Technology has changed the pace at which many sectors operate, and HR is no exception. In fact, as of late, over 58% of companies are relying on HR tech to help with talent recruitment and employee retention.
From online marketplaces to artificial intelligence (AI), there’s now no shortage of tech solutions for the HR industry to help them attract, engage, and retain top talent. Let’s see what innovations we can expect in HR tech in 2024.
What Is HR Tech?
HR technology involves the use of hardware and software to facilitate the tasks and responsibilities involved in human resources. These can include tech that supports payroll, employee benefits management, performance management, and candidate recruitment and onboarding.
These days, HR tech is being utilized to simplify HR processes, particularly when it comes to working with a remote workforce. Regardless of the type of technological solution or form of utilization, HR tech is helping companies streamline processes and become more strategic in carrying out their functions.
What Is the Importance of HR Tech in the Workplace?
HR tech helps human resources departments create a more streamlined approach to daily operations. It allows tasks and responsibilities to be automated or managed more efficiently, from disseminating information to remote employees to managing payroll and compliance.
The use of HR tech can provide the following benefits:
- Keep employees informed and updated
- Easily and quickly process payroll and/or employee benefits
- Track attendance and work hours
- Manage compliance with employment laws and regulations
What Are the Trends in HR Tech for 2024?
The year 2024 looks to be good for HR departments as new technologies are being developed to help improve operations and processes. This year, HR tech is expected to focus on critical aspects of HR strategy, hybrid working, and employee support and safety, with AI and data analytics taking the forefront.
Among the platforms currently used in HR to manage the employee experience are applicant tracking systems (ATS), human resources information systems (HRIS), and employee self-service platforms (ESS).
ATS software, such as Bamboo or Ashby, allows employers to scan resumes for indicated keywords to quickly weed out applicants that do not align with the job description. This significantly reduces the time required to read through resumes and pool a shortlist of qualified applicants.
HRIS software gives HR departments a centralized employee information database, including details about payroll, benefits administration, reporting, documents, and workforce management. The top HRIS players in the market today include:
- Gusto Simple – allows for customizable HR reports
- Zenefits Essentials – provides flexible benefits administration
- ADP Run Essential – provides extensive payroll services
- BambooHR Essentials – helps create effective HR workflows
- Cavu Essential – provides payroll support
ESS software brings admin matters directly into the employee’s hands, allowing them to perform HR functions like updating their personal information, inputting their timesheets, accessing their benefits information, or requesting reimbursement.
All of this can be done in employee portals, which helps create a sense of autonomy and initiates a culture of corporate trust.
This year’s developments in HR tech will focus on providing solutions to improve the employee experience. Several platforms are being launched and utilized, including ServiceNow and Microsoft Viva Individual, which aim to improve employee management and track business processes.
Talent intelligence platforms
Talent intelligence platforms are a recent innovation in HR tech. They function as a data depository, with added features that enable HR teams to gather and sort information about internal and external talent. AI can analyze this data and provide a holistic view of a company’s talent base.
As an emerging technology, it is quickly becoming indispensable in the HR sector, improving the understanding of jobs and people to create an effective and efficient strategic workforce plan.
Talent acquisition suites
A talent acquisition suite (TAS) is a type of HR software that enables companies to find, hire, and onboard new employees. It simplifies the entire hiring process and allows users to optimize and systemize their efforts to save time and costs.
This is done with features like analytics and reporting, templated communications, onboarding document management, recruitment scheduling, skills testing, and candidate pipeline management.
All kinds of TAS software have been popping up in recent years. In 2024, the software is expected to solidify its place in HR teams.
AI and machine learning
With the recent rise of AI software, like ChatGPT, comes new opportunities for HR teams to simplify their tasks and responsibilities.
HR tech research analyst Erin Spencer predicts that AI will be essential in 2024, providing new and improved ways to assist HR teams in recruitment, skills gap identification, and engagement survey data analysis.
2024’s HR technologies are making it easier to find and source talent, owing to the vast array of talent marketplace platforms currently available.
Top talent marketplaces like Phenom, Neobrain, Eightfold AI, SAP SuccessFactors, and X0PA AI are dominating the market, joining the ranks of Indeed, LinkedIn, and other platforms.
Even social media is proving to be functional in this sense, with Facebook integrating Facebook Jobs, where companies can post their listings and receive a pool of interested applicants.
We’re all too familiar with online and offline courses used for skill-building and knowledge upscaling. But this year, a new self-learning method is emerging: capability academies.
A capability academy is a resource that employees can utilize to advance their job-related knowledge, skills, and capabilities. In contrast to most online learning platforms that are libraries of content focused on technical and functional skills, capability academies offer something more—they help employees build business capabilities, not just plug skill gaps.
Capability academies are often sponsored by business leaders who decide which types of capabilities need to be taught. Some of the notable examples of capability academies in the market today include:
- Comcast’s Academy of Customer Service – teaches service technologies, practices, and behaviors.
- Cemex’s Supply Chain Academy and Safety Academy – teaches the company’s unique supply chain and safety management solutions.
- Visa’s FintTech Capability Academy – teaches the innovations and intricacies of finance technology.
- Capital One’s Cloud, Digital, and Cybersecurity Academy – teaches skills, ideas, and expertise in digital application development.
- Ford’s Autonomous Vehicle Academy – teaches the science of vehicles.
HR tech is consistently developing. Every year, we see innovations that are making waves in the sector. 2024 will be no different. We can expect a plethora of new offerings and improvements in features you can adopt to streamline your HR operations, improve employee experiences, and, ultimately, reduce the time and resources spent on your HR processes.
Technology is evolving faster than ever with the rapid adoption of AI. ChatGPT and similar tools can make it easier for candidates to bluff applications and pass tests they would fail otherwise. At Near, we pre-vet and screen candidates with our fail-proof remote hiring system, eliminating the stress of having to be trying and testing new software. If you want to learn more about our hiring process and how we utilize tech to help grow remote teams faster, schedule a complimentary remote recruiting consultation today.