Evolution of HR Technology

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29 Jun, 2021

HR Domain and Its Functionality with Technology Evolution

Human Resources is constantly evolving along with its workforce. The digital revolution has brought with it, innovative technologies which are being leveraged by the industries to find talent, hire, train, support, and retain them.  Human Resources are moving away from the traditional ways of conducting business to opting for new technologies to work faster, more efficiently, and meet organizational goals.

The HR space has been greatly influenced by technology in the last decade. This has significantly improved different aspects of HR functions in various industries. They have come a long way from balky technology and manual inputs to streamlined unified platforms that are user-friendly and covers an array of HR functions.

HR Tech Rapid Evolution

The core function of human resources has majorly been a human connection in a business. Traditionally, the role of HR was viewed as administrative, non-innovative, and paper-intensive functions that mainly consisted of managing organizational structure and end-to-end recruitment solutions. However, with the advent of technology, HR functions have progressed to assisting organizations by reducing manual work, automating administrative activities, thus leaving more time to focus on different HR aspects.

Impact on HR Domain Across Industries

HR technology has dramatically opened several opportunities in the HR industry. From end-to-end recruitment to managing requests, real-time performance assessments, performance appraisals, employee appreciation and more have been automated with the use of HR technology.  Technology has become a macro force in pushing forward the HR domain away from the traditional work, where everything was carried out manually.

Following are the emerging technologies that have played a major role in the Human Resource Industry:

Automation: HR professionals are required to handle onboarding and offboarding candidates, tracking employee performance, handle job postings, expense claims, leave requests, and more in multiple locations as well as those working remotely. Automation of the HR workflow not only makes all these tasks easy and less time-consuming but also ensures efficiency and errorless results. Automation fast tracks HR processes, which ultimately enhances employee engagement with HR.

The HR Automation features are:

  • Visual-rich dashboard and reports to speed up the decision-making process
  • Synchronize data through API integrations
  • Omni-channel access for easy access to information
  • Risk mitigation to enable 360-degree visibility
  • Automated alerts to keep track of employee’s tasks

Augmented Data Analytics: Augmented analytics is one of the latest HR technologies that is being popularly used by human resource professionals to analyze large volumes of their workforce’s data. Combined with Artificial Intelligence (AI), Augmented Analytics leaders analyze a wide range of datasets to track significant metrics. The software enables HR to capture employee data right from their joining to the exit of the enterprise. It equips the HR leaders with actionable information and data that empowers them to apply in different areas such as hiring, retention, engagement, upskilling, and diversity.

The HR Augmented Data Analytics features are:

  • Machine learning is leveraged for augmenting data preparation, profiling, and more
  • Improves accuracy in finding talents with the required qualification and experience
  • Provides actionable insight to HR by putting together employee data
  • Enables analysis of employee experience through their data
  • Explains new trends in the organization without analyzing dashboard or spreadsheets

Virtual Agents: Enterprises are always on the lookout for talents, and they must be recruited efficiently, effectively and streamline interview processes. While automation and AI allow HR professionals to shift through a large number of resumes quickly, virtual agents help in scheduling the interviews and conducting them. The HR domain has shifted from the process of hiring and has changed from manual work to more automated, which saves a huge amount of time.

The Virtual Agents features are:

  • Provides the candidate with accurate and instant responses quickly
  • Consistent communication with every individual without engaging manually
  • Enhances credibility by gathering feedback of the candidates
  • Provides insight into the behavioral patterns of candidates through video interviews
  • Improves employee retention by creating a consistent experience with HR

Blockchain: With blockchain technology, organizations can connect with vendors, contractors, third-party distributors. Blockchain candidates applying for a job to exchange information in a digital environment through a trusted network. Resources can be given access to information in relevant steps during the process of recruitment all the while securing the data.

The Blockchain Features are:

  • Creation of smart contracts for temporary or contractual workforce allowing automatic payment release.
  • Employee records such as performance history or medical conditions can be encrypted and shared when required in tokenized form.
  • Blockchain enables compliance and regulations which ensures employees’ control over their personal data.
  • Blockchain enables reliable payment processes without intermediaries like banks.

Alcor’s HR Technology – Thought and Built to Suffice the Need of Today and Tomorrow

TalentRun: The evolution of HR technology has allowed easy recruitment of the workforce. Alcor has automated the HR process with TalentRun. It is a full-stack 360° automated environment built on the robust yet fast, single view, machine learning capable Cloud platform. In the TalentRun environment, Applicant-Employer privacy and confidentiality are maintained.  TalentRun users saved an estimated $42,600 annually in a recent Return on Investment (ROI) study done with an average of 250 employees’ organization

High5: Alcor has created an intra-social platform called High5, which allows employees and colleagues to appreciate and recognize each other. It is a fully automated, seamless, and collaborative platform that makes the employee appreciation and recognition process easy. This solution is aimed to create appreciative workplace culture, improve morale, unite employees and teams, retain employees’ long term, and motivate them to accomplish more.

Reflective: Going through every employee’s work record, their performance had traditionally led to a huge volume of paperwork and time consumption. With HR tech, organizations can now have a paperless, secure & collaborative 360° employee appraisal review system.  With Alcor’s Reflective, the performance appraisal system has been automated which reduces the cost and time they spend on manual HR planning and processing. Reflective reduces HR-related costs for an organization by 40% Year on Year. The efficiency and productivity of your HR team increase by nearly 35%, giving them more time to focus on complex tasks like talent forecasting, and pipeline succession.

Technology’s Future Influence in HR Domain

The human resource industry will witness technology playing a bigger role in aligning the workforce and connecting employers with their employees. With machine learning, automation, machine learning, artificial intelligence, the future expects to see a partnership between HR professionals and technology for carrying out crucial HR tasks. With the development of technology in the future, the industry can expect a more efficient and seamless business process.

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