In the digital age, it’s not surprising that businesses must “keep up with the times.” As technology advances, industries must adapt and evolve as well. this includes human resources, an industry which is currently experiencing unprecedented growth and innovation. Thanks to new advances in HR technology, employee benefits are not only more diverse but also more easily accessible to employees. Benefits administration has not only been digitized but has also mobilized, allowing for greater personalization, engagement, and data security, among other improvements.
3 Big Benefits from Up-and-Coming HR Technologies
As we move forward into the future of human resources with HR technology, we’re beginning to see a few trends emerge across the board:
More Solutions for Smaller Companies
Benefits administration and private exchanges are now more affordable and more accessible to smaller and mid-size companies. These technological solutions help alleviate stress on HR teams by giving them the support they need to provide the best options to their clients. Not to mention that since benefits administration is becoming increasingly digitized, companies may be able to save some cost on paper and copy materials by making benefits information readily available through cloud systems which employees can access.
New Tools to Analyze Big Data
One of the top spaces in HR technology right now is data analytics. The use of big data and analytics software has been shown to provide huge growth and returns to companies. Data such as “likes” on Facebook, retweets, shares, and so on can be collected and organized based on relevance to provide personalized client information. Some of the most prominent tools in this field include Oracle, BigData Analytics, and Visier help to collect big data for various purposes. The lattermost program helps visualize data and generate predictive analyses. In fact, we’re also seeing a rise in companies who claim to specialize in data analytics and visualization; offering their services to prospective clients in marketing, public relations, and HR.
In addition to the cloud-based data management systems mentioned earlier HR technology is becoming more accessible by going mobile. While there was a time when computers were on the cutting edge of social technology, these days everyone is obsessed with their mobile phones – and it’s not hard to see why! Smartphones allow for quick access to archives of information at the touch of a finger. According to Forbes, mobile app developers are currently leading web app development, and these mobile apps are a prime means of recruitment and benefits administration. However, this change won’t be easy (not that change is ever really easy), but mobile technologies are a critical buying area for vendors. Those who don’t invest in this area may find themselves falling behind as other companies and industries continue to advance with consumer interest – this is the dilemma of smartphones.
The Future is Now
The field of human resources is rapidly evolving, (remove comma) and brokers, as well as practitioners, must be willing to evolve along with their market. HR Technology is quickly becoming the future of benefits administration and marks a significant advancement in the enrollment and distribution of employee benefits and private exchanges. These tools are accessible to all professionals within a business including management, HR, employees, and contractors. While these big changes can seem scary at first, they’re also exciting and brimming with opportunities for innovation. The key is to keep looking forward and embrace the future, rather than clinging to the past.