There’s no denying technology has made our lives easier and convenient. HRs can now automate tedious tasks and do manual processes faster than they did five years ago.
As technology continues to evolve, human resource practices are becoming much more efficient. In addition, HR technology helps enhance employees’ experience by changing how businesses contact and store their data.
A recent survey by PwC found that 74% of companies plan on increasing their spending on HR technology.
Here are some major issues that HRs think technology can solve:
- Finding, attracting, and retaining talent (58%).
- Creating collaborative work environments (40%).
- Developing people to reach their full potential (43%).
- Improving the employee experience (42%).
- Workforce planning (38%).
- Ensuring well-being, diversity, and inclusivity (34%).
The relation between HR and technology has become inseparable as it enables companies to recruit, manage, and develop their workforce smartly. It also helps automate monotonous HR tasks, improving productivity across the organization.
X Ways Businesses Can Benefit from HR Technology
If you’ve been thinking about investing in HR software but are still skeptical, here are some ways you can benefit from it:
Improve Recruiting and On-boarding Experience
While finding the right talent was already a challenge for HRs, the global health crisis has made it even more difficult. During the pandemic, the biggest recruitment challenges for HRs are remote hiring, training, and onboarding new hires.
37.4% of HRs say their biggest challenges are on-boarding and training remotely. 33.1% say their most important concern is hiring remotely.
That said, here’s how technology can make the recruitment and on-boarding process smoother.
- Screen thousands of resumes to find appropriate candidates based on keywords and other requirements.
- Find qualified candidates across job boards and professional networking sites (like LinkedIn).
- Eliminate anything that helps bring a specific bias into the recruitment process. For instance, if a company has more male developers, they can use technology to screen more female candidates to improve the gender ratio.
- Acts as a one-stop hub for everything. HRs can find anything related to a candidate, including their resume and interactions with the company. This will help make better decisions.
For New Employees:
- HR software can pre-populate common fields, such as company name, job profile, and CTC, saving time filling necessary forms.
- Employees no longer need to sign and send hard copies of their job acceptance, NDA, etc. Instead, they can just digitally sign everything and join your organization quickly
- Assign a workplace partner automatically to help new employees learn about the company and their roles.
Increase Employee Engagement
Mobile and cloud technology plays a crucial role in HR software today. Whether you want to provide information or capture employee feedback, mobile technologies help reach where your employees are. Plus, push notifications ensure nothing goes unnoticed.
That’s not it. HR managers can share strategic corporate goals with employees to track and complete at their pace. In addition, the system has employee self-service options so workers can check how their individual efforts contribute to the company’s growth, encouraging them to do more.
Privilege programs (e.g., corporate offers, rewards, recognitions, etc.) in HR software can help further increase employee engagement and productivity.
Manage Employee Performance
Performance management is one of the crucial roles of any HR. They need to know how each employee is performing so they can create programs for them accordingly. For instance, reward top-performers and create a performance improvement plan for bottom performers.
However, the pandemic has made it even more difficult for HRs to track employee performance.
Thanks to automation tools, tracking employee performance is getting easier. The more tasks they accomplish in a specific period, the better their performance. But that’s just one factor. The time to complete a task depends largely on its complexity. Automated tracking tools allow you to set different time frames for each task and project and track employee performance accordingly.
Analyze Compensation, Benefits, and Rewards
Pay packages and benefits differ from one employee to another. If your organization has hundreds of employees, managing their compensation manually could be challenging and prone to error.
That’s where the payroll accounting system can help. It allows you to keep track of compensation and benefits for each employee. For example, you can store employees’ packages, bonuses, terms and conditions for bonuses, PF details, and more.
If you invest in a cloud-based payroll accounting system, you can get easy access to all the necessary data, irrespective of where you are. This also reduces the chances of errors in salary payments.
Payroll accounting software can automatically take care of tax and other policies (insurance, investment, etc.) for your employees.
Provide and Manage Corporate Learning Opportunities
A company that offers learning opportunities to its employees sees an increase in engagement and performance. For example, 86% of millennials would be kept from leaving their current position if their employer offered training and development. This is even more true during the pandemic when most employees are concerned about their job security and future.
We’ve already seen how schools and colleges transitioned to e-learning during the pandemic. Likewise, HRs can leverage digital learning platforms to help their employees upskill themselves.
Whether you want to train new employees or improve the skills of your existing workers, technology makes everything possible. If you have a limited budget, you can consider buying online courses for your employees so they don’t feel stuck.
HRs that use technology see an improvement in productivity, save time, and increase employee engagement. HR software also makes managing payroll and corporate tax seamless.
What’s stopping you from investing in HR technology? Let us know in the comments, and we will address all your concerns!