback in real-time, and have development conversations that help employees advance and perform better.
UNLEASH
UNLEASH, which was launched in 2011 as a global digital media and events company, is solely focused on ensuring the highest standards of human resource practices, along with technology. It aims to provide the latest news, analyses, and updates on market trends to the HRTech, learning, and recruitment leaders. Hereby it acts as an evolving force of change, effectively updating, inspiring, and energizing HR managers from the trend of rapidly changing workforce dynamics. Using its various communication channels and gatherings, UNLEASH seeks to boost networking, information and imagination in the human resource community, which assists organizations remain relevant during a fast-changing world of work.