The latest instalment in our Virtual Trends Series, HR Tech Trends: Demystifying the HR Technology landscape, was a huge success with HR and Learning & Development professionals joining us from across the globe.
Why did hundreds of HR professionals want to learn more about HR Technology Trends?
There is a tsunami of new learning and HR technologies in the world right now and massive changes are happening in the HR technology landscape. To shed light on this dynamic industry and its trends, our CEO, Hazel Jackson curated the main learnings from Josh Bersin’s report, HR Technology 2021: The Definitive Guide.
We started the event with a quick poll to assess the number of HR tools organisations are currently using. Surprisingly, 77% of the participants said that their organisations are using less than 5 HR tools compared to Josh Bersin’s evaluation that the majority of HR professionals use up to 20+ tools at a time.
1. Changes in the recruitment market: AI and Data are now leading
Despite extensive testing and analysis, nearly 1/3rd of new hires don’t turn out to be the right fit for the company. Many new tools are entering the market to leverage data, use intelligent algorithms and social sensing tools to help you make recruitment more effective.
Because of this ever-escalating cost, there is now an increasingly intense war to leverage data, understand intelligent algorithms and make better use of social sensing tools in order to make recruitment more effective.
2. Growth in the WellbeingMarket
The wellbeing market has expanded significantly. Fueled by the pandemic, there are now five areas of wellbeing. An extension of the normal compensation and benefits and the burden of responsibility and cost is firmly on HR and the organisation’s shoulders.
3. Transformation of Talent Management & Marketplaces
Historically, talent management referred to the old idea of “pre-hire to retire”. The market has exploded with new applications focused on improving the employee experience from top to bottom. These talent applications are focused on aiding recruitment, performance and goal setting, learning, career management, rewards, wellbeing, and ultimately work itself.
4. Growth of the employee listening, engagement, and culture tools
Employee listening, engagement, and culture tools have emerged as powerful ways to understand employee sentiment. There are now new ways to collect signals. Platforms are becoming analytics engines with real-time response systems, and the market is now flooded with tools. During the virtual session, we asked the participants about their choice of tool for employee listening. 61% of the participants said their organisation employed an Annual Survey for understanding and supporting the employees.
5. Evolution of the Performance Management Tools
There’s an important convergence taking place with the blending of performance management software. The challenge is that no one software covers the full needs of managing performance, and whilst tech providers vie for poll position, anything you implement is only likely to have a 24-hour shelf life. Performance Management tools have to work hand in hand with careers management tools, recognition, feedback, coaching and other development tools to be truly effective.
6. Innovation and growth in Learning Technologies
The learning technology market, which is $20 billion or more on its own, is going through the greatest innovation since the early 2000s. One cannot ignore the enormous growth in learning experience platforms, micro-learning platforms, assessment tools and virtual reality. Providing a library of content, even in an engaging and easy to find way, is no longer enough.
The research shows that 28% of all companies are planning on replacing their core HRMS this year. Corporate Learning is shifting away from the LMS to a combination of LXP and MicroLearning platforms to suit your flow of work. More money is being spent on Wellbeing and diversity and Inclusion are going to new categories for tech.
HR Tech Trends is a part of our Virtual Trends Series which aims to bring the L&D and HR professionals together. Biz Group is creating a strong learning community that is eager to stay ahead of the curve and will be leading the future of learning. Keep watching this space to know more about our upcoming Virtual Trends event.