Human resources (HR) technology has undergone rapid transformation in recent years, driven by the need to streamline processes and enhance productivity. From artificial intelligence (AI) and machine learning (ML) to cloud computing and mobile apps, innovative technologies have revolutionized the way HR professionals operate.
Here’s a list of top 5 ground-breaking innovations in HR technology that are transforming the HR landscape.
Advanced People Analytics
The use of people analytics has become increasingly important in the modern business world. With access to data and insights about workforce trends, employee engagement, and performance, HR departments can make informed decisions that drive better business outcomes.
By using people analytics tools, organizations can identify top talent and forecast potential employee loss, allowing them to take proactive measures to retain their best employees. Additionally, analytics can help HR departments identify areas where employees may need additional training or support to increase productivity.
Using Blockchain to Safeguard Human Resources Data Handling
HR management solutions are gradually integrating blockchain technology, which provides a secure, impenetrable, and transparent method of managing employee data. A study found that blockchain technology might cut HR-related fraud by up to 75%. Important HR documents, including employment contracts, performance reviews, and payment information, can be stored and authenticated using blockchain, ensuring data integrity and drastically lowering the risk of fraud or manipulation.
AI and ML: Transforming the Functions of HR Processes
AI and ML have introduced a new level of efficiency and accuracy in HR technology, automating up to 56% of common HR processes and enabling HR managers to make informed decisions about hiring, training, and workforce planning. People analytics tools have also provided HR departments with sophisticated insights about workforce trends, employee engagement, and performance, enabling organizations to make data-driven decisions and achieve better business outcomes. These tools can identify top talent, predict employee loss, and suggest interventions to improve productivity and retention rates, resulting in a 21% increase in business outcomes for organizations that use them.
Giving precedence to the well-being and psychological state of employees
Organizations are increasingly focusing on employee well-being, particularly after the Covid-19 pandemic. A study has shown that companies that score high on corporate health and wellness self-assessments have experienced a 235% increase in stock values over a six-year period, compared to the S&P 500 Index’s 159% appreciation. HR technology is being used by more businesses to support employee wellness programs. Employees are empowered by digital platforms like wearable technology and mobile apps to monitor their physical and mental health, use stress management tools, and engage in remote work. According to Global Workplace Analytics, remote work has increased by more than 200% between 2005 and 2020.
Incorporating technologies like AR and VR
The integration of virtual reality (VR) and augmented reality (AR) technologies is transforming human resources (HR) training initiatives. According to a study by PwC, employees who receive training through VR demonstrate increased confidence in their skill application, with a 275% improvement in proficiency time. These technologies create realistic and interactive simulations that immerse employees in a safe and controlled environment, allowing them to learn new skills and practice complex scenarios.
Conclusion
Organizations are managing their human capital in a completely new approach as a result of the quick pace of technological advancement in the HR sector.ams, cloud-based HR tools have become essential. The shift to a remote work model is made easier by the virtual onboarding experiences and ongoing learning opportunities offered by these platforms.
(This article is written by Sumit Sabharwal, CEO of Teamlease HRtech, and the views expressed in this article are his own)
