Commercialization of human resource (HR) practices, evolving workforce demographics and an acute deficit in talent worldwide are ushering in the need for innovation in human capital management (HCM) strategy. With an increased level of competitiveness and complexities in the modern job market, the coming years will see a distinct transformation in the global human capital management market. The influx of technological innovations is expected to bring about this seismic change in the HR management.
HR leaders across the world are already looking at technologies like analytics, AI, and virtual assistants to transform HR practices, and some of the most compelling trends visible in this market are –
HR leaders across the world are already looking at technologies like analytics, AI, and virtual assistants to transform HR practices, and some of the most compelling trends visible in this market are –
Adoption of AI and machine learning
AI and machine learning are already making a significant impact across multiple business practices, and HR is no different. Innovations like AI-powered chatbots and intelligent automation are disrupting traditional HR approaches toward recruitment, employee engagement, and learning and development. AI and machine learning track massive amounts of data to automate repetitive processes, and incorporate interactive modules across all touch-points.
Rise of Big Data analytics
As more and more data are generated from digital platforms, HR leaders are looking at using analytics to transform employee engagement, retention, learning and development, and other functional areas. Leveraging the power of analytics, HR practitioners are looking to build a data-driven culture across organizations for real-time survey, employee sentiment analysis, organizational network analysis, and also for seeking feedback to offer real-time coaching.
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A mobile-first approach
Irrespective of the task at hand - recruitment, onboarding, benefits, payroll, or rewards - all HR initiatives are incorporating a mobile friendly approach. The younger workforce have come to expect the same ease of accessing technology at the workplace, as they experience in their personal lives. HR managers, thus, are focusing on making the entire employee journey more interactive, conversational, and impactful through mobile devices.
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