Why Should Enterprises Invest in Advanced HR Technologies?

Highlights  

• Introduction
• The potential of HR technology
• Technological advancements in HR technology
• Recent developments in the industry

Over the past few years, the human resources industry has undergone rapid transformation, owing to a heightened emphasis on diversity and the integration of artificial intelligence (AI) and machine learning (ML). HR technology enables HR managers and specialists to work more efficiently and enhance the employee experience. It ensures secure and comprehensive data storage, automates routine tasks and provides analytics for generating management reports and insights to improve business decision-making. 

A surge in need for cost-effective HR technologies, an increasing trend of hybrid working models, and growth in the automation of HR operations have highlighted the potential of HR technology. Due to these factors, the HR technology industry is anticipated to display the fastest CAGR of 9.2% by 2031.  

The power of performance management systems in employee development

PMS (Performance Management Systems) are essential for organizations to monitor and assess employee productivity. This structured approach allows organizations to evaluate and improve employee performance by integrating various processes and tools. These include setting performance expectations, tracking progress, providing feedback, identifying development needs, and rewarding achievements. The primary goal is to align individual objectives with the organization's goals, promote employee growth and productivity, and ultimately enhance overall organizational success. PMS platforms integrate continuous feedback, goal setting, and development planning. These systems can identify specific training needs, facilitating targeted skill development by analyzing performance data.

Empowering HR technology with a blend of AI and cloud computing software

A new trend in HR technology is the transition to cloud-based solutions, which provide greater flexibility, scalability, and security compared to traditional on-premises systems. Cloud-based solutions allow HR professionals to access and manage data from various devices and locations and to integrate seamlessly with other platforms and applications.

Another significant trend in HR technology is the adoption of artificial intelligence (AI), IoT solutions and services, and automation to streamline and optimize various HR processes and tasks. AI, IoT, and automation help HR professionals reduce manual work, enhance accuracy and efficiency, and provide valuable insights and recommendations by offering business intelligent solutions. For instance, AI and automation are helpful in screening and matching candidates, personalizing learning and development programs, and analyzing employee feedback and sentiment.

PeopleStrong and Deloitte developed cloud HR technology for enterprises

Deloitte Touche Tohmatsu India LLP (Deloitte India) and PeopleStrong, a prominent Enterprise Work and HR Tech company in Asia, formed a strategic alliance in June 2024 to accelerate HCM (Human Capital Management) transformation for Indian enterprises. Through this partnership, Deloitte India will use PeopleStrong's advanced, comprising solutions and HR transformation expertise. This collaboration aims to enhance Deloitte India's consulting and cloud operations portfolio, empowering clients to adopt complex HR transformations. This alliance aims to enable them to utilize industry best practices, and innovative HR frameworks, and accelerate technology adoption to achieve success.

Savex Technologies and greytHR joined forces to assist businesses in automating their HR management solutions

In January 2024, greytHR, a prominent provider of cloud-based HR and payroll software, announced a strategic partnership with Savex Technologies, one of India's largest distributors in Information and Communication Technology (ICT). With this partnership on board, Savex and greytHR aim to empower enterprises, mid-market, and SMEs to utilize greytHR's award-winning features. This partnership seeks to streamline processes, increase operational productivity, enhance employee experiences, and reduce costs.

Workstream launched an HR management platform designed for an hourly workforce

Workstream, a leading HR platform catering to an hourly workforce, launched a new suite of team management products in August 2023. It is designed to support the growth of businesses in the quick-service restaurant industry and other hourly industries by enhancing operational efficiency and creating more engaging workplace environments. This new product automates and digitizes crucial back-office operations, allowing employers to securely store worker data, maintain compliance with HR processes and documentation, and streamline communication.

In conclusion, the evolving landscape of HR technology, driven by advancements in AI, cloud computing, and strategic partnerships, continues to reshape organizational efficiency and employee experiences. With ongoing advancements in AI, cloud computing, and strategic partnerships, organizations are expected to utilize advanced tools that enhance efficiency, promote employee development, and drive sustainable business growth in a dynamic global economy.

For an extensive analysis of the HR technology industry with detailed competitive scenarios, contact our experts today!

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