Technology is transforming human resources departments across the world, with the overall market for HR technology set to be worth a whopping $30 billion by 2025, a new report from Grand View Research estimates. That’s a compound annual growth rate of 11%. As the demand for HR technology continues to grow, the slew of new cutting-edge products will continue to flood the market. AI, self-service technology, and active listening tools are just some of the HR tech trends to expect in 2020.
AI is set to expand further into new areas in HR in 2020. In particular, advanced AI algorithms and data science will help recruiters tackle the ongoing talent shortage. These tools will be able to help them better find passive candidates willing to consult with recruiters or are open to changing jobs, for example, as an increasing number of people are making a career switch in mid-life. In fact, people are likely to have roughly 12 different jobs between the ages 18 to 52. AI adoption can help recruiters proactively target potential new employees looking to switch careers at exactly the right time. It does this by paying attention to vital relevant issues like leadership switch-ups, macroeconomic developments, and news and social sentiment to find passive candidates who may be receptive to recruiter outreach.
Self-service technology boosts workforce efficiency by letting employees and managers complete basic HR transactions on their own. For example, employee self-service (ESS) is now an affordable option for even small businesses. Employees can use it to access vital information whether they’re at work, home, or traveling.
They can view payslips and employee handbooks, as well as update documents such as licenses and certifications, bank details, addresses and contact details, education and skills, and professional memberships. Employees can also submit time sheets and vacation requests on the system. Self-service technology empowers employees to take responsibility for their own information. Additionally, errors, time, and cost are greatly reduced since HR staff no longer need to manually complete these basic transactions — ultimately boosting company productivity.
Active listening tools
Although technology can make workplace operations easier and more efficient than ever before, it’s important HR retains its humanity. As a result, technological tools, such as, pulse surveys, chatbots, and check-ins have been designed to facilitate and emphasize the importance of active listening. These active listening tools work to boost employee engagement by providing the opportunity for workers to give their own feedback in simple, straightforward ways. This provides employers with consistent, real-time feedback that’s a lot more useful than the standard annual surveys. Additionally, employers are then encouraged to act on the feedback and provided with suitable suggestions.
Ultimately, these technology trends free up HR professionals from repetitive, manual tasks and allow them to instead develop stronger human relationships professionally. AI, self-service technology, and active listening tools are set to transform HR in 2020 and beyond.