The global human resource management market is expected to grow huge in the near future. The sector was valued at $14.68 billion back in 2018 and is projected to reach as much as $30 billion by 2025, according to a recently published HR management market forecast.
Organizations all over the world are increasing their spend on modern human resource management system software and other solutions as demand for a digital workplace, higher productivity, real-time data access, seamless communications, and unhindered mobility increase.
Cloud HR software solutions are becoming the standard as businesses are shifting from legacy systems to digital HR. As new technologies and innovative HR trends emerge, organizations are expected to revamp or wholly change their recruitment, training, development, and retention strategies to keep up with the changing times.
With that, here are the ways innovative companies are using HR software.
Chatbots are becoming more and more embedded in many industries, which was first designed for online retail providing customer engagement and support. Thanks to the advances in artificial intelligence and machine learning, chatbots can now be leveraged for a wide range of uses including recruitment.
New and recent versions of HR software solutions come with chatbot functionality. While most people view chatbots as generic utility designed to answer basic questions and automate administrative tasks and processes, many software developers have succeeded in transforming HR chatbots into something more intelligent and highly capable.
Modern HR chatbots can interview candidates with specific questions based on multiple parameters, engage applicants after an interview to collect more information and feedback, as well as analyze responses to determine a candidate’s score.
Chatbots basically unload lots of administrative burden from the recruiter’s shoulders. They speed up and simplify the recruitment process, making recruiters more efficient without compromising the quality of candidates and hires.
Selecting potential candidates from a large pool of applicants is a lengthy and expensive process when you do it the traditional way. You need to deploy your recruitment team or hire a third-party agency, schedule rooms, and facilities for exams and interviews, and use many of your company’s resources. The bottom line is when you are spending a significant amount of money and time and the results may not be that great.
Such was the case of Unilever. Prior to investing in an HR software to automate their recruitment process, Unilever was a month and a half on candidate selection. After switching to an HR software to modernize their HR processes and workflows, Unilever reduced their selection time to three weeks.
With HR software, almost every administrative task is automated. From collecting and parsing resumes. identifying qualified applicants based on specific criteria, and follow up on new hires, every exhaustive process of the recruitment and selection stage is simplified and streamlined. In addition, you can customize each process to ensure that ensure compliance.
Simply put, intelligent HR systems identify and pick individuals with potential. This enables HR professionals to concentrate on tasks that require a more human touch, especially when it comes to crucial judgment calls.
If you look at different types of HRIS software solutions, most of them are merely utilized as data houses for employee information. But many organizations are going out of the box and using HRIS systems beyond its given purposes. HRIS systems can be used to monitor employee performance, track attendance, and share reliable information with other systems to help with decision-making and compliance.
Integrated with other HR solutions, HRIS platforms are able to power employee self-service options. Workers can check out their own information such as available leaves, electronic timesheets, pay stubs, and more. This helps them make data-driven decisions that of HR in nature.
From an administrative perspective, HRIS systems provide managers a clear and real-time picture of their employees' attendance and performance. This enables them to quickly and easily access information needed for optimal decision making, such as approving an employee's request for leave or promoting a worker to a higher position among others.
If you go over an HR software list of features, you’ll probably encounter the word automation multiple times. The automation of many HR processes is indeed one of the main goals of HR software developers. There is a huge demand for automation as it increases productivity and efficiency while effectively reducing operational costs.
The automation of HR processes and tasks is happening. There is no stopping it. But HR professionals should learn how to harness automation and not be swallowed by it. Technology is definitely changing how HR management is done, which is why HR workers must make fundamental adjustments so that they won’t be replaced by a software that can do it all.
Check out our partner’s portal FinancesOnline.com HR software buying tips to know how to pick the best HR software for your business.