Stay Ahead with These HR Trends
The silver lining of recent times is that we have all learned to adapt quickly and evolve to stay afloat. As inflation continues to affect the economy, more layoffs and downsizing are situations many companies have to face. Unfortunately, this is an ongoing situation that all companies must learn to navigate to retain employees, attract new ones, and stay in business.
Companies are now focusing on strengthening their human resources (HR) department with new processes and technology to make that happen. With HR leaders adopting this new way of doing business, they are introducing much more effective ways to lead companies to significant positive transformations. As a result, HR tech is slowly becoming a priority for many companies today. Technology solutions such as software, digital platforms, AI, and cloud are some things HR departments are implementing. And these implementations are to strengthen direct sourcing to reduce overall cost and time expenditure in the hiring process. According to a report, the global HR software market is expected to exceed $10 billion by the end of 2022.
Let’s explore some major HR tech trends impacting companies and people strategies today.
Artificial Intelligence & Machine Learning
The use of AI and machine learning helps HR personnel make better decisions for the company. In recruiting, it can help identify candidate skills that might not necessarily be shown on a resume. This helps recruiters find the right people for the right jobs, going beyond a resume to find them. It also eliminates bias that could be placed on people from gender, age to race. Not only does AI and machine learning help foster an equal opportunity environment, but they can cut the hiring process from months to weeks. Other things this can do for companies:
- Make accurate predictions
- Automated workflows
- Faster response to changing dynamics
- Provide KPIs, measurements
Here at SkillGigs, we see it as being an absolute critical factor in saving time and money in the hiring process. Our talent marketplace is backed by powerful AI to ensure clear matches based off several factors including skill density and pay expectations. [Contact us for a demo if you would like to see it in action!]
It is time for performance appraisals; how is your company doing this? Having a system in place that analyzes the overall performance of an employee is critical for the employee and the company. Implementing a good performance management system helps the company determine where they are headed in terms of productivity and growth. In addition, these systems could eliminate the year-end review process altogether because it gives insights into real-time performance data that can help address issues immediately. Finally, this HR tech trend is a big relief for HR supervisors, freeing them from unnecessary administrative duties and instead focusing on creating more automated task management strategies to strengthen employee management.
Agile Team Building
Bringing on solid and agile HR engagement software helps streamline processes. It also keeps all involved on the same page, regardless of what department employees work for in the company. An agile team can quickly come together to achieve the same goal. The benefits of this HR trend increases innovation, improves communication, and helps make better decisions. As the team becomes more involved and invested in accomplishing things together, they can adapt to change much quicker when unexpected challenges arise.
Long are the days in which HR personnel must “go with their guts” when it comes to hiring. Today’s technology gives hiring managers a far more reliable way to select candidates using big data. A much more data-driven approach enhances:
- Recruiting and hiring
- Predictive analytics to help with employee retention
- Evaluate data to improve workforce planning
- Convert HR data to business solutions
This can enable HR to test new programs and accurately forecast behavior. Because of data, HR programs can become more customized while algorithms drive more HR decisions.
Many companies are incorporating virtual assistants to scale their business. These virtual assistants can manage various activities from bookkeeping, social media, and digital marketing to any other administrative tasks. The idea of virtual assistants is that they can cut costs and time. A virtual assistant can do the work that a full-time employee can do for much cheaper, eventually reducing annual costs. The automation of HR processes and tasks is much quicker and more efficient, which is essential in increasing productivity.
This approach can entirely transform the HR team’s direction, as it involves statistics and data interpretation techniques. Strategies and smart data around accurately studying people, processes, functions, and opportunities can be merged with enterprise-wide technologies. These technologies can create new platforms, revise existing frameworks, draw insights and directly contribute to a company’s long-term impact, success, and continued growth.
Blockchain technology speeds up the hiring process leading up to the background verification. It can also store employee data, employment history, and performance reviews. Furthermore, it helps streamline overseas wages and secures payroll and contract payments, eliminating intermediaries. Indeed, this new way of doing business is HR’s new universal choice as everything is much more transparent.
HR and Technology Work Perfect Together
Technology plays a crucial role that HR leaders can take full advantage of. Still, to see a positive shift, technology alone can’t help companies move forward. HR leaders must be willing to pursue digital transformations for the business and its people. As humans, we have boundaries; our skillsets can only take companies so far, but combining skillsets with technology is a recipe for success.
New challenges arise; most recently, inflation has been challenging for many companies. Next year may be different, but implementing the above HR trends could help ease tensions, reduce employee turnover rates and keep everyone moving in the same direction.
SkillGigs, The New Solution to Your New Gig
SkillGigs understands the value technology brings to employees and companies alike. We are a talent marketplace that uses technology to match healthcare and digital/technology professionals to the right jobs at the right time. Our AI technology learns your needs and offers you matches that you will be interested in.
The guessing game is out of the equation when you partner with SkillGigs. We created a technology that simplifies the hiring process and connects you to the job of your dreams. As a result, you finally call the shots in the hiring process, the middleman no longer exists.
Sign-up for free today and let our technology take you to the top. Top talent like you deserves to be matched with the top leading employers.