Digital tech has impacted a lot of industries lately, including HR. More and more operational HR processes undergo extensive automation and become driven by data. In fact, we are now witnessing a real HR Tech boom.
The AI-zation of the industry began more than 5 years ago. Different solutions for talent acquisition, employee retention, data analysis, and more, succeeded in their efficiency. According to a survey, AI works best with candidate sourcing (58%), screening (56%), and nurturing (55%). The AI tech can predict the employees’ desire to quit with an astounding accuracy of 95%.
The same is true for non-AI HR technology solutions that are conquering the market. In fact, new market categories such as employee experience platforms are emerging for 2023. The other available HR technologies also retain their popularity and effectiveness.
Let’s take a closer look at the HR technology solutions of today and their many applications.
What is HR Tech?
Firstly, let’s clear up the term itself. Human Resource technology embraces all technological solutions used by HR teams to become more effective. Its ultimate goals are enhancing the hiring processes, boosting the team experience, and securing workforce compliance. What’s more, digital tech can help decrease HR-related costs, making a business more efficient.
How can HR technology support the business? It provides a wide range of digital solutions for various areas. Payroll, talent and performance management, benefits, and L&D are only some of the areas of HR technology. Managing the related processes becomes much faster, easier, and smoother with the current tech. Another visible advantage is that the HR Tech solutions provide a safe environment for data storage.
How the HR Tech is used
1. Payroll
The HR pros can wave goodbye to the tiresome end-of-the-month formalities and paperwork. Payroll automation and digital payroll systems are a lifesaver for mid- to large-size enterprises. Needless to say, the modern-day HR software is much more helpful than the old-school manual grinding.
The advantages of automated payrolls include the following:
Faster and smoother processing. Automatizing categories, monitoring outgoings, and securing compliance is the best way to approach payrolls. Such digital solutions as Workato can do all that (and more) with perfect ease. These HR Tech tools help businesses boost their productivity and reduce the operational costs.
Earned wage access. When employees can’t access their earnings, they can easily fall victim to financial stress. Naturally, this can contribute to an overall unproductive workforce. HR technology software can solve the issue, giving the team full access to their finances. This is a prime example of how technology has changed Human Resource management.
One-place data storage. Browsing through dozens of folders to find things is an epitome of bad time management. Automated solutions allow teams to store financial documentation in one place. No more endless spreadsheets and digging into the hard drive at the end of the month.
Cross-platform compatibility. HR tools like Xero help managers get real-time updates in and out of the office. In this way, they are not perpetually tied to their workplace. Such HR software works across many devices via user-centric apps, providing a perfect on-the-go solution.
2. Onboarding and offboarding
Onboarding can be time-consuming and distracting in the fast-paced business environment. To avoid this, more and more businesses are utilizing the appropriate HR software tools. Automated onboarding facilitates the new employee’s journey and boosts retention rates.
Here’s what makes this tech so valuable:
Time efficiency. Manual work should become a thing of the past when welcoming a new team member. HR Tech innovations greatly reduce the paperwork with tailored pre-boarding packages and other useful tools. Instead of feeling stressed out, the new employee will enjoy the start of their journey.
Customized approach. Every individual is different, and so should be the onboarding process. Enboarder and similar HR tools help create better human connections by offering personalized onboarding. This way, the recruit doesn’t feel overloaded or stranded in the new corporate environment.
Offboarding made easy. Let’s not forget about the pains of letting a team member go. If done the wrong way, this can leave a lasting negative impression about the company. The HR Tech solutions help minimize the human error, collect feedback, and transfer valuable knowledge.
3. Talent management
Career progression is vital for employees’ retention and satisfaction rates. As a matter of fact, nearly half of HR leaders consider employee experience their top priority. The talent management systems (TMS) excel at transforming HR through technology. They assist with recruiting, managing employees’ performance, and providing development opportunities.
Let’s take a look at what the Human Resource management software has to offer:
Day-to-day management. HR technologies do a lot to unload the team, speeding up daily routine tasks. HR Tech tools can cover anything from calendars and absences to reports and performance reviews. They can also provide real-time access to all required data on the go.
Career goals and achievements. It’s not uncommon for team members to get confused about their career progression. Unclear goals, lack of constructive feedback, and other issues can become real roadblocks. Luckily, such tools as HRadvocate provide solutions for highly efficient performance management and reviews.
Succession planning. Unexpected turnovers can pose considerable risks to businesses. To avoid the interruptions, HR professionals use cutting-edge succession planning tools. There are a number of efficient HR technology solutions for managing positions and promotions.
4. Learning and development (L&D)
Every business that values their employees invests into their career progression. However, not every mid-size business or startup can afford corporate trainers. Here’s where the HR Tech comes in to level up the team’s professional knowledge.
The perks of digital solutions for L&D include the following:
All-in-one-place learning. External courses and training apps can be good, but they are called “external” for a reason. HR tools like Valamis LXP ensure that all learning content stays on a single corporate platform. This makes it easier to focus on upskilling without hopping from one app to another.
Flexible customization. Compliance, recertification or other learning topics – a good HR Tech platform can cover it all. Such digital solutions really cater to the unique needs of a business. What’s more, they can offer learning management tools and record scores.
Course constructor. A busy team doesn’t always have time for building a learning course from scratch. That’s where the HR technologies can make a big difference. Many platforms enable effortless drag-and-drop course building to save time. This showcases the advanced role of technology in Human Resource management.
Looking for HR solutions to support your business?
We at Eastern Peak provide a wide range of digital HR technology solutions for various areas like payroll, talent and performance management, benefits, and L&D. Contact us to cover your specific needs!
5. Benefits
HR Tech solutions (finally) solve the problem of corporate benefit management. Instead of scattered health benefits, leaves, and more, they can all be in one place now. This helps the team feel more appreciated and encouraged, while keeping up the work-life balance.
The obvious advantages of such HR software tools are listed below:
Management made easy. ThrivePass and similar HR Tech tools allow easy access to benefit management on a single platform. From the basics like health and pre-tax to corporate rewards, everything is readily available. Managing benefits via digital solutions saves time and valuable resources.
Employee satisfaction. Corporate benefits always end up high on employees’ priority lists. To boost retention rates, businesses should think about adopting modern benefit management systems. They are agile and flexible, reinforcing everyday stability and the trust in the company.
Timely updates. No more messaging HR with every single question about the benefits. The new HR technologies readily provide answers to such questions; perks and rewards, health, commuting – the employees will certainly enjoy a fresh, transparent system.
6. Travel and expenses
Business trips are an integral part of many jobs even in the Zoom age. What is not great, however, is processing the expenses manually. Setting up card budgets, collecting multiple receipts, and approving can be really tiresome. Luckily, the new HR tools can make it smoother and more effective in a wink.
Let’s look at how the HR Tech is utilized in this area:
Real-time updates. Relying on a chat with the HR while busy with other traveling aspects could be inefficient. On the contrary, a spending management tool is easy to use – and very nice to have. It provides stable access to all the necessary data on the go, for added comfort.
Versatile features. HR technology examples like Spendesk are a one-stop solution for managing travel costs. Budgeting, prepaid cards, and receipts are only some of the aspects that such tools can cover. They help make informed spending decisions quicker, which is a big advantage for any company. What’s more, such management tools can do away with the annoying double entry.
Employee-centric tech. The logistics of traveling can be a source of excessive stress to a person. HR Tech software allows them to stay focused on the “business” part of the trip. An employee feels well supported when everything is approved and resolved in a timely manner. This, in turn, increases their productivity and positive motivation.
7. Employee referral
Finding the best person for a job via sourcing is a tricky task. The employee referral programs are a real lifesaver for a business. Is it extremely easy, though? Not really, unless your business utilizes the automated referral software. These HR Tech solutions facilitate processes and simplify rewarding the most active team members.
How can employee referral tools unload the teams?
The quicker the better. HR software automates the key elements of a referral process. Finding a candidate via networking and tracking the hiring progress is now done in one place. Let the team members bring the best candidates on board – and do it easily.
Enhanced searches. Your team may already have a large professional network. Why not make searching for a perfect candidate even smoother? Tools like Teamable offer simple yet effective searches, as well as one-click introduction requests.
Cost-effectiveness. It’s no secret that referred candidates make hiring much more affordable. The money that the HR tools helped save can be used to reward the active employees. Naturally, this will motivate them to stay tuned to the company’s hiring needs.
8. Mental health monitoring
As the numbers reveal, 84% of employees have had mental challenges during the last year. It goes without saying that proper mental support is vital for business efficiency. HR Tech software promotes employee wellness, uncovers mental issues, and offers the much-needed emotional support.
Here’s how HR technology helps maintain a healthy mental balance:
Raising awareness. Hard-working employees can brush off the first symptoms of mental issues. Yet, if not addressed properly, these issues can easily progress and hinder performance. Platforms like Humanoo offer corporate health promotion programs to assure this doesn’t happen. What’s more, some of these programs are gamified for regular participation and smooth experiences.
Systematic support. Connecting team members with qualified professionals on a regular basis is a viable option. This unloads the HR and provides support at the most needed time. HR Tech can also help address the stigma of workplace mental issues. Anonymity, accessibility, and education lead to a much healthier working environment.
How to get the most out of HR Tech
Transforming HR through technology assists with many of the startup and mid-size businesses’ needs. From talent management and education to schedules and payrolls, the HR software can immensely help the team. However, with so many first-class offers, which one is the best for you personally?
Consider the following factors when choosing HR Tech solutions:
- your staff structure and numbers;
- the cost of HR Tech software vs. your needs;
- adaptation and customization potential; and
- smooth and user-centric experiences.
Want to take a shortcut and entrust the digitization of your HR to the professionals? Contact our team to learn how we can support your business goals with cutting-edge HR software development. Book a free consultation with us for more details.
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