Modern Technology Creates Modern HR Solutions

Saturday, 12 October 2024, 2:04 pm
Article: Hugh Grant

Modern technology is able to improve convenience and efficiency in almost every aspect of our daily lives, from smartphones to self-driving cars. It has even permeated the business world, especially within the human resources (HR) department. 1 in 3 HR professionals are turning to HR tech to support their daily functions in a variety of ways. HR tech refers to the huge range of software and hardware that serve employee-related functions, including recruiting, hiring, onboarding, and retaining. These functions are among the most important of a business’s internal processes, as without properly supported employees, a company will fail to function.

HR tech has already completely changed the hiring landscape as we know it, and most stakeholders are resounding supporters. 78% of employees believe adopting this technology can elevate their overall experience at a company. 75% of HR professionals believe this technology also improves the recruitment process for candidates. Therefore, it is no surprise that 82% of business leaders consider HR tech to now be a critical component of their success for all employee-related processes.

There is a wide range of benefits that are results of the integration of this technology. HR tasks are sped up for HR professionals by 40%, recruitment journeys are faster by 23%, and there is a 17% decrease in turnover rates. With all of these improvements, it is no surprise that 83% of HR professionals report a positive return on investment with HR technology. There is also a 43% improvement in employee satisfaction.

There are many different types of softwares that are available in the HR tech landscape. One of the most innovative softwares is employee referral software, which involves asking existing employees to refer new talent in exchange for gifts or benefits, such as bonuses. This referral-based recruiting strategy is usually very successful; 45% of employee referrals stay for more than 4 years and save $7,500 per hire for the company. Erin, a company that specializes in this referral-based software is able to boost employee referral hires by 5x, which leads to a decrease in employee turnover by 50%.

There is also performance management software that is able to track employee goals, performance, and objectives throughout the duration of their employment. Companies such as HireRoad that specialize in this technology have reported a 80% rise in recruiting efficiency and a 50% decrease in attrition rates.

High performing HR teams are 2.6x more likely to use this type of software due to all of these benefits. Another popular software is applicant tracking systems (ATS) that is designed to monitor candidates through their entire pre-hire journey, from recruitment to hiring. Fountain is a popular ATS and has reported a reduction in hiring time by as much as 93%.

A few other forms of HR tech include workflow automation systems, candidate relationship management software, and talent marketplace platforms. Workflow automation systems are able to automate repetitive tasks for recruiters, which can improve hiring rates by 7x. Candidate relationship management softwares help to nurture positive relationships with hires, while maintaining a high level of automation that can reduce workloads for program managers by 250 hours per year. Finally, talent marketplace platforms are able to allow companies to proactively search for top talent, rather than the other way around. Companies such as Hackajob boast a 40% reduction in time to hire thanks to these platforms.

In addition to HR tech platforms, it is important to choose the right HR tech PR agency to support your efforts.

In conclusion, there are so many different variations of HR tech, but all of them are united by the common purpose of streamlining HR professionals’ daily tasks and improving employee satisfaction rates. These softwares will likely become increasingly interwoven into daily employee- related business operations, thanks to their huge benefits.

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