Today, the human resource department is not just about finding suitable candidates, formulating company policies and handling employee disputes. As the workforce and workplace dynamics are changing, HR functions have evolved too. One of the factors that have played a significant role in supporting this dynamic nature of HR is ‘technology’. The right kind of technology will help companies understand their biggest asset; their people- better and develop new ways to engage and manage the workforce. Read the following HR blog to learn about the various trends that will the shape the HR function for the next 12 months.
1. HRMS and HCM in the Cloud
Lately, cloud-based HR technology has gained a lot of traction. In 2018, platforms such as HRMS (Human Resource Management Software) and HCM (Human Capital Management) software are expected to be deployed more in the cloud in 2018.
2. Use of Blockchain technology
Recruiters often hope to verify candidates faster and more efficiently and payroll managers often want to make international payroll more affordable and timely. For this group of individuals, Blockchain technology is the all-in-one solution. Blockchain is an encrypted digital ledger of public records, which is structured into clusters of data that are called blocks and dispersed over networks. Businesses are expected to use this tool as it’s trustworthy and easy to use!
3. Rise in Predictive Analytics
The people analytics market has been booming for a few years now and is expected to rise in 2018 too. According to one of the surveys conducted by DATIS 2017 State of Workforce Management, around 84% of the surveyed companies are ‘likely’ to invest in workforce analytics in 2018. Using data analytics can help businesses improve the hiring process, address attrition issues and others.
4. AI and machine learning to improve employee experience
Next year, employers are expected to show positive approach towards leveraging the cognitive computing for improving HR conversations, improving employee learning experience, and the overall talent acquisition process. AI is expected to revolutionise the major HR functions such as Time-Off, Recruitment, Case Management and Training and Development.
5. Use of IoT
Internet of Things is a network of physical devices, vehicles, home appliances and similar items, which are embedded with software, sensors, electronics and network connectivity. But, what has the Internet of Things got to do with the HR function? Well, IoT will generate huge amounts of data associated with people and their workplace performance. Companies are expected to use this data in order to understand their workforce better and improve the employee experience.
These are the top 5 HR technology trends to watch out for in 2018. As the HR technology is moving faster than ever, organisations need to embrace the rapidly evolving technologies!
Keep reading iTMunch for more such HR related blogs and news!
- Dave Z., (2017), “Is HR Ready for Blockchain Technology?” [online] available from: https://www.shrm.org/resourcesandtools/hr-topics/technology/pages/is-hr-ready-for-blockchain-technology.aspx [accessed December 2017]
- DATIS, (2017), “2017 State Of Workforce Management” [online] available from: http://go.datis.com/2017WFMSurvey [accessed December 2017]