CoAdvantage-Digitization and the adoption of leading technologies is fueling transformation in the workplace. It’s no wonder: well-executed technology implementations can yield dramatic efficiency and performance gains. According to consultancy group McKinsey & Co., organizations that focused on updating and transforming business operations during the pandemic have significantly improved efficiencies, accomplishing outcomes in 10 days that might have taken 10 months before. But when it comes to HR, what kind of technologies are we talking about? According to advisory group PwC’s HR Technology Survey, the most popular HR technology investments include:
- Talent acquisition tools, 49%
- Employee experience/portal layers, 48%
- Skills mapping/career pathing, 46%
- Intelligent recruiting, 45%
- Intelligent automation or process automation, 45%
- Business insights, 37%
- Tailor learning journeys, 36%
What do these different kinds of investments mean?
1: Recruitment and talent acquisition tools
It probably goes without saying that some of the most exciting technological developments in HR in recent years have happened around recruitment. For example, using “bots” as part of the recruitment and even interviewing process helps teams to better identify high quality candidates with less labor.
2: Artificial Intelligence
Smart programs like the bots mentioned above can help recruiters, HR staff, and employees improve their efficiency and get more done in less time. Aside from handling simple tasks like pre-interviewing candidates and performing other basic tasks, bots on self-service platforms can help employees get answers and find information faster. AI-driven automation is a major factor in achieving greater business efficiency.
Many tasks related to recruiting can be automated, which can result in increased productivity and lower costs.
According to a study conducted by HR technology company SuccessFactors, world-class HR organizations are more likely to implement automation than their counterparts. It allows them to spend more time on core HR activities.
Indeed, self-service technologies are a hot area. For HR, employees are their internal customer, and good internal service is an essential component of a successful customer relationship. Giving workers more power to access information and make changes to benefits, payroll, and other aspects of their employment through employee self-service portals can help dramatically improve overall employee experience.
5: Workforce Analytics & Business Insights
A workforce analytics tool collects and interprets data related to employees. It can help organizations identify areas where they can cut costs and streamline processes. This technology can also be used predictively to identify talent availability or gaps and help employers make staffing decisions today to avoid future crises.
CoAdvantage, one of the nation’s largest Professional Employer Organizations (PEOs), helps small to mid-sized companies with HR administration, benefits, payroll, and compliance. To learn more about CoAdvantage’s ability to create a strategic HR function in your business that drives business growth potential, contact us today.