In a world where even the smallest firm can take on the biggest brands and compete to cater to clients all over the world, the success or failure of an organization is being determined by its ability to recruit, engage, and retain human resources. Increasing human capital and maintaining operational excellence are the two biggest organizational challenges today. This is the primary reason why firms, big and small, are relying on HR technology to enhance productivity and boost profits.
Impact of HR Technology
Technological innovations in the field of human resources have changed the way organizations create, implement, and improve upon their HR strategies. The conventional approach towards recruitment is being replaced with use of Big Data to analyze the talent pool and the organization’s requirements, use of social media for approaching and hiring candidates, and relying on enterprise-level software for centralized management of the recruitment process.
Apart from making the recruitment process cheaper, faster, and more efficient, firms are using human resource software to setup a centralized mechanism for faster flow of information between the organization and its employees. Human resource planning is going beyond management of payroll and attendance data. Companies are using HR technologies to synchronize the expectations and ambitions of employees with the long-term goals of the organization.
HR appraisal has always been a contentious issue for firms and employees alike. Balancing transparency with the privacy of employees has always been a complicated task. Today, free flow of feedback and opinions about employees from peers, subordinates, superiors, and other in-house customer departments facilitate more accurate assessment of the quality of work done by the employee. Technology forms the backbone of this improved and efficient process.
Today, companies are relying on Human Resource Outsourcing firms for solutions to issues like high turnover and attrition. More and more firms are utilizing big data and analytics to identify trends and patterns in the implementation of and functioning of its HR policies. Human resources consultants are advising firms to try innovative solutions like continuous appraisal, social performance management, and use of new-age HR metrics and analytics as the basis of development of strategic HR policies.
Training & Knowledge Management
Human Resources Outsourcing firms are offering revolutionary HR technologies that have transformed ongoing training programs. Availability of detailed data about various aspects and facets of the organization allow for more accurate and more relevant training programs. Knowledge management has become far more common with easy distribution of training material and courses through centralized HR solutions.
Firms are also moving towards social learning and peer-based training without having to create an entirely new HR policy from scratch. HR technology has made it easier for companies to modify and vary its policies for different departments and offices without trashing the pan-organization policy governing human resource management. Technology is offering better clarity and transparency along with consistency in creation, modification, and implementation of HR policies.
Unlike the past, successful human resource management is no longer dependent on a combination of gut instinct and luck. Technology has made it possible for firms to rely on analysis based on hard data and clear trends before taking informed HR decisions.
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