How HR Tech has Influenced the Last Decade of HR Segment

The past decade witnessed a whirlwind of technological invention and tumultuous integrations. Work styles and business dealing trends were bothered time and again, and HR was no exception. We saw a slight and steady shift during the initial phases of the decade but as we reached towards the end, the revolution was taken by storm. Coaxed is a small world, the pandemic literally forced every company, regardless of size and domain to invest aggressively on digital technologies and embrace employee enablement. As we leap into a new decade, the ‘administratively-oriented’ HR operations have become more strategic and data-driven. What else? Let’s dig further.

Hiring has become faster, smarter, and better.

10 years back, hiring was lethargic, non-exciting, and full of the paperwork process. However, with the slew of new technologies like online platforms, chatbots, AI, and mobile techs, hiring has become more agile, electronic, and digital. ATS by SHRMpro scans, filters, and shortlists hundreds of CVs faster than any team of intelligent humans. Moreover, the recruitment process can automatically send emails, notifications, messages, and schedule interviews.

Performance Reviews are more structured and can be accessed in real-time.

With just a click, Human Resource Information System (HRIS) can provide various variations of performance reviews like 360 feedback, peer-to-peer reviews, engagement surveys, leadership reviews, self-assessments, and many more. A fully dedicated performance management system offers important elements like succession planning, employee recognition, and improvised work culture which were impossible to achieve in the past.

HR analytics coming into the mainstream.

As aforementioned, HR has become more data-oriented and strategic. Companies with the dominance of HR processes have shown enthusiasm in adopting HR analytics to skyrocket their inside culture, relationship with stakeholders, employee recognition, and ultimately reduce worker attrition. To support this, as per 2017 research, over 69% of companies expressed their interest in incorporating data to manifest people analytics databases. The integration of HR analytics helps organizations in leveraging unprecedented benefits of cloud migration, safe data storage, improved training sessions, more accurate employee insights, and better decision making.

HR techs have revolutionized the way we hire, onboard, interview, and manage employees. According to a business consulting firm Grand View Research, the market for HR technology will be worth an estimated $30 billion by 2025, that’s a whopping compound annual growth rate of 11%. The HR technology not only can modernize internal processes, but also offer the workforce smartphone access to payroll, benefits, learning tools, and retirement accounts, enabling developments tech to work smarter and harder.