1. Rethinking status quo in HR tech at current companies
Many companies still operate on an HR strategy that has not been changed in the past ten to fifteen years. Meanwhile, the job market and global economy have transformed drastically. Hopefully, companies will start to keep up and utilize the new HR tech tools now available.
2. Software as a service
There has been a boom in HR technology, especially ones that offer software as a service, in channels ranging from benefits, recruiting, training, payroll, and analytics. The large amount of new options gives companies a choice of products that hit their individual pain points.
3. Changing tech support models
With the advent of software as a service, there is also a shift from relying on IT to relying on HR tech support. Generally, SaaS products are better supported by HR than IT, so we should see HR taking on a greater role in supporting the use of HR tech.
4. HR to the cloud
This is not a new thing by any means but is still in the early stage. Many HR software vendors are offering solutions in the cloud, which ultimately provides faster updates, innovation, decreased costs, and more flexibility.
5. More integration
With big data and analytics becoming increasingly important in all areas of the business, we are likely to see more integration between branches of companies as they work together to share data. For example, the Affordable Care Act has changed an annual enrollment event to monthly tracking and reporting, requiring HR, Legal, Finance, and IT to work together and share their data.
6. Talent Management Software
Finding and keeping quality talent has been one of the major pain points for HR departments, but technology can help. Technology can help the with learning and development and is also helping companies find better candidates and target new demographics.
7. Going mobile
While the rest of the world has gone mobile, HR is still in its infancy. However, this should change with more SaaS and cloud-based apps. Going mobile should significantly ease the administrative burden on HR. Mobile is also another great venue to find and attract talent because of its ubiquity and ease of use.
8. Data standardization
There has been tremendous growth in data analytics in the past five years, and HR is no exception. More HR tech is involving analytics as part of the solution, and this also requires a standardization across companies to be able to understand and take action based on the data they acquire.
9. More data analytics tools
The huge amount of data we collect needs to be analyzed to understand trends and present actionable insights. Companies who want a competitive edge must be able to take these analytics to refine their recruitment strategies and compensation incentives to truly optimize efficiency.
10. More millennials
As the Baby Boomer generation retires, the millennials are joining the workforce. By 2020, millennials will account for half of the global workforce. Many companies already feature a majority of millennials and must figure out the best ways to recruit and attract the best new talent.
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