Prominent Technology Trends Impacting the HR Landscape
Disruptive technologies like AI, ML, and blockchain are inducing a wave of changes in the HR technology market. Organizations are setting the pace with new performance management models and learning methods, discovering different ways to reduce bias, and are developing unique approaches to recruit and train people. Today the traditional pattern of talent recruitment is shifting from full-time employment to a blend of hiring remote workers, part-time workers and consultants. Some of the advancements in the recruitment landscape include increased migration to the cloud and the rise of intelligent self-service tools and automated employee self-service programs.
The last five years have seen an exponential rise in the adoption of cloud-based HR solutions. With cloud-based human resource management systems (HRMS), payroll and talent management services, and other ERP solutions already in the cloud, the question that arises is: “‘When’ and ‘how’ companies will go to the cloud?” At the same time, there has been a fast-growing shift toward intelligent, self-service communication and employee experience tools that use cognitive, conversational, intelligent systems to integrate case management, document management, employee communications, and help-desk interactions. These tools can also coach leaders, assess candidates, and source the right people. AI is also being used to improve decision-making, reinvent work processes, and revamp customer experience. Companies are implementing AI practices to create new app categories, such as virtual customer assistants and bots that will enhance employee performance, sales and marketing analysis, and security.
Blockchain technology is also significantly changing the HR landscape. Knowing and understanding employees is essential for organizations today than before, because employees are the crucial bearers of knowledge, technology, and service, and represent the core component of enterprise management. Hence, validating the authenticity of their information, rather than general assets and transactions is equally important. And this is where blockchain comes to the rescue—it can combine the conventional encryption technology with distributed Internet technology to establish an HR information management model that addresses the risk concerning the authenticity of human resource information. Hence, in the race for winning talents, companies must be well-aware of the latest HR technology trends that offer umpteen opportunities and adopt them as soon as possible.