HR Technologies that will boom Post Pandemic

Author: Anjana Devi (Paybooks Technologies)

The COVID 19 pandemic has affected workforce management in Fortune 500 companies as well as SMBs in two ways. Firstly, the rapid contraction in global economies has led to massive layoffs and disruptions in recruitment cycles. According to a survey by Vistage, only 19% of SMB CEOs are looking to expand their workforce during the pandemic. This will result in a talent gap stymying the future growth of these companies. To maintain productivity, there is added pressure on the HR department to manage their remaining talent pool efficiently.

Secondly, the quarantine lockdown has pushed under-prepared companies to deal with the fact that a majority of their employees will be working from home as opposed to the office. According to a survey of 550 employers by law firm Seyfarth, over 67% of them were taking steps to allow remote work. Compare this to the 2017-18 report by the US Bureau of Labor Statistics which said that only 15% of the American workforce had days where they only worked from home. Even though the ‘work from home’ culture had been gaining popularity, the unprecedented lockdown due to Coronavirus has pushed companies into a corner.

All these challenges have compelled HR executives to resort to new technological solutions to streamline their hiring process as well as to manage their remote workforce. TeamLease, a staffing solutions company, reported a 30% increase in demand for HR-related technologies (paybooks.in) during the pandemic. With no clear path in sight, companies have had to fast-track the adoption of HR technologies to enable outcome-based collaboration and minimize productivity losses. Only the companies that will be able to attract and retain top talent through solid employer branding and new HR technologies will rebound post the Coronavirus outbreak.

Here are some of the most sought HR advancements that will soar in popularity once the lockdown is eased -

♦ HCM Automation

Human Capital Management or HCM automation refers to the technology that facilitates all hiring processes, from recruitment to exit interviews. According to PwC, over 80% of CEOs blame high employee attrition rates and lack of available skills as the top reason for declining growth rates. In such a scenario, it is absolutely necessary to be able to hire and retain the most talented workers through a remote management and reward system.

HCM platforms use data analytics to not only predict talent needs but also objectively evaluate an employee’s performance. This collected data can be crucial while designing compensation plans, allocating appraisals, and performance-based rewards.

As the corporate world returns to a new normal with empty offices and remotely working employees, HCM automation can help manage and engage the workforce.

♦ Digital Recruitment and Onboarding Software

According to a survey released by getAbstract, a business publishing company, over 43% of full-time American employees wish to continue working from home even after the lockdown is eased. Since most new hires will end up working virtually from their homes, at least for the time being, it is imperative to conduct the hiring process in the same manner. Instead of risking in-person interviews, HR managers can turn to video conferencing to hire and onboard new employees. Video interviews, while not a perfect replacement for live interviews are a suitable solution for the current situation.

Firms looking to conduct digital recruitment need to ensure that adequate technology is in place. Through proper planning and implementation, companies can rewire their recruitment processes. Even employee orientation and onboarding can be conducted online via video conferencing. This will give the new recruits enough time to get used to the digital work environment.

♦ LMS Training Software

Once an employee has been on-boarded, the next critical step for an HR executive is to conduct extensive training sessions to ensure that the employee is ready to handle projects. Before the pandemic, training was conducted in-person, within the office campus. Due to the stringent lockdown, such live sessions are no more a feasible option.

Employee training can, instead, be migrated to advanced LMS platforms that offer course building, video hosting, time tracking, attendance, and assessments amongst a plethora of other features.

LMS software, combined with video conferencing tools, eliminates any need for face-to-face training sessions.

♦ Artificial Intelligence Chatbots

Even before the pandemic caused upheavals in recruitment processes, AI chatbots were gaining popularity due to their data-driven, millennial-friendly approach. Due to rapid strides in artificial intelligence and machine learning, HR bots have turned into knowledge hubs that can answer questions related to leaves, benefits, holidays, and company policies.

The lockdown has forced HR executives to find unique ways to make up for their physical absence. Intuitive HR bots can answer employee questions regarding training sessions, benefits enrolment, and employee assessments. Adopting AI bots can ease the pressure off the shoulders of HR managers who are already burdened due to the chaos caused by the lockdown and work from home model.

CONCLUSION

The current scenario has compelled leaders to digitize all their HR resources, policies, and processes to cope with the changes that have occurred. The lockdown has forced them to refocus their energies into new ways of hiring and managing workers. Until now, corporations used to adopt new HR technologies in silos, without ever trying to create a singular chain and linking each process together. But now, companies need to learn how to leverage these new-age technologies to hire, train, and retain their most talented employees.

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