What Is HR Tech?
An HR professional plays an important role in organizing and executing functions in an organization to help it achieve scalability in an overall sense. Right from recruiting, onboarding and managing talent, all HR operations, tasks and services are being automated. The process of automating all HR tasks using state-of-the-art software and tools to accomplish ordinary and everyday tasks is known as HR tech. According to statistics by Randstad, in 2016 alone, global investments in HR Tech were estimated to be around $1.96 billion. This statistic shows that the future of businesses, talent acquisition and management is through HR tech.
What Is The Current State Of The HR Tech Market?
The COVID-19 pandemic necessitated the use of HR tech right from small to large scale businesses as the entire workforce went online. The lingo in the market is calling us ‘Digital Citizens.’ Many organizations have given the liberty of permanent work-from-home to their employees as they have the necessary HR software in place to monitor and track the digital footprints left by them.
One thing to ponder is what is the future like for HR tech in India? Based on statistics by Globenewswire, The global HR technology market is projected to grow from USD 24.04 billion in 2021 to USD 35.68 billion in 2028 at a CAGR of 5.8%. Therefore it is safe to say that the current state of the market looks ripe for HR tech start-ups, businesses and investors.
The rising wave of next-gen HR tech is heavily implementing data analytics, machine learning, AI and advanced automation along with other disruptive technologies. Existing HR tech tools are also being redefined to create innovative solutions to manage talent. Leveraging HR tech will provide companies with a significant edge over their competitors.
HR tech in India is taking a leap in the right direction. Maximum companies already have or are trying to acquire HR tech software and tools to optimize operations and minimize human errors. Many companies are seamlessly integrating their policies with technology to help employees in all stages of work. All forward-thinking enterprises are undergoing digital transformation to take advantage of the cloud. Hence, implementing the latest HR tech tools and software is the logical next step.
Latest HR Tech Trends In 2021
The technological shift in HR tech and entire business processes is prominently visible to the entire world. The digital transformation has made a significant impact on everyday HR functions. When tasks are automated, easy and quick access to data is the biggest perk. Everything from recruitment, attendance to payroll is coordinated and maintained by HR tech tools.
If you are wondering whether HR tech is efficient for important processes and services then the answer is a big YES. In the modern-day virtual and hybrid workspace tasks like remote talent management, employee wellbeing, feedback and engagement are being tracked and maintained by HR software.
Let’s look at some of the latest trends in HR tech:
- Augmented Analytics – AI-powered tools allow easier access to data and hence, visualization becomes clearer. Using AI processes to systemize tedious tasks allows HR professionals to save time.
- AI for Talent Acquisition – Some special AI-powered tools and platforms fish out the ideal candidate based on employer preferences.
- AI for Employee Engagement – There are built-in sections in HR platforms that are powered by AI. They are specially designed to help employees communicate. They help in increasing productivity by enabling direct communication and mind mapping.
- Cloud-based HR – Leveraging cloud-based HR technology gives more power to the employees and allows them to measure efficiency and interaction on their own. Right from data security to learning and development, there is a multitude of benefits of using cloud computing.
- Virtual Reality – Many organizations are leveraging virtual reality to demonstrate and train employees in real-time from any part of the world. Even processes like onboarding, interviews and previews are happening with the support of technologies like virtual reality.
ArdorComm Media’s HR Webinar on “Reinventing HR with Technological advancement in the post-pandemic scenario” on 29th Oct from 4 pm onwards.
ArdorComm Media is a path-breaking and growing media organization that is a host to different sectors including healthcare, education, HR, government and media and entertainment. We organize events in various industries to invite thought leaders and subject-matter experts to address the latest trends, challenges and solutions to accelerate knowledge exchange and innovations.
Our upcoming webinar on HR will talk about how HR-Tech is flawlessly upgrading business processes. If you want a chance to network with experts and peers to indulge in collaborations for the growth of your business, you should definitely be a part of the event. The event will be jam-packed with attendees from all over the country and speakers from notable enterprises.
The key topics of discussions are:
If you are employers, HR leaders, managers and recruiters, you should join the event to witness the revolution in HR tech and discover the latest trends in the HR tech market.
Looking forward to seeing you in the webinar!