In the last decade, HR has transformed in many ways. It isn’t like it used to be. Technology, for the major part, has brought progressive transformation in the sector. From payroll to managing employee well-being. Companies are spending generously on HR tech solutions.
Industry leaders and CHROs are equally determined that HR will transform under the influence of technology – more than 12 million employers spend over $5T on HR tech solutions. Where is HR tech headed?
- Health and well-being market will expand
The health and well-being market is largely untapped by HR tech applications. On the other hand, employers are becoming more conscious about employee health and well-being. Therefore, employers are ready to invest in employee heath and well-ness.
Healthcare providers are investing in artificial intelligence to make these applications well-rounded for well-ness program applications. Tools for mental, physical health, stress reduction, financial well-being is everywhere, says Josh Bersin, a leading HR advisory firm.
This market didn’t exist for a long time. Now when it does, it’s important for employers to see what’s available in the market. It is important for company brands and solves many critical business problems.
- Remote or virtual workforce technologies will grow
Employers are increasingly offering flexible work hours. Despite this, remote and virtual workforce is growing. Several technologies are coming up to manage and engage with this workforce.
Basecamp, Slack, Zoom among several project management and collaborative tools are making remote work seamless and pushing culture forward. According to a study by the International Working Group (IWG), nearly 70 percent of employees work remotely at least once a week.
Emily Fritz, an employer branding specialist, says remote workforce technologies and related technologies are still in infancy and will gather momentum in the coming years.
- Adoption of people analytics
In recent years, analytics and employee development have been a priority for CHROs.
HR and business leaders are increasingly becoming reliant and data-driven strategies and decision making for people related matters.
People analytics is an HR tech trend that has accelerated in the past few years. Gautam Ghosh, an HR influencer, says people analytics will be on top of mind for HR leaders in the coming years
- Increased focus on employee experience
Employee experience is still a priority for employers. Right from onboarding to employee exit, employers are focusing on offering topline experience to keep employees engaged and retained.
The focus on employee experience doesn’t seem to wane off anytime soon. Soumya Sento, a prominent people analytics leader, says, “consumerization has already started on the HR front”.
- Technology coaching
As workplace technologies grow in number, employers will need to provide technical coaching to employees. So far it was expected that employees will seek this training on their own and pay for it. However, this has changed. J.T. O’Donnell, says, “thanks to millennials, the mindset is changing”.
New HR tools are coming up and changing the HR landscape. While earlier tools were meant for HR, new tools are kept for employees first. Employee experience is at the center of all HR tech trends. Is it the same at your organization?