Top HRtech trends in 2020Location: San Jose, CA
Date: 2020-09-21As businesses gear up to plan to make 2020 more productive in the middle of the pandemic, talent leaders are faced with a number of challenges. From an acute talent shortage to the battle for top talent, human resources executives need to stay on top of their game to be able to give insightful business decisions.
Artificial Intelligence (AI) will be an impactful technology and a common thread that will go through enhancing the employee experience and candidate experience. Apart from AI, HR will be watching out for online platforms to manage their remote workforce, champion more diversity-led recruitment policies and construct agile teams in 2020.
As per the records, businesses spent over $380 billion on HRtech in 2018, which represents a 9.5% year-over-year increase. Experts expect this rise in HRtech spending to continue to increase well into the future. With the rise in demand comes an onslaught of new tech products on the market. Present employers must be savvy enough to filter through the array of options and discover the right technologies to enhance HR functions in their workplaces.
Businesses have been transferring data management to the cloud for several years and now this process involves the transfer of HR data management. In fact, As per the 2017 PwC Global HR Technology Survey, over 70% of businesses now manage at least one HR process in the cloud. As cloud security has improved and the demand to gather, store, and track the massive quantity of data, it makes sense that more and more firms are turning to cloud migration. This step avoids the requirement to store this data in-house.
Artificial Intelligence and Machine Learning
Organizations have been collecting employee data for years. Currently, thanks to AI and ML (Machine Learning), employers can analyze this data and utilize it to make real and meaningful change in the workplace. For example, the Company can monitor emails of employees and in-house communication tools to find methods to improve team collaboration.
AI and ML technologies go a step further by providing push prompts to organizational leaders, managers, supervisors, and even employees. For example, managers might receive push prompts that recommend different training programs for their teams. Or, employees might receive notifications that encourage them to take a break after hours of nonstop work. The main objective of this type of push prompt is to improve productivity across the board.
Mobile recruitment offers the most convenient method of connecting people and opportunities through mobile devices. Nowadays, individuals search and apply for jobs on their smartphones. That makes it even more important to ensure an excellent mobile experience for job seekers.
The millennials and generation Z accounts for a considerable part of the labour force and are entering as interns or junior level employees. They all are online almost all the time. If businesses wish to explore the untapped talent pool, then they should reach the potential candidates directly through mediums such as dedicated mobile applications or push notifications, which can increase the efficacy of the recruitment process to a great extent.
When it comes to mobile recruitment, the strategy is incomplete without a social media presence such as Facebook, LinkedIn, etc. The idea of video interviewing or virtual interviewing is now becoming an integral part of the process too. The outbreak on COVID 19 has enhanced the use of video interviewing all around the globe.
Video interviewing has decreased the logistics cost by enabling you to do away with the idea of travelling to far-flung places for interviews, thus saving your time and money. Skype and Google are two such examples, among various others.
These above-mentioned features boost the experience of candidates. It is not only about providing convenience but also showcasing your firm at its best. Mobile recruitment is the masterstroke if you strategise it to get the best out of digital recruitment. It is the way forward, move with it.
Although many people believe that Artificial Intelligence, automation, and similar HRtech trends will remove humans from this equation, in fact, it might be just the opposite. If we look at the tremendous capabilities offered by the tools in reaching the right candidate or personalizing employee experiences, we will find that they might be tapping into the human side of the company. It may be doing so by permitting HR professionals to work on developing human connections and concentrating on strategic aspects by removing repetitive steps in the process.
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