The sphere of Human Resources is being remolded by a plethora of cutting-edge technologies that have mushroomed in the past few years. This has changed the way HR practitioners operate and also how we perceive HR as a function.
As per a report by The HR Federation – 2019 HCM Trends, the worldwide HR tech venture capital has made it to 3.1 Billion US Dollars which is almost three times the amount that was invested two years ago. There is a wide array of technologies pervading the HR space, but Artificial Intelligence tops the list for sure.
Machine Learning and AI are shaking hands with the human capital realm to produce unprecedented results. More than 50 percent of the managers in the HR industry feel that Artificial Intelligence will soon become a conventional part of the human resources world in five 5 years, according to Irina Novoselsky, the CEO of CareerBuilder. She also reveals how AI has enabled her firm to design job descriptions as well as resumes in minutes. It also provides them insight into the candidates who are apt for the job.
Top 3 HR Technologies altering the HR Domain
- AI Is instilling Smartness into Recruitment
It is a costly and time-consuming process to look for suitable hires for a firm. But, the good news is that AI has made it simpler for employers to spot the right talent that would turn out to be a great resource to their organization. The market is now filled with resume screeners and robot interviewers who are there to act as significant support to the HR staff.
As a matter of fact, Artificial Intelligence has begun to outrun humans when it comes to assessing the hard skills of job applicants, as disclosed by Harj Taggar, CEO of Triplebyte.
- Analytics Drive a Higher Level of Performance Management
Human Resources is composed of various functions and performance management is a critical one of them. For years, HR professionals carry out this process by observing performance, gathering feedback from the managers and orchestrating sessions to facilitate employee reviews. Thanks to technology, this process has become smoother ad shorter as it has removed a bunch of irrelevant steps from it.
HR will soon witness enhanced data competency this year by as people in this field are beginning to embrace analytics to make more informed decisions, as observed by Doug Dennerline, CEO of Betterworks.
- A Strategic Role for Human Resources
HR professionals are becoming friendly with sophisticated HR technology that can take care of the administrative task allowing HR practitioner to focus on bigger issues.
With cloud computing and mobile apps coming into the scenery, HR professionals can act as strategic partners to the company by saying goodbye to stacks of paperwork and wearisome tasks like hiring, compliance, payroll, record keeping and so on.