As part of our recent report entitled "Aligning HR and Finance to Improve Business Outcomes," we explored the causes behind the sizable operational gap that divides most HR and finance departments. While many finance departments have readily embraced technology, HR has only just begun to warm to the idea.
But as HR leaders begin to embrace technology - spurred on by the moves of Human Capital Management (HCM) vendors - a number of trends have emerged, many that are re-shaping HR and businesses as a whole.
Here are three such trends for 2016 and beyond:
As Forbes pointed out, disengagement, and its accompanying dip in productivity, costs the U.S. economy $500 billion annually. In almost every instance, technology is a going to be a huge component of a company's ability to better connect with its employees. To give workers the tools necessary to streamline their work and forge essential bonds with other departments. Technology will also help companies better understand the behaviors that make people feel engaged in the first place.
2. Technology enables more effective talent management
According to the HRE, most HR departments are facing a deficit in analytics-related competencies, like analyzing data and finding those predictive relationships. That deficit is at last being combated thanks to a surge in talent-management analytics. These systems help users find essential connections across an entire set of data. For instance, a company with a higher rate of turnover can look at the various contributing factors, like lowered benefits or fewer available training courses.
3. Cloud-based systems lead tech-centric charge
Up until just very recently, most HR software programs were legacy systems, storing essential data on a given hard drive and making wide-scale sharing or access all but impossible. Now HR departments everywhere are shifting to use of cloud-based systems, and with it are improving both access and general navigation. These systems are all about boosting engagement, facilitating better use that has a fundamental impact on how HR departments handle the flow of information.
A brave new world As described in a previous post, these tech-centric trends are have a massive effect on HR's role in the workplace. Leaders are adopting more progressive attitudes on hiring and managing employees, understanding key personnel issues in more nuanced ways, rethinking recruiting and retainment practices, and making decisions that impact the entirety of a business.
The end result is a greater role for HR, and thus more of a systemic influence, in the years to come.
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