Globally, technology disruptions are being experienced in every industry and every department. As per CB Insights, there has been a 15% rise in investments in HR technology in the recent times. In the U.S., close to $2 billion has been invested in HR technology. According to CB Insights, human resource management system (HRMS) is where the bulk of this investment is currently.
Other HR technologies including cloud, social media, artificial intelligence, machine learning and mobile technologies too are seeing increased investment. Companies are investing in artificial intelligence in the form of bots to replace humans for customer service and in handling operations in warehouses. Singapore leads the way with bots taking over in a big way in the hospitality industry where they handle everything from food delivery, laundry to greeting customers at the entrance. Experts believe investment in artificial intelligence, robotics and technology will grow in the coming years even as manufacturing and the service industries get more competitive in the days to come.
How Robots, artificial intelligence, and machine learning will affect employment?
While there are clear benefits of improved efficiency including reduced turnaround time, reduced need for labor, and cost savings, employment opportunities will see a change in the coming years. While McKinsey’s study found 60% of professions would have a minimum of 30% of functions automated, many reports suggest that more than 50% of jobs in 2022 will be jobs that do not exist today. This means that the HR function will have to be future-ready to be able to handle this change, source talent, train them and retain them- all of this while having to trust the right people.
Impact of Technology on HR
With increased investment in HR technology, there is growing adoption of cloud computing, recruitment software, applicant tracking systems, ex-employee tracking, and so on. These technologies are enabling efficient and faster processing of traditionally time-consuming tasks including , payroll management, sourcing of resumes, posting jobs, screening resumes, training and development, rewards, and recognition. HR technology investments also relate to video recruiting, video conferencing to train, recruit or interview candidates, wearable technologies at the workplace, and social media recruiting.
HR technology investments have optimized departmental functions, while also promoting the well-being and health of employees. This is enabled by freeing up their time from routine tasks to learning new skills. Employee engagement is seen as the vital element that contributes to the overall growth and success of a company. Modern technology enables quick surveys after events or milestones to assess the engagement levels of employees.
Employee screening and background verification are now made instant, thanks to the integration of APIs, machine learning, online databases, and automation. The traditional time-consuming manual checks that did not yield accurate results are now replaced with machine learning software and APIs that provide real-time reliable results. This has led to the creation of the concept of TrustOnDemand
Smart mobile technology has changed the way training needs are identified and delivered. Instead of the old way of herding people into classrooms, training and engagement technology that is driven by artificial intelligence customizes training for each individual based on their needs. AI-driven training is delivered through mobiles, eliminating the need for time and space-consuming training sessions. New learning management platforms are changing the way training is imparted.
Cutting-edge platforms such as WorkAttest™ used at AuthBridge optimizes the management of attrition. Advanced exit employee analytics and exit employee verification are some of the tasks made instantaneous by WorkAttest™. This not only minimizes the overhead expenses related to background verification and exit employee analysis but makes it highly accurate as well. In all, Technology is set to transform the jobs of tomorrow. And HR will have to have foresight into the future to be able to support organizations with talent management.