Survival of the fittest has never been truer before.
With artificial intelligence seeping into major industries to scale performance, you either have to go with the trend or be left behind.
But how well are we able to implement a seamless digital experience in HR operations?
Gartner had projected that by 2020, 30% of global organisations will resort to cloud-based solutions for HR administrative tasks (benefits administration, attendance tracking, performance reviews, applicant tracking, and so much more).
And though we see a lot has been accomplished using HR collaboration tools, we still have a long way to go.
In fact, according to research conducted by IBM, AI deployment in HR processes will go from 40% to 80% in the next three years.
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Why is HR Tech important for Business Growth in 2023?
With the HR industry being so diverse, we need to impact several areas to ensure streamlined HR operations including:
- Hiring Process
- Cloud challenges
- Employee development
- Employee retention
- Remote workers
- Employee benefits
- Compensation management
- Company Culture
And tech adoption is going to be more important than ever in making sure you run an obstacle-free HR department.
Efficient Management of Remote Work
With the rise of remote work due to the COVID-19 pandemic, companies have had to quickly adapt to new ways of talent management.
Project management tools like Trello, Asana, and Basecamp have made it easier to track progress and communicate with team members in real time. These tools also allow managers to monitor remote employees and provide support as needed.
With the right technology in place, companies can manage remote work more efficiently, which leads to improved productivity, collaboration, and better employee experience.
Tackle the Cloud Challenges
HR tech tools offer secure and encrypted cloud storage, which ensures that sensitive employee data is protected from potential security breaches.
Additionally, cloud-based HR tech solutions provide remote access to employee data, which eliminates the need for physical file sharing and reduces the risk of lost or misplaced data.
Another challenge with cloud technology is data management. HR tech solutions offer data analytics tools that allow businesses to collect and analyse data from various sources, such as performance reviews, employee surveys, and recruitment data.
Say Bye to Compensation Management Troubles
One of the main benefits of HR tech solutions is that they provide companies with real-time access to market data and salary benchmarks to go the extra mile.
Additionally, HR tech solutions can automate the compensation management process, which saves time and reduces errors. This includes calculating bonuses, promotions, and salary increases based on performance metrics and other relevant factors.
By automating this process, HR professionals can focus on more key features that drive business results. HR tech solutions also provide greater transparency and accountability in compensation management.
Employees can access their compensation information and track their progress towards performance-related bonuses, which helps to build trust and engagement.
Building an HR Tech Stack for Your Organisation
Building an HR tech stack is a process that requires a detailed understanding of your organisational capabilities and the technological needs you want to fulfil. Let’s discuss how we can do that in 4 simple steps:
Identify your specific needs and areas of improvement: Before you start selecting software options, it’s important to identify your organisation’s specific needs and areas for improvement. This will help you choose the right tools to address your unique challenges and improve HR processes.
Determine your priorities: Once you’ve identified your needs, it’s important to determine your priorities (list of features you want). Consider which HR processes need the most improvement and which solutions will have the biggest impact on your organisation. This will help you prioritise your selection and implementation efforts.
Establish your budget: Implementing an HR tech stack can be costly, so it’s important to establish a budget. Business leaders have to consider the costs of purchasing and implementing the solutions, as well as any ongoing maintenance or subscription fees. Be realistic about what you can afford and plan accordingly.
Ask the right questions: When selecting HR tech solutions, it’s important to ask the right questions. Consider factors such as ease of use, scalability, integration with existing systems, data security, and customer review. Make sure to ask for demos and references from other customers to help you make informed decisions.
Must have HR Tech Tools in 2023
Ensuring employee engagement and optimised people management is not an easy thing to accomplish. So, we are going to leverage the power of digital transformation and see what the software market has to offer:
Recruitment Marketing Platform
Recruitment marketing platforms are software solutions designed to help companies attract and engage with top talent. These platforms use targeted marketing techniques and data analytics to improve the recruitment process and create a more efficient hiring process that improves employee engagement.
These platforms enable companies to create and promote their employer brand, as well as reach out to passive job candidates who may not be actively searching for new opportunities.
Some examples of recruitment marketing platforms include Phenom People, SmartRecruiters, and Jobvite.
Onboarding Solution
Onboarding solutions are software platforms that automate and streamline the process of bringing new employees on board. These platforms typically include a range of tools and features, such as electronic forms and documents, training modules, and employee communication tools, that help companies efficiently onboard new hires while reducing administrative burdens.
The benefits of onboarding software are numerous, including increased employee performance, reduced turnover, and improved compliance with regulatory requirements.
BambooHR, Workday, and Sapling HR are some of the software vendors that you can consider for an onboarding solution.
Payroll Automation Tool
Payroll automation tools are software platforms that automate the process of calculating and processing employee salaries, wages, and benefits. These platforms typically integrate with HR and accounting systems, and provide features such as automatic tax withholding, direct deposit, and time and attendance tracking.
The benefits of payroll automation tools are significant, including increased accuracy of employee records, reduced errors, and streamlined processes that save time.
Some examples of popular payroll automation platforms include ADP and Gusto.
Benefits Administration Suite
A Benefits Administration Suite is a software platform that helps business owners manage people teams and administer employee benefits programs. These algorithmic tools typically include a range of tools and features, such as enrollment management, benefits plan design of hybrid teams, and compliance tracking.
These platforms also provide companies with real-time data and analytics, which can be used to identify trends and make more informed decisions about benefit plan design and management.
You can use Zenefits, and Workday to implement benefits plans that glorify the career paths of your employees.
HR Compliance Management Tool
These human resources tools are a one-stop shop that provides features such as policy creation and enforcement, document management, and reporting and analytics for people teams. Additionally, many HR compliance management tools offer training and education resources to ensure that employees are aware of relevant laws and regulations.
The benefits of using an HR compliance management tool are significant, including decreased risk of legal violations and associated penalties, improved organisational efficiency, and enhanced transparency and accountability.
With a simple interface, tools like Compli, HR Acuity, and NAVEX Global are effective compliance tools.
Employee Engagement Software
An employee engagement software is a platform that assists companies in measuring and enhancing employee engagement, motivation, and satisfaction. These tools typically include features such as employee surveys, sentiment analysis, pulse surveys, and recognition and rewards programs.
Employee engagement software is designed to help companies understand their employees’ needs and preferences, and create a positive work environment that fosters engagement, productivity, and retention.
Some examples of popular employee engagement software platforms include 15Five, Culture Amp, and Qualtrics.
Employee Referral Software
Employee referral software is a platform that assists companies in managing and optimising employee referral programs. These tools typically include features such as automated referral tracking, rewards and recognition programs, and analytics and reporting.
Additionally, these platforms provide companies with valuable insights into the effectiveness of their referral programs, allowing them to make data-driven decisions and continuously improve their recruitment process.
Zao and ReferMe IQ have shown a lot of potential as human resources technology solutions.
Productivity and Time Management
Productivity and time management software is a platform that assists companies in managing and optimising employee productivity, task management, and time tracking. These tools typically include features such as project management, task delegation, time tracking, and reporting and analytics.
The benefits of using productivity and time management software are increased team collaboration, enhanced accountability, and improved project outcomes & employee performance.
Trello, Asana, and Monday.com are some tools that have been known to deliver employee appreciation.
Compensation Management
A compensation management platform is a flexible tool that helps companies manage their compensation strategy, structure, and administration. These platforms typically offer features such as compensation benchmarking, performance-based compensation, equity awards management, and peer recognition.
These platforms also provide companies with valuable insights into compensation trends and practices, allowing them to make data-driven decisions and stay competitive in the marketplace.
CompUp is one such real-time compensation benchmarking platform with advanced filters that helps companies create competitive compensation and appraisal planning.
Insurance Management Software
An insurance management software is a platform designed to assist companies in managing their insurance policies and claims processing. These tools typically include features such as policy management, claims processing, and customer management.
By automating many of the tasks associated with insurance management, companies can save time and resources, while providing better customer service.
Some examples of popular insurance management software platforms include Applied Epic, Vertafore, and Duck Creek Technologies.
Performance Management Software
Performance management software is a digital tool that helps companies track, manage and evaluate employee performance. It typically includes features such as goal setting, performance tracking, feedback and coaching, and performance review cycles even for your remote team.
It also helps managers to identify areas where employees may need additional support or training and to align employee performance with organisational goals.
ClearCompany, BambooHR, and 15Five are some tools that have a catalogue of features perfect for assessing your employees.
Conclusion
In conclusion, from sending job posts to tracking employee attendance, human resources technology is an angel in disguise for HR professionals. And in today’s software market, you’ll find solutions for a number of situations including talent acquisition, absence management, candidate screening, people management, communication software, and so much more. So, go ahead and gear yourself to tackle people’s challenges with the help of HR tech solutions.
Get Started
We all know that compensation management is the most crucial element of the HR industry. Getting that right gives you a competitive edge in the compensation game.
CompUp, a state-of-the-art compensation and appraisal planning platform offered by HireSure.ai, enables you to investigate the patterns within the overall rewards ecosystem, grasp the changes that are occurring in the compensation and benefits sector, and develop compensation plans that would greatly benefit your workforce.
So go ahead and take advantage of CompUp’s advanced features to design a rewards strategy that would delight and motivate your workforce.
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