How HR Tech can be a Key Facilitator for Business Transformation
Advances in technology and innovation are changing the way organisations employ digital resources to improve their business operations. HR is perhaps the only business function where there has been a dramatic adoption of technological advancements over the recent past. Presently, companies are leveraging state-of-the-art HR technologies to hire and attract new talent, work towards the retention of employees as well as provide support in workplace administration and management.
From soft skill management and payroll automation to AI in recruitment and using technology to improve physical and mental wellbeing, HR technology can have a significant impact on the different aspects of business operation. Adoption of such technologies not only increases productivity and speeds up communications but also reduces administrative burden and lowers costs for companies.
How HR Technology is Supporting Businesses and Making a Significant Impact
To get the desired value for the investment of HR tech, it is essential that the management team takes a precarious and diligent approach to adopt the ‘right’ HR technology for an organisation. Ensuring the appropriate fit is critical that can bring game-changing benefits to a company. Here, we take a look at how human resource technology can facilitate key business transformation:
More Focused and Efficient Recruitment
Businesses suffer hugely when important positions go unfulfilled. It becomes the responsibility of other employees to fill the void which can impact overall productivity and morale. Every single day that a position goes unfilled can incur huge losses to companies in terms of productivity and profits.
With the advent of AI-based human resource management systems, the entire recruitment cycle is getting transformed. The time to fill important job positions by getting jobs posted, sourcing the ideal candidates, managing the interview process, and providing offers are significantly reduced with the help of HR tech innovations. Chatbots also help lessen the time recruiters need to respond to applications and create a much more positive experience.
Include HRs in Strategic Roles
There’s no denying the fact that making changes on paper or transferring data between disparate systems takes plenty of time. And time equals money especially considering the hours spend by HR managers to fix errors or enter data manually.
Technology is allowing HR professionals to focus on issues that require urgent attention. The right use of HR technology frees up the HR team from several manual and administrative tasks. As a result, they have more time to engage in revenue-generating activities, like planning for the growing workforce and helping team managers to identify and retain good talent.
Better Performance Management through Analytics
Performance management is one of the critical functions of HR. In today’s world, HRs have access to cloud-based HR software that automates insights into employee performance using natural language generation and machine learning. These augmented analytics platforms provide easy ways to get deeper insights and analyse large sets of data. Performance management systems allows clear communication of employee expectations, and in turn, allow employees to become much better aligned with the organisation's vision and mission.
Support Compliance Issues
HR compliance always relies on large amounts of paperwork like tax forms, health forms, disciplinary action and other documentation. With the inception of HR-related technology, storing and retrieval of these amounts of data have become a piece of cake for organisations. Also, having a dedicated system to generate reports without the need to manually sift through documents saves plenty of time and money for an organisation.
With new rules being put into place every now and then, technology could prove invaluable in keeping track of the changes.
The biggest perk of HR tech is that it is not replacing people, instead, it’s helping organisations to take meaningful actions, drive change and derive positive results by achieving their goals and adapting to the needs as they change.