The HR technology industry has grown exponentially over the last few years. Studies show that investors put almost two billion dollars into various HR tech companies globally in 2016 alone. This has led to a rapid increase in the number of new talent management, recruitment, and other HR tools entering the market today. These next-generation advance systems use new, disruptive technologies like artificial intelligence, machine learning, data analytics, and automation in order to create innovative solutions that will give your company an edge over the competition.
That said, it would be unwise to ignore all the talk that surrounds this industry. Lots of confusion and myths surround all new innovations, and HR technology is no different. Most people want to avoid things they don’t understand, especially when it involves new or complex technologies. But while it may be easier to stick with what you know and pass on the latest trends, it will have a detrimental effect on your company’s success in the long run. Here are 5 things you need to know about HR tech and its potential impact on your firm:
It is Worth the Trouble
As an HR professional, you must know everything about your company’s recruitment and hiring process. After all, you have been doing things the same way for many years, just like the predecessors before you. However, this is not a good reason to ignore new advances in your industry. It is designed to simplify your work life and make your team even more productive.
As the technological world advances, it becomes much easier for people to get started using a new tool. It might require a time investment for you to set up and learn how to use the tech, However, it is worth any extra time or frustration in the long run.
It Delivers on its Promises
When making spending decisions for your business, it is important to be sure that your investment will pay off in the end. However, it can be difficult to make this prediction for new technologies. That is because analyzing results from a handful of clients is not reliable. How do you ensure that the next big thing will work as promised?
While it might be easier to dismiss the claims made by HR technology companies as outrageous, that simply isn’t the case. Studies show that most HR software often delivers on its promises. This view is most strongly held by human resource professionals – and that says a lot!
You can Test for Success
How can you determine if a new HR tool is helping your business reach its goals? Can you measure the results objectively? These questions don’t have a simple answer, but it is certainly possible to test for success. You can do this by using common metrics such as time-to-hire both before and after starting to use the new tech, or utilize modern applicant tracking systems to track your hiring process. This will help you identify the kinks in your system, as well as the best way to resolve them to ensure smoother operations.
It Puts the “Human” Back in Human Resources
People today are constantly using various technologies to communicate. However, it is important to understand that this tech isn’t meant to take over the role of HR professionals. In fact, it is quite the contrary. HR technology automates time-consuming tasks and frees up time that you can spend building personal connections with employees and hopeful job-seekers.
Great Customer Service is Assured
Relationships with your HR tech vendors can be complicated and nerve-wracking at the best of times. Though there are many horror stories pointing to the opposite, most of these sellers truly have your best interests at heart. However, you cannot discount the importance of finding the right HR technology solution and vendor for your organization. Doing adequate research will save you time, money, and heartache in the future.