How will be HR Tech Shaping up in 2020?
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.