New technological innovations constantly disrupt the workplace ecosystem turning them into hectic, stressful environments. Forward-thinking enterprises have adopted digital mediums to take advantage of the accessibility and convenience offered by the cloud and the Internet of Things (IoT).
Human Resources technology or HR tech refers to the software and hardware that automate essential HR operations. By using digitization and automation, HR’s copilot, HR tech efficiently streamlines an organization’s time-consuming, manual tasks.
In the year 2016, investment in HR tech companies crossed $1.96 billion, and since then the growth has been exponential. As a result, a large number of HR tech solutions such as talent management, benefits administration, payroll, data analytics, and more have hit the market.
This wave of advanced HR tech tools utilizes disruptive technologies and gives their clients an edge over their competition. For many organizations, especially those with global footprints, implementing world-class HR tech solutions is a logical step to ensure that long-term goals are met.
HR tech platforms provide a cohesive framework for employees to collaborate and build a sense of community. The technology enables administrators to direct on-site and remote teams through automated tasks, improve employee experience and nurture a healthy company culture.
The COVID-19 pandemic accelerated the adoption of self-service, single-source HR tech platforms that could successfully counter the challenges posed by remote working. The platforms provided automated and digitized solutions that proved to be beneficial in improving candidate experience, engagement, and retention.
HR tech has liberated HR operatives from the burden of manual organization and administration, allowing them to focus on boosting productivity, profit margins, employee proficiency, and employee interaction.