The Future of HR

September 17, 2018 5:23 pm

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The fundamental nature of work is evolving with technology. Understanding these shifts can help business owners and HR professionals be better prepared and better plan resources. It is critical for them to understand what the future of HR is and what are the different functions that will be impacted by this shift. Here are some disruptors in the industry that HR professionals should keep a lookout on in order to stay relevant.

The rise of Blockchain

The word “Blockchain” has brought about a hype in the start-up and tech industry. So, how will blockchain be applicable to the HR industry? Blockchain technologies are already impacting companies’ digital transformation journeys. Some areas in which blockchain could be used in will be in talent acquisition, talent retention and data security.

The role of an HR professional deals with multiple confidential data which requires a significant amount of security, especially when stored in the cloud.  The use of blockchain technologies reassures users in the process of data transmission. In addition, with the use of the technology, hiring will no longer be the same again. Candidates could be better assessed by their background information and they will be better placed into roles that are more suitable for them. This will result in an increase in the workforce happiness index and employees retention will be achieved.

With a gig economy being the norm, the payment of cross-border freelancers in a secure environment has been a concern for business owners. With the use of blockchain technologies, this could be done at ease and securely.

Ultimately, it is trust between the user (HR professionals) and the technology which determines if it will be a disruptor in the HR industry.

Use of HR Analytics and big data

“How is employee A performing?” “Who should I choose for the promotion? Employee A or B?”  “Should I send employee B for training?” These are the common questions which strike an HR professional from time to time.

Apart from identifying top performers and skills gaps of employees, analytics will allow HR professionals and managers to better make data-driven decisions.

With people being the greatest assets to a company, finding a great fit for a role is remains a challenge to many HR professionals. This is where HR analytics will come into the picture. The use of analytics involves past assessments of an employee and KPIs such as human capital value added and return per employee, will allow managers to be more informed in decision making. With appraisal being an important aspect of career development, these insights will play a huge part in identifying the top performers and also those who require some training to close up the various skills gap.

Use of Cloud Technology

Cloud is a big word which is frequently used by the tech people (and the cloud technology was how Payboy started too).

In the recent years, HR processes have been shifted onto the cloud as it allows automation and convenience that the new generation yearns for at work.

Fast pace environments are unavoidable and working on the go, round the clock has become a norm. This has brought about HR processes like the leaves application and payroll functions to be automated with the use of the cloud technology. Having a system on the cloud will allow employees to apply leave and managers to approve leaves wherever they are. Besides, with payroll being automated with the use of a Human Resource Management System, Human Resources professionals will be able to spend lesser time on the tedious process of payroll processing. The tedious process could now be evaded with just a click.

So, with these disruptors in place, what will the future of HR be?

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