The Advancement of HR Technology
Blog Posted: Tuesday 30th November 2021 by
Business technology has developed at a rapid rate in recent years, and Human Resources has been one of the biggest beneficiaries by far.
Therefore, HR technology should be high on the agenda of every Human Resource management team, particularly for those looking to incorporate new year’s resolutions for a stronger 2022. Here’s all you need to know about the whys, what’s, and hows of HR tech.
What Are The Benefits Of HR Technology?
Before updating your approach to Human Resource Management, you must first look to vindicate the decision. HR technology can enhance a range of areas. The list includes recruitment and retention, support in workplace administration, employee self-service, and employee learning.
Technology can additionally support Human Resource teams in their bid to build a better working environment by;
- Reducing the carbon footprint by going paperless. The added sense of social purpose helps 90% of workers stay motivated and loyal.
- Increase employee attitudes towards the business, which is something 80% of HR managers feel technology helps achieve.
- Streamline the recruitment processes to save time and money for employers while simultaneously attracting better talent.
- Help create flexible working environments by facilitating hybrid working and other concepts that support teams through COVID and beyond.
- Create a fair and transparent working environment for all. After all, 57% of employees wouldn’t recommend a company that cannot get this right.
If nothing else, the right HR technologies will keep the company ahead of the competition while also delivering peace of mind.
The Current State Of HR Technology
You can integrate HR technology into business practices to improve all aspects of Human Resource management with the goals of automating processes for increased accuracy, speed, cost-efficiency, productivity, and company-wide fairness.
The industry was valued at US$ 25.76 Billion in 2020 while it shows a 9% CAGR, which underlines its success. Some key examples where SMEs should use it include;
- Recruitment, where over 50% of HR experts believe that data analytics are the key to finding better candidates.
- Payroll, where Human capital management (HCM) systems can automate the processes to save time and money while keeping workers happy.
- Travel and expense management, where mobile tools can now use real-time tech to connect with employees across all teams.
- Absence management, where the rate is currently 1.8% automated tech can alert HR professionals when a worker is absent before taking the right course of action.
- Holiday and sick pay management, where HR tech can allow requests and process payments while also helping teams fill the temporary voids.
HR tech can organise all aspects of employment law, including employee handbooks and employment contracts to ensure compliance with all regulations.
For starters, every HR department must ensure that its HR technologies are ready to satisfy the current capabilities. After all, over one in three HR professionals blames inadequate tech for issues with onboarding. We can see similar statistics across other areas of Human Resource management. When HR software is used to its full potential, the benefits extend to all workers and the company, its backers, and clients.
In the current climate, HR tech should aim to promote improved communication. Whether this means having automated payment processing or real-time paperless employee handbooks is up to you. Either way, we live in a world where teams are split across more sites (including their homes) than ever before. Maintaining a sense of transparency is key.
HR tech should try to keep everything under one roof, making life easier for HR teams and employees alike. With this in mind, ensuring that workers can quickly raise their concerns is another key step. Provide all the above features, and you will be ready to unlock the full potential of HR tech in 2022 and beyond.
IguanaHR is an HR admin technology that allows you to keep on top of your HR admin, whilst also tracking your employee activity. Manage employee absence, holiday bookings, track employee lifecycle all on a customizable app. Designed by our HR specialists at Human Results, to book a free demo call 01952 288361, email email@example.com, or click here https://iguanahr.co.uk/book-a-demo/