From the time when individuals were reluctant to use the technology to now, when the influx of automation, AI, and machine learning, have shaken the technology for all the good reasons; we have indeed come a long way! These multifarious technological advancements have impacted the HR technology too. The methodology used for employing individuals and managing their stay at the organisation has got a whole new definition.
In this blog, I walk you through the current scenario of HR Tech. Apparently, the status of HR tech is great but technology can never settle the way it is. There is always scope for enhancements and proliferation. So, the statistics, evolution and trends, let’s glance at all of them.
The numbers are on a hike and hence supporting the current HR tech landscape. The future of HR tech seems to be quite promising as the experts have claimed that the current valuation of the HR market is somewhere around 10 to 30 billion dollars. The same is a result of the constant disruption in the HR technology for the better. This is why more and more SMEs have started investing in the HR software to keep up with the pace. In the coming years, it is believed that by the year 2021, the market will see a boom of at least $34 billion dollars.
Furthermore, the HCM in the coming future is going to see the investment of around 20 billion dollars. On the other hand, the estimated value of payroll software is $8 billion.
The past few decades have focused only on improving attendance and payroll software. However, now, the arena has spread to all the facets of HR including performance and engagement management. The focus has now shifted more to improving the employee experience and using data & analytics to fetch actionable insights. Moreover, predictive analysis is increasingly helping HR in reducing the attrition rate and increasing engagement. Furthermore, the advancements have also improved accessibility thereby promoting better tab on activities. Also, by measuring the performance frequently, the employees stay motivated and the productivity keeps surging.
In the near future, HR’s will witness a powerful uplift in data and analytics. Besides, artificial intelligence, machine learning and automation will continue to flourish. Apart from aiming to end more and more manual and redundant tasks, the HR tech will aim towards formulating ways to increase productivity and reduce the time taken to complete various tasks.
The Final Word-
The HR and payroll software have had their own share of pitfalls but the level of ease that the HR software has brought into the lives of not just HR but also the employer and employees has surpassed all of that.
There is no denial to the fact that HR tech is growing rapidly. It has emerged as a powerful combination of automation and AI. With the trends that are booming right now, the HR veterans are eagerly waiting to see how the trends will unfold over months and years to come.