With Gen-Z and millennials comprise the biggest group in any workforce. Employers all around the world are analyzing tech-enabled strategies to manage, recruit, and engage employees. Some of the sought-after HR technology trends you can observe in the coming times are:
- AI (Artificial Intelligence) algorithms continue transforming a wide range of HR practices -right from recruitment to engagement, workforce management, and so more. Augmented analytics can allow employers to gain meaningful insights into employees while making more informed HR-specific decisions.
- Cloud-based HR technology enables an increasing gig and remote economy workforce -distributed throughout the world.
- Improved focus on transferable skills along with personalized employee development for preparing for the changing behavior of modern work.
- Increasing focus on HR technology for creating a highly continuous process of performance management and employee evaluation. It is also recommended to create a highly integrated approach to overall well-being, productivity, and people management.
It is important to ensure the adoption of VR (Virtual Reality) to augment processes like recruitment, management, and onboarding as the workforce will become more virtual and distributed.
Importance of AI in the HR Industry
In the past few years, Human Resources technology has significantly changed the landscape of how the process of people management tends to work. There are several reasons that enable such a major shift. The first aspect is that millennials have become the largest cohort in the workforce. It is a generation that has grown up with getting access to mobile devices and the internet.
Another reason is the advancement in the overall technology. Emerging technologies like RPA (Robotic Process Automation), Artificial Intelligence, and Machine Learning have led to significant disruption in HR practices, instead of incremental improvements.
The Future of HR Technology
To a greater extent, the last decade has been all about leveraging high-end HR technology towards automating existing HR processes for effective people management. It has also been aimed at making processes faster and highly efficient. The upcoming decade is going to be beyond the concept of improved productivity and better functionality.
It is estimated that around 71 percent of business executives across the globe agree that engaging and retaining employees is crucial to the success of the organization. Therefore, it can be anticipated that emerging technology will go beyond HR functionalities to re-imagine areas like talent management, performance management, people management, and employee management.
Top 6 AI-enabled HR Trends for 2022 and Beyond
Artificial Intelligence in HR
Artificial intelligence continues to become an integral part of modern HR technologies. Some of the ways in which AI transforms the modern HR industry are:
- Augmented Analytics: HR teams can leverage AI algorithms to automate and understand repetitive tasks. It will help in freeing up more time for HR teams. They can focus their energies on high-impact and strategic tasks. Moreover, AI-powered HR solutions will also allow seamless access to visualization and curated data for ensuring strategic thinking effectively.
- Improved Employee Engagement: The utilization of AI-enabled algorithms in areas like employee performance and engagement will help in modernizing the process.
- AI-driven recruitment: When AI-based algorithms are combined with cloud computing, it will deliver a rapid shift in the manner in which employers come across the right talent. FutureSolve -a pioneering HR software solution provider, comes forth with innovative Artificial Intelligence services to improve HR processes and recruitments.
Cloud-based HR
Remote working has rapidly become the new normal. It is expected that modern HR solutions should go cloud-based too. With the help of cloud-based HR solutions and tools, people management processes can effectively meet the increasing needs of globally distributed teams in a scalable and quick manner. Cloud-based HR solutions enable HR teams to access relevant data in real-time while making decisions accordingly.
Continuous Learning & Development
Rapid advancements in AI technology will change the overall pace of work. The development of highly transferable skills, as well as competencies, is equally significant. In the modern era wherein automation takes over redundant tasks, having software solutions that invest in soft skills like communication, team leadership, employee management, and others have become critical.
Wellness and Performance
It is expected that performance management will be a real-time, integrated, and continuous process. HR technology will be used effectively towards developing a cycle of expectations & feedback. In turn, it will ensure a better monitoring process along with the development of high-end employee performance.
The overall employee well-being in the modern era is considered an important part of performance and productivity. You can come across AI-enabled HR tools for improving the physical and mental health of employees and their families.
Virtual Reality
Virtual Reality (VR) continues to evolve the HR sector significantly. Aspects like job previews, interviews, and even onboarding processes are given proper aid by Virtual Reality. As the world continues becoming remote, and social distancing is the all-new norm, the revolutionary technology will indeed help in bridging the gap. Moreover, it is expected that Virtual Reality will also be used in the learning and development areas.
Gig Economy
The all-new gig economy has been there for quite a while. Employers of the modern era increasingly realize that utilizing a mix of freelancers, full-time employees, and contractors can help in reaching the desired results faster and efficiently.
For most modern employers, the concept of the gig economy features around 30 percent of the entire workforce. In such a situation, it is the responsibility of the HR teams to bring the diverse workforce on a single platform. HR teams should also focus on managing the people, their overall performance, recruitment, compensation, and other aspects. In this scenario, the use of customized solutions can be vital.
Conclusion
The world continues evolving in terms of technological advancements. While you might perceive this change as temporary, it will effectively initiate behaviors for transforming the future of work permanently. In this scenario, HR technology should also adapt to meet the ongoing changes. A commonality across all major HR trends -especially AI, will be helpful in bringing about the transformation.
