The pandemic has created a paradigm shift in work models. HR Tech has become an essential part of the HR function for businesses to survive. As with every sector, the trends in HR Tech, too, are evolving. With just a month left in 2022, companies will begin gearing up for 2023 with new opportunities and challenges.
HR Tech is evolving much faster than other sectors. Quick change often involves corporate reorganization and the need for companies to adapt to new HR Tech platforms. In addition, we can expect to see the combining of HR tech platforms with employee benefits such as loans, taxation, healthcare, and talent acquisition.
Below are a few HR Tech trends to look out for in 2023:
Wearable devices, like smartwatches, can have multiple use cases in HR tech. For example, employees can punch their attendance with a tap on their watch, and geolocation tracking can verify its validity.
The smartwatches also contain valuable health-related information such as average heart rate, blood pressure, sleep quality, and physical movement. If used correctly, such data points can quantify employee well-being. In addition, artificial intelligence can further assist in using the same data points for understanding employee engagement at the workplace.
We might soon witness companies leveraging smartwatches to provide the best employee experience while spreading health and well-being awareness among the workers.
The ability to generate and capture data has increased exponentially in the past few years. It has enabled businesses to make data-driven decisions that are far more accurate than the intuition-driven trial-and-error method. HR tech has also made it possible to do the same with human capital management. That said, people analytics will become paramount.
Many platforms like zero-touch applicant tracking, one-touch payroll, and advanced analytics will play a pivotal role in analyzing and determining HR productivity. In addition, people analytics will play an increased role, with remote and hybrid working likely to continue. It will affect every aspect that can be improved with data while maintaining optimum work-life balance; including performance measurement, workforce planning, and management, analyzing employee engagement, promoting employee development, and making promotion and salary decisions.
Regulatory compliance will be affected as cutting-edge technologies and automation take center stage. With the help of tech, more and more compliance activities will be automated, making processes more efficient in terms of cost, time, and resources. Additionally, we can also expect this to become an intrinsic part of HR Tech in the coming months and years to give a seamless, unified experience to the employees and employers.
If you are looking for assistance on how to leverage HR tech for your business, please contact Maggie Boucher, senior consultant, at (412) 754-3245 or email [email protected]
Please note that the information contained in this posting is designed to provide general awareness in regard to the subject matter covered. It is not provided as legal, medical, or tax advice, nor is it intended to address all concerns in your workplace or for public health. No representation is made as to the sufficiency for your specific company’s needs. This post should be reviewed by your legal counsel or tax consultant before use.