Many companies are beginning to understand that their businesses run more efficiently when they enhance their operations with technology. Through the utilization of compiled data and with automated processes established, these entities, covering a myriad of industries, have given themselves the ability to make better business decisions for themselves and their employees.
Over the past few years, the ‘technology boom’ has hit the human resources (HR) department, giving administrators access to more digital platforms, services, processes and solutions used to enhance operations for both employees and the company. Let’s see which HR technology trends are worth looking into.
5 HR Technology Trends to Get You Excited
1. Big data, HR analytics
Big data is characterized by five Vs—volume, velocity, variety, veracity and value. When evaluating HR data, the Vs reveal:
- HR data comes in all varieties. It can come from employee demographics, payroll, surveys, engagement scores, performance reviews and even email content.
- HR data is messy and can be unreliable. This is where veracity comes in. Organizational restructuring is a prime example of this disorganization. Many companies don’t think to keep track of historical job functions when they are changing the titles and functions of these jobs numerous times in a year.
- The volume of HR data is lower compared to other departments, so evaluation can be a quicker process. It really depends on the analytical background of the HR professional managing the data.
- The velocity of HR data is mostly static. Information is rarely updated unless an employee adds/removes tasks, or is moved to another department.
- HR data is valuable when analyzed correctly. When utilized, it can identify workforce risks that employers should focus on to fix.
Once compiled and analyzed, HR data can be used to help drive the business to positive, actionable-outcomes. For example, the data can be used to answer questions such as:
- Can we predict employee turnover for next year?
- What factors are driving turnover?
- Is our onboarding program effective?
- What are the biggest risks facing my employees today?
- How effective is Open Enrollment?
- Are we giving enough transparency to our employees?
2. Robotic process automation
This HR technology is becoming very prevalent in employee onboarding, training, performance management and talent acquisition. The use of Artificial Intelligence (AI) helps HR departments focus on higher impact projects by automating processes and streamlining data. With Robotic Process Automation (RPA), tasks like sending email communications, initiating assessments, scheduling phone calls, interviews and more all become simplified through the use of an application.
3. Virtual reality training
Today, people can slip on a headset, take hold of a specialized controller and travel to a whole new digital world to battle dragons, fly airplanes, take down corrupt governments and much more.
Can virtual reality be applied to the HR world?
Yes. It’s already been taking form in the realm of sexual harassment training by Morgan Mercer of Vantage Point VR Training. In the past, this type of training involved person-to-person, or computer-based training that included videos, slideshows, photos, the context of situations and more. Mercer’s immersive application is just a taste of where HR-related virtual reality can go. The platform helps to create real-time simulations, improving the learner’s ability to use prevention techniques, while boosting bystander prevention.
4. Automated self-service tools
Enhancing transparency and improving experiences for internal and external stakeholders is a must for many companies. What better way to do that than to give these people access to a self-service (portal) tool. For example, an employee portal—and the various modules connected to it—can enhance transparency for employees by allowing quick and easy access to:
- PTO and sick leave
- Benefits enrolled in
- Company procedural and other documentation
- Workflows and more
This HR technology isn’t new, but it’s only getting better year-over-year. Many companies are also using HR Chatbots to better streamline service their employees.
5. Workforce planning and optimization
Another popular HR technology trend rising today for employers is a renewed focus on recruiting within an organization to fill in open positions while also increasing the “bench utilization” resources available to them. With the help of various automated HR solutions, employers can forecast their workforce demand and predict their employee turnover rate for the year. With data analyzed, they can focus on increasing their retention rates with internal recruiting efforts.
Finally, the focus on bench utilization means that employers will put an emphasis on cross-training employees so they can better handle “emergency situations” if needed in the event that the main contact is incapacitated, or unavailable for any reason. This type of thinking helps employers to refrain from spending massive amounts of money to externally recruit someone to fix a problem.
A Better HCM Experience
Today, businesses are beginning to realize the importance of HR management and the positive rippling effects it has on its entire human capital population. To increase transparency, many companies are investing in a cloud-based, scalable HCM platform to help automate essential processes while also harnessing the power of their data to make evidence-based decisions for critical business objectives.
The Arcoro platform can be offered as the full suite, or by individual module, for businesses who need only a specific solution(s). The automated platform is scalable to fit specific needs as these businesses change over time. Arcoro holds the following modules within its suite:
- Payroll Processing
- Benefits Management
- ACA Compliance
- Employee self-service (Employee Portal)
- Talent Management
- Applicant Tracking
- Time and Attendance
- Performance Management and Feedback Delivery
- Online Learning Management
- Succession Planning
- Employee Onboarding
- Job Posting and more