-->

2019 has flown by. In 2020 and beyond expect organizations to take a deep dive into AI, Deep Learning and Machine Learning, Employee Engagement, HR Analytics, Focus on Diversity and Inclusion, Continuous performance feedback, Personalised Learning Experiences. Technology is holding a centre stage these days. In today’s world, the business has become dynamic and technology has become disruptive. HR tech is a $2 billion market in India, yet it amounts to only 0.5% of the global industry which is estimated at $400 billion. (Source: financialexpress.com).

  • AI, Deep Learning and Machine Learning 

Robotic Process Automation (RPA) can be used to automate processes that are repetitive, prone to error and hypercritical. There are 50% to 60% of HR processes that can be replaced with robotic process automation like Hiring and Onboarding, Recruitment, HR Administration, Analytics and Payroll processing. Intelligence Hiring through Machine learning can establish a structured hiring and onboarding process to enable digital workplace and accelerate new-hire productivity. Machine Learning powered HCM solutions enable organizations to derive intelligent insights that help navigate these challenges, reduce the cost of a bad hire, and maximize the Return on Investment on the resource time and cost spent on hiring. 

  • Employee Engagement
    By 2020, 20% of organizations will include employee engagement improvement as a shared performance objective. (Source: Gartner Inc.) There is a strong correlation between employee engagement and business outcomes. Higher employee engagement tends to have an improved business outcome, increases EBIDTA margins and better customer experience. Employee engagement strategies can increase happiness quotient also it helps in retaining employees and manage attrition in the workspace. 
  • Continuous Performance Feedback
    The 2019 Gartner Performance Management Benchmarking Survey showed that 81% of HR leaders are making changes to performance management. 82% of HR leaders say performance management is not effective at achieving its purpose, and only 38% say it’s keeping pace with organisational goals. (Source: Gartner Inc.)A 360-degree Continuous Performance feedback management tool can enable each individual, all your teams who are a part of the organisation, to succeed in their goals. Continuous Performance Feedback is a new way of looking at the traditional employee performance reviews structure. Instead of bi-annual or Annual reviews, Continuous Performance feedback results in a more holistic and accurate picture of employee performance.
  • Personalised Learning Experiences 
    On-demand Micro-Learning has become essential for organizations to improve employee performance. It reduces attrition and fosters a collaborative work environment. Multi-lingual Learning adds to its effectiveness. L&D teams must recognize the needs of each employee and use specific knowledge about them to personalize their learning. Personalised learning is a journey and it can improve employee engagement. 
  • HR Analytics
    In today’s world, next-level HR Leaders are hypercritical and imperative for the success of fast-growing progressive Enterprises. HR Leaders are now becoming part of the boardroom bringing data to the table in decision-making conversations and making better-informed decisions. Data-driven decision making can have a huge impact on the top line and bottom line of the business.   HR Analytics empowers you to take the right action basis intelligent data insights and provide businesses with a real-time view of the HR metrics. As organizations rethink their HR processes to succeed in an agile and dynamic business environment, the continuous improvement approach will have a pervasive impact on business outcomes. 


-->

Innovations in the field of HR Tech have been pivotal in shaping the future of work. Many Large Enterprises and Business leaders are now realizing the impact of HR Tech Innovations in the future of work. Such a rise in HRTech Innovations has been spurred due to the rise in interest of Businesses in Outcome-oriented culture and approach. A key to HR Tech is Outcomation(™) which is focusing on achieving business outcomes through process innovation, Lean HR and disruptive technologies.  So, what’s the next big thing coming down the line in HR Tech Innovations in Future of work?

Let’s have a look at the 5 significant HRTech Innovations which are going to impact the future of work.

A rise in Geographically Dispersed and Build Up of Remote Teams
Long back – before the days of email, internal communication channels, conference calls or phone calls teams generally needed to be in the same physical location in order to work productively with efficiency. But, nowadays those days are gone. We all are working these days with peers and colleagues based out of different cities, countries and cultures. To work in a geographically dispersed and in remote teams is becoming one of the most sought-after employee benefits in the era of Millenials. Thanks to the evolution of collaborative and employee self-service cloud HR platforms due to which managing the remote teams has become easier.

Increased Usage of  Mobile-First and Enabled HR Solutions
50% of the global workforce will be mobile by 2020; 75% of the workforce will be made up of millennials by 2025. (Source: Inc.com) Companies including Ernst & Young and Accenture have already reported that Millennials make up over two-thirds of their entire employee base. Mobile apps usage by the generation of millennial employees has improved employee self-service a lot. Nowadays, Millennials are more dependent and comfortable using mobile apps in their day to day life usually applying for jobs, applying for leaves, learning on mobile and whatnot… that is why a lot of organizations are focusing on implementing mobile apps for their HR and employee needs.

Augmented Analytics is the Future of Analytics in HR
One of the important benefits of HR Tech is the capability to gather a huge amount of data on candidates and employees. The concern has been that large enterprises struggle to find actionable insights from the available data. Augmented analytics improves accuracy overall. Augmented analytics combines artificial intelligence (AI) and natural language processing capabilities to identify trends or track important metrics. This technology can be used to analyze, clean this data and then have the actionable insights in place to work on the required steps. 

Employee Engagement and Experience taking the centre stage
Gartner, a research firm says, by 2022 almost one-third of the mid-sized and large companies will be investing in at least one type of platform. Employee experience is the journey which an employee takes with your organization from the day they join to the day they offboard. There are four main stages of employee experience Attracting talent, Onboarding new hires which include pre onboarding experience like generating offer letter and sharing it with the candidates via digital onboarding apps.  Get the background check done and verified online, creating, identifying and managing the moments that matter for the employees (Only 29% of employees feel understood by HR – Source: Gartner) engage with the employees once they have joined the organisation and offboarding.

Use of Natural Language Processing to Boost Employee Engagement
High employee engagement tends to have an improved business outcome, increases EBIDTA margins and customer satisfaction. With the emergence of artificial intelligence (AI), machine learning (ML), and natural language processing (NLP) though it is still a new concept in the world of HR it can transform the HR function completely. NLP uses text analytics to provide insights to the HR team on employee sentiment and morale.


-->

Rewards and recognitions are the best way to motivate employees to keep working in an efficient manner and to retain top talent. Treating employees the right way and motivating them frequently is a must for every organization to help enhance employee performance. These rewards and recognitions can be linked with the HR Software so as to track the rewards given to each employee. 
Given below are the 5 Best ways to revamp your rewards & recognition systems:

  1. Rewards on the basis of the common  goals of your organization:
    This is the most important step towards developing appropriate rewards and recognition system. Assign targets to your employees so that employees work towards the common goal so as to meet their rewards. It motivates the employees to step out of their comfort zone and expand their capacity. Employees will take the extra steps needed to reach the goal. This, in turn, helps both, the employee as well as the employer to grow.
  2. Encourage peer-to-peer recognition:
    Most of the organizations, use this strategy to encourage healthy competition among the employees. The employees are given the task of reviewing each others’ productivity and work quality. This enables them to know what more they can do to improve their own performance. By seeing the employees performing better than them, a sense of healthy competition is created and there arises a race between the employees to outperform within the team. Employees get to work on their weaknesses, that keep them from achieving the target they could not. This results in increased productivity and higher work capacity.
  3. Use the “Badge” as a reward:
    A simple technique derived from school is to reward a person with a Badge for his actions that show his responsibility. Employees can be given rewards in the form of Badges, based on their performances. These badges can be made visible on the HR Software of the organization to show to the world about the top-performing employees. This instils a sense of responsibility in the employee with a badge to maintain it by performing more, and among the other employees by providing them with a goal to work for. This enables the organization to have a healthy competition among the employees.
  4. Managers First:
    Employees are exactly like children in a family. Just like a small child, that learns by observing its elders, employees learn a lot from their managers in the workplace. Managers in the organization must be motivated to work harder towards their targets. When the managers themselves strive hard to reach their targets, the employees who observe them too are motivated to crush the targets. The right environment produces the best employees. Lousy and lazy managers, can in no way motivate their employees, nor can they contribute to the organization in any possible way.
  5. Personalized Rewards:
    Most of the companies and organizations blindly believe that the only means of employee reward is an appraisal which is reflected in the HR Software. But it is not all that the employee wants. This can be changed to gift vouchers in the form of Offer Coupons for Coffee with a friend/partner, or meal coupons. If the organization is financially strong enough, it can reward the employee with a trip with his/her spouse to their favourite holiday destination. You can motivate them by rewarding through badges or recognizing them within the organization with the help of rewards and recognition system. This is an excellent way to take care of the employees by securing their work and life balance.
    “Take care of your employees. Or else they will use the Wi-fi in your organization to search for a new organization!”, said a wise CEO. Retain the best talents in your organization by recognizing their efforts and rewarding them in the right manner for their contribution towards the organization. This will make your workplace a happy and outstanding one.