Disruptive innovations are creating new business models and industries, and extinguishing the old ones. Social networks, new technologies and data analytics are having an enormous impact on how people connect, collaborate and work. Today, competition among enterprises is the war for talent and recruiting best talent at the right time is the primary task of HR department. The evolving landscape of HR technology and human capital management demand organizations to embrace the change.
Understanding the future of HR
Organizations today are working in a progressively uncertain, volatile and complex environment. The challenges experienced by each company vary, but to a large degree, the capability to encounter those problems comes down to one key element – talent.
Answer following questions to understand better your positions in the world of disruptive technologies and innovations.
- How can you attract, retain and inspire the talent?
- How are these developments going to influence the talent your business requires?
- How Human Resource is going to change and adapt as a result?
Points of consideration
Are you ready to understand what you need to bring and retain employees, partners and customers? If not, take a look at following elements profoundly reshaping the world of work.
– Economic shifts are redistributing the wealth, power, opportunity and competition around the globe.
– Resource scarcity, new business models, radical thinking and disruptive innovations are impacting every sector.
– At the same time, the nature of workforce (millennials, in particular) itself is in flux, driven by broad demographic trends.
Hence, a clear mandate and meaningful purpose for the decade ahead is imperative for the organizations today.
HR Technology – Transformation will happen sooner than thought
IoT (Internet of Things), Big Data and Artificial Intelligence, are just started taking their place in our modern work world. According to the industry speculators, HR technology disruptions will happen sooner than predicted.
Here are the top technological inclinations, which progressive business leaders need to adopt now.
5 major HR technology trends you should take advantage
If you want your HR department to continue to participate in supporting companies foresee and lead organizational change, it must have technology at its focus.
According to Deloitte’s Human Capital Trends report, “Millennials are predicted to make up 75% of the total workforce by 2020”.
Therefore, HR has to embrace and shape the technological advancements to meet both business requirements and employee expectations.
1. The integrated platform is your first requirement
Leverage the fast paced digitalization and disruptive innovations to integrate systems and attain a more comprehensive view of the workforce. Companies can quickly take the benefit of a unified platform that supports a full-range HR process including – sourcing and recruiting, learning and development, talent strategy and planning, performance management, benefits and compensation as well as succession planning.
– Enabling better HR decisions
– Eliminate the traditional silos as technology works across functions
– Better ROI
2. Re-Organize with Cloud
Cloud Computing or SaaS (Software as a Service) model is another innovation, which is changing the HR in a big way. The advent of cloud-based platforms managed the issues of limited hard drive space, piles of papers filing desk drawers. Moreover, it provided the efficiency to HR personnel empower them to manage the tasks from anywhere and anytime. Whether it is about accessing payroll data, employee contact information or performance review – everything is archived and organized in one secure site.
– Reduce the on-site HR system dependence
– Less paperwork and time efficient management of all collected data
– Managers and HR team members can access any employee’s information remotely
3. The invincible power of Analytics in HR decision-making
In today’s competitive work world, business leaders make continuous efforts to understand the workforce in greater depth. It helps them to recruit, develop and retain the best talent more and more efficiently.
Leveraging current technologies from the predictive analytics, big data to workforce analytics – HR can do much more than tracking fundamental performance indicators. These tools make easier for them to understand better – what is happening, why it is happening and the best way to move ahead.
– Identify high potential employees
– Predict the employee turnover for over next 3 years
– Support the succession planning
– Understanding which sourcing and recruiting channel is producing the best candidates
4. Do not run from consumerization of technology
Mobile technology and social media are playing an ever-larger role in day to day life, and people have become comfortable with having 24/7 connectivity and user-friendly applications as they communicate, shop and bank.
At the same time, availability of cloud-based mobile platforms enables people to access the information more readily than ever before.
Such technological trends give an opportunity to organizations to make HR tools more attractive and accessible for employees.
For instance, Social Referral is “employee referral software” that enable companies to make their employees “the ambassador” of the company and get more referrals by sharing the company culture.
When organizations combine today’s consumer-oriented technologies and HR tools, it can help HR bring greater agility and responsiveness to the workforce.
– The user-friendly mobile technology helps significantly to meet the employee expectations
– Improve the performance and processes by tracking the internal social media activity
– Companies can quickly drive the adoption of HR tools leveraging employee experience with consumer technologies
5. Get smarter with big data
Now technology and tools provide HR professionals access to the real power of big data – influencing the way businesses understand the market, customers and new audience as well as communicate with new and existing employees.
The application of big data in human resource management not limited to acqusition of talent but it provide insights on talent assessment, pay-performance and employee career management.
– It helps to uncover something that businesses did know and become predictive
– No more previous experience or gut-based decision making as factual data is available easily to business leaders
– Big data offers great potential for insights on what motivates performers, what their behaviour/competencies are and how large you can expect high performance from them (employees).
Taking HR Forward
The business environment of today is marked by complexity, volatility and uncertainty – where technology will continue to play a viable role in HR’s success. The disruptive technology is opening new opportunities for HR. It can be a driver of greater effectiveness and efficiency.
At the same time, HR teams and business leaders will need to have a robust grasp of the limitations and possibilities of technology. Moreover, be engaged participants in looking for opportunities to leverage it.