This is the future of HR tech with web 3.0
Over the past couple of decades, Human Resources (HR) has evolved significantly adapting to the needs of a transforming business environment. With the outbreak of the pandemic, digital transformation in the HR industry further gained increasing pace providing exciting opportunities for new ways of working.
The advent of web 3.0 with emerging technologies at its core like AI, Machine Learning, and Robotic Process Automation has led to massive disruptions across the HR industry. The availability of specialized tools and processes is allowing HR managers to improvise better and focus on strategic decision-making instead of spending hours on routine, mundane tasks. Some of the latest technologies are also allowing HRs to take control of the endless complexities of people management with actionable insights into supporting a hybrid workforce, enhancing employee experiences, improving productivity, and assisting employees with their wellbeing. With changing times, HR tech will undergo rapid metamorphosis to become more agile, data-centric, and AI-driven than ever before.
The Reinvention of Human Resources
Some of the major bottlenecks in HR workflows are excessive paperwork, redundant and duplicate work, data errors and inefficient use of resources as well as reduced employee morale. Recent innovative technologies are allowing HR leaders to address the majority of these issues efficiently, without the need to hire a specialist. Here are some of the ways technology is reinventing human resources:
The success of an organization largely depends on the way it attracts and retains talent. With web 3.0, organizations across the world are increasingly using AI-based HR tech tools to attract talent based on specific targeted skills. AI is also helping companies to streamline their hiring process and enable recruiters to make equitable and informed decisions. As per a global study by Eightfold AI involving 224 HR practitioners, Almost 82% of the survey respondents believe HR teams will incorporate more AI tech tools into their recruitment processes over the next 5 years. Finding the right candidate for a job position involves plenty of data — including an organization’s search processes as well as data provided by the candidates. AI can extract more value from all the data, making the recruitment processes more effective and efficient.
Employee Performance Management
Workforce adjustment and adaptability are the keys to thriving in an environment with continuous external disruptions. To enable the same, continuous feedback holds crucial significance and that’s where tech-based performance management tools come into the picture. Designed keeping in mind the employee at the center, the performance management tools allow to maintain transparency; enabling employees to see what’s important, what other employees are working on, and the company’s overall progress in terms of results. Managers and leaders can adjust goals throughout as and when necessary. Employee performance is used by the managers to coach the employees for better performance and skill-building.
Payroll management is one of the critical tasks of an organization. However, the entire payroll management process involves plenty of manual work and is prone to errors. On top of that, payroll constantly undergoes changes because of ever-changing tax regulations, personnel changes, bonuses, etc. With the help of tech-based HR tools, these processes can now be run smoothly and efficiently. Automation and AI-based tools are helping to address the issue and aid in smarter data management. With the use of APIs (Application Programming Interfaces), companies can now easily facilitate data transfers between key administrative systems and the implemented software, thereby saving huge resources and time.
In this new era of advanced technologies and innovations, companies have to constantly adapt to the changing needs — plan, create strategies, invest and maintain their day-to-day operations. Above all, companies are now more aware of their workforce requirements as a whole and understand that holistic support is necessary to create a thriving work environment. Achieving this is easier said than done, but with cloud-based and AI tech tools, HR managers can create a workplace where employees feel productive and personally satisfied. However, like any journey, these technologies and smart solutions offer a glimpse into the future. The most interesting things will be the specific developments that we will see along the journey.