What You Need to Know About HR Tech Trends Right Now
HR technology is big business these days, with more and more products coming on the market to help HR employees and leaders alike serve employees and companies better. Companies across industries are making investments in HR tech, and these investments show no signs of slowing down: 89% of HR leaders plan to increase or maintain their HR tech budgets in 2024, according to Gartner research.
But what exactly is HR tech, and what HR tech trends do you need to keep in mind for the rest of 2024 and beyond? Let’s dive in.
What is HR Tech?
HR tech (short for HR technology) refers to any kind of technology that’s used to perform HR tasks. This could include software that tracks employee data and information, runs your payroll, manages employee performance and rewards, or any other HR task you could imagine. The HR tech world is very sophisticated these days, so if you can dream it, you can likely find a piece of software that performs it.
HR tech isn’t used only for your existing employees either: it is an invaluable aid in talent acquisition, including recruiting and the hiring process itself. It can help you identify and evaluate candidates, keep on top of all the organization and communication tasks involved, and determine who will be the most successful in the role. The possibilities are endless with HR tech, and it can offer significant time savings when used wisely in your organization.
3 Top HR Tech Trends
With that definition in mind, what are the latest HR tech trends that you need to be aware of? They’re pretty exciting! Here’s what you need to know.
- AI Assistants
The advances that artificial intelligence (AI) has made in the past two years are extraordinary, and now HR technology is harnessing that power in several interesting ways. One of the most promising is using AI as a way to make better use of the data you already have to power talent insights.
For example, Cangrade’s brand-new AI Copilot, Jules, enables hiring teams and managers to maximize their talent intelligence with a simple conversation. It allows companies to better understand the needs, motivations, and soft skills of both employees and candidates with the data you already have on hand. Ask Jules something like, “How can I motivate Rachel to improve her performance?” and you’ll get an insightful answer based on existing employee data. It’s easy, impactful, and truly ground-breaking.
- Pay Transparency Data
With many US states passing increasingly strict pay transparency laws, companies need to be clear on their own pay scales to ensure transparency and fairness across the board. HR tech is making this daunting task much easier: you can purchase software that analyzes your pay ranges across positions and departments and points out any troubling gaps.
Even if you’re already complying with the laws in your state about pay transparency, doing a thorough tech-assisted investigation into your current pay practices is beneficial for building a more equitable organization.
- Optimizing the Employee Experience
The latest HR tech makes it easier than ever to understand what employees are thinking, and to give them a terrific employee experience in your workplace. You can use employee experience software, including AI and automation, to gather their feedback regularly, understand the impact of policy changes, and boost engagement and morale with recognition and rewards.
New HR tech like Jules can offer new employees a better onboarding experience, with personalized onboarding sequences for each person to get them started on the right foot. Plus, get targeted upskilling plans for each existing employee to future-proof your workforce.
Of course, software alone isn’t enough to transform your company into a great place to work if there are underlying structural issues, but it can give you a solid starting place to understand employee sentiment and start making positive changes.
Takeaways
HR tech continues to change rapidly as technological improvements and innovations like AI make their way into our field. But that doesn’t mean it’s any less critical to be human-centered and to focus on employee happiness and well-being: these tools simply offer a more efficient and effective way to help your HR team and managers do just that.