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.