After the COVID-19 pandemic research still shows that organizations prioritize work-from-home or WFH tools. They prioritize technologies and policies, they are focused on training employees, and a key thing was employee wellness and then also monitoring how work from home or the distributed workforce was from a performance and productivity standpoint.
HR leaders are focusing on enhancing technology systems that improve the productivity of remote workers and upgrading workforce management systems, utilizing recruiting, and learning platforms to meet the changing needs. And we will talk a bit more about a solution that we worked on that does just that, because both remote and hybrid work arrangements are here to stay.
This will drive more HR leaders to invest in software and platforms, to improve the ability of remote workers to collaborate, communicate, and deal with the issues of burnout. Organizations are looking for cloud-based Workforce Management Software (WFM) systems, dynamic work scheduling tools, touch-free features to allow workers to clock in and out safely, health screening tools, and self-service apps that enable workers to swap shifts or submit time-off requests virtually. One reason many companies are replacing the WFM platforms is that they generally have remained on-premises-type systems. And HR organizations realize the disadvantages of not having a cloud-based or SaaS system during the pandemic.
Technology-empowered headhunters are initiative-taking, savvy, highly strategic, and hunting down the right talent for the job. We are now in an age where artificial intelligence, augmented reality, and machine learning are highly utilized. Finding the right balance between digital and traditional challenges is key to accomplishing recruitment priorities such as improving the quality of hire, the time to hire, and the diversity of those that we are hiring.
Cloud and SaaS are disrupting the entire business landscape, and HR is not exempt. Incumbent HR technology companies, those that have been operating for at least ten years, continue to increase their revenue and market reach. However, we are seeing that startups are gradually gaining their market foothold. More companies are adopting human capital management systems and they are more often going to the cloud. Startups are expected to achieve substantial growth in the next five years, enabling the HR tech market to expand by 81% by 2025, and it is predicted that it is going to reach about $90 billion in revenue in the next six years, and the HR tech sector will likely grow by about two times during that time.
Analytics is a growing area of investment in the market. Whether it is in HDM analytics, stand-alone HR analytics, point solutions, or strategic workforce planning tools, the need to make better, smarter, and faster decisions through advanced analytics has gone from a nice to have to something that is considered a critical business activity.
Another area that is now seen as foundational is employee wellness. Wellness offerings have been an important strategy to support employees during the pandemic. It is important to take a holistic view of the recruitment process and to enhance each step along the way. From the first discussion with the hiring manager through the onboarding of the successful candidate, there is no doubt that organizations can capture a competitive advantage by adopting some new technologies and leveraging the right technology through the six stages of the recruitment process is key to that competitive advantage.
As these six main issues drive HR tech expansion over the coming years, finding, attacking, and retaining talent are high on the list and you’ll see where each of these fit in based on the surveys which have been done and the research has been done and the importance to organizations going forward.
In the modern business world, the process of recruitment and selection of candidates is quite lengthy and expensive. Understanding this, our client bought an IT solution designed to streamline HR processes and facilitate data creation during hiring decisions. Bringing the application to the market required multiple fixes as well as the development of new features that would increase value for end-users and allow them to stand their competition.
The system analyzes the structure and the wording of a job description. Such tips will help a recruiter improve the text and receive maximum responses from the most suitable candidates. If to speak about prioritization of job skills, a job owner can give each job particular skills and value, so that, when interviewers assess the skills of applicants, each applicant receives an objective score showing how he or she fits for their position.
It is important to be unbiased when you review the resume, so the system automatically hides information on the name. It can be age, gender, previous jobs, social media accounts, links of applicants, and photos so that a reviewer does not risk unconsciously by one applicant over another.
The system gives suggestions on questions that align with the predefined hiring criteria. Such a solution not only makes interviews more effective but also considerably reduces preparation time. In addition, the owner or admin has the possibility to create their own specific questions depending on job requirements and a company’s needs. It is crucial to emphasize the small but very useful feature just stopping the interview and proceeding from the same place.
All the data in the system can be removed upon request of the users. This decision is a custom setting within an organization that uses the system. For example, an employee, when leaving a company, can require all their data to be removed from the database. This can be set automatically within a certain time to remove all the information on specific users. Also, it can be performed individually or in bulk. Separate access to each functionality depends on the user permissions and access to the model on the tenant’s level. Since the system has different features for file uploading, conducting an interview, resume review, and so on, access to them is granted based on their position in the company and the assigned roles.
Furthermore, access to a specific model can be restricted on a tenant level. It means that each tenant decides what model they need to work with. If business owners are seeking to focus on the key needs of their staff and create the best environment for the successful future of their businesses, it is high time to make changes.
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