Technology is changing the way we work and live in the modern day, and has already improved so many aspects of our lives. For example, smartphones keep us connected around the world, self-driving cars are reducing accidents, and biotech is saving lives. Human resources (HR) is one sector where technology’s influence is having a particularly noticeable effect. Currently, one in three HR professionals use HR technology to improve their day-to-day operations. Hiring, onboarding, retention, and other crucial employee-related processes are all supported by a wide range of hardware and software solutions that are collectively referred to as HR technology. These procedures are necessary for the internal operations of every business. A company cannot survive without its employees, and must ensure it has a streamlined process to support them.
Employees have experienced a positive shift in their experience at most major companies since HR technology has been adopted. Many key stakeholders cite the huge benefits of this technology and say that it has improved most HR processes for the better. 75% of HR professionals believe that HR technology has helped improve recruitment processes for candidates. This sentiment is clearly echoed by the fact that 78% of workers think that the adoption of this tech has improved their entire experience working for a company. Therefore it comes as no surprise that 82% of businesses now see HR technology as essential to their ability to successfully manage employee-related procedures.
There are many advantages that come with using advanced technology in HR procedures. Research shows that the use of technology can speed up recruitment processes by 23% and complete HR activities 40% faster. Businesses have also stated that these developments have resulted in a 17% decrease in turnover rates. Given all of these improvements, it is hardly surprising that 83% of HR professionals say using this technology has resulted in a positive return on investment. There has been an incredible 43% rise in employee satisfaction since these softwares have been deployed, underscoring their transformative potential.
Within the HR tech landscape, there are many software solutions that are available, each having their own unique value proposition to a company. Employee referral software is among the most cutting-edge solutions. It is designed to incentivize current employees to recommend new hires in return for incentives like bonuses. Studies reveal that 45% of referred employees stay with a company for more than four years, demonstrating the effectiveness of this referral-based hiring approach. Retaining employees for a longer period of time saves companies an average of $7,500 each hire. Businesses who specialize in this software, such as Erin, have reported a 50% decrease in staff turnover and a 5x increase in employee recommendation recruits since their software’s deployment.
Performance management software, which monitors an employee’s goals, performance, and objectives during the course of their employment, is another essential piece of HR technology. Employers who use solutions from firms such as HireRoad have seen a 50% reduction in attrition rates and an 80% improvement in recruiting efficiency. Due to its many advantages, high-performing HR teams are 2.6 times more likely to use this software, demonstrating its importance in talent management. Another software falling under the umbrella of HR technology is applicant tracking systems (ATS). These systems track applicants from the point of recruiting to the point of onboarding. Hiring time has been reduced by up to 93% by ATS providers such as Fountain.
In addition to these tools, there are a number of additional HR tech solutions that improve hiring and retention. Recruiters’ manual tasks can be automated by workflow automation technologies, increasing recruiting rates by sevenfold. Software for candidate relationship management reduces program managers’ workloads by up to 250 hours annually, but also fosters meaningful interactions with candidates. Instead of waiting for applicants to apply, talent marketplace platforms enable businesses to actively seek for exceptional talent. As a result, organizations like Hackajob have been able to reduce the time it takes to hire by 40%. Clearly the field of HR technology is very broad and presents some incredible benefits for companies that value the employee experience. Investing in HR technology not only improves the lives of HR professionals – it ensures that top talent is properly supported and retained.
Source: Talent Tech PR