Some technologies have always existed in the HR function like attendance monitoring tools, applicant tracking systems (ATS), and HR information systems to store employee records. However, while digital transformation gains momentum in the backdrop of 2020, it’s time to upgrade one’s HR tech capabilities by investing in HR analytics tools.
Cutting-edge HR technologies reduce manual effort while simplifying processes and increasing their accuracy. When equipped with these tech tools, HRs can make significant contributions to the company’s growth by focusing on more strategic business areas.
HR Tools that should be on the 2020 checklist of every HR professional/ aspirant
1. HR analytics suite
a) HR analytics aims to extract meaningful insights by applying analytics techniques to HR data (for example, employee records, recruitment data, survey responses, etc.). HR analytics is an integral tech tool for organizations when they are looking to welcome and embrace a data-driven culture.
b) Analytics helps to reveal hidden patterns in the HR data by highlighting important trends in the organization. For example, HR analytics can answer questions like, are people from a single minority group choosing to leave the company? Is one benefit type most popular among the millennials?
2. Remote workforce collaboration app
a) These apps enable remote workers to connect seamlessly with their colleagues in the office.
b) However, they should go beyond sending emails and sharing work updates to create an engaging environment where remote workers feel a sense of belonging.
3. Payroll automation tool
a) It makes payment process smoother because it delivers wages straight to employees’ bank accounts based on pre-configured business rules and employee attendance data. So, it reduces all the paperwork and compliance formalities that are performed at the month-end.
4. Hourly worker hiring tool
a) In 2020, the gig economy will thrive like never before, making it necessary to hire workers outside one’s direct payroll.
b) This tool helps to hire shift-based or hourly workers. It makes managing workers much easier since they have different payment schedules, contracts, etc. as compared to the permanent employees.
5. Benefits administration suite
a) It consolidates the various benefits components that exist in an organization.
b) Therefore, it is a must-have for companies that provide mandatory health benefits, maternity/paternity benefits, paid leaves, etc.
6. HR compliance management tool
a) It enables organizations to stay on top of the many regulations which inform their daily processes. There is a lot to keep track of from background checks at the time of recruitment to payroll regulations and labor laws (local, national, and global). This tool simplifies all this so that one can stay compliant.
7. Continuous performance management tool
a) This tool aid companies to adapt to the agile way of working, since it enables them to conduct frequent reviews and reward employees.
b) Performance management also becomes regular.
c) With minimal manual efforts, managers get to check in with the employees, gather feedback from an extensive network of peers, remove employees’ performance roadblocks, and further helps to recognize their achievements.
8. Diversity enhancement solution
a) HR tools like this have become necessity in the highly globalized world of 2020 because companies across the globe now focus on diversity. Tools for diversity in the workplace include diversity measurement solutions, solutions meant to enhance diversity during the recruitment process, etc.
9. Employee engagement software
a) Employee engagement plays a significant role in retention, productivity, and overall employee well-being. This software measures how employees feel about the workplace.
b) It also auto-recommends action points to improve engagement levels.
10. Learning experience platform
a) Among emerging HR tech tools of 2020 is Learning experience platforms (LXP).
b) An LXP allows the integration of educational material from a variety of sources which, in short, makes the L&D program virtually limitless.
In conclusion, we can say that investing in HR Tools is the way to go for more efficient and smoother functioning of your firm.