The Newest Changes in HR Technology
Like most other areas of business, the world of human resources management has been greatly affected by advances in technology. In a recent article that appeared on the Benefits News website, technology writer Dan Stanley cited a report released by PricewaterhouseCoopers in the first part of 2017. In the report PwCâ€™s survey focused on the newest changes in human n resources technology. The company surveyed 307 businesses in 30 different industries across 40 countries of nearly every size to find out what technologies were coming up the most as being used by human resource professionals.
The top four digital technologies across this very diverse cross-section of businesses are listed below with a couple of them dovetailing in their application and make use of artificial intelligence and cloud technologies.
- Robotic Process Automation – Also known as RPA software makes use of current and future applications for machine learning and other forms of artificial intelligence or AI. Because of its fairly simple deployment and efficiency at rates higher than humans, it is especially of use to HR professionals in performing tasks makes things much easier. RPA can get new workers onboard, transferred and can also set in motion additional HR processes such as benefits, identity management, and payroll management. Everything can be customized and is able to be audited at any time.
- Platform as a Service Extensions or PaaS – According to the survey results, just 16% of HR professionals utilizing cloud services. Stanley asserts that in all likelihood this number will increase to being used in more projects in almost all business sectors that adapt to using cloud technology. Â
- Predictive analytics: For organizations that can reduce their attrition rate to just 1%, they can potentially save themselves substantial amounts in operating costs annually. Â For a company that has 5,000 employees and that has an attrition rate of 10%, for example, that organization can potentially see a savings of nearly $4 million to their bottom line through the use of technologies involving predictive analytics. Â While predictive analytics is still in its beginning stages and more work needs to be done in predicting behavioral changes, 24% of companies participated in the PwC survey indicated that taking advantage of predictive analytics would be a priority for their organization over the next 12 months.
- Artificial intelligence: Todayâ€™s business landscape in terms of pay equity and trying to eliminate as much bias in the workplace has become a priority. Many executives and HR professionals believe that it is AI that will help them achieve greater equality in the workforce. AI can be used in the recruitment process and give greater insight into greater profitability by analyzing data such as social media, internal data, and sentiment analysis. Having such a tool can help HR professionals and hiring managers to make a better determination about which candidates might be the best fit for open positions in their organizations by analyzing and comparing these types of data indicators.
Artificial intelligence, cloud technologies and increased automation of HR functionality are becoming more important every day. At EinsteinHR, we keep informed regarding the latest technologies and remain committed to helping you perform all of your human resource tasks more efficiently to help your organization get the best value to your bottom line. If you are considering moving your HR processes to the cloud or finding out what the latest HR technologies can do for your company, EinsteinHR can be there to help. Contact us at 888-981-3622 (emc2) to find out how we can make a difference to your company.