Two Leading HR Tech Trends and what they mean to you – ThinkHRX
HR departments have access to huge amounts of data every day, calling for the need or a better system that can speed up data collection and verification. Blockchain is a shared distributed ledger technology where every block represents a public record made out of data. What this means, is that the adoption of this modern solution would help HR with handling processes heavy with data more easily while also helping verify credentials. Applying Blockchain technology to HR would lead to:
A faster hiring process
By using Blockchain to verify qualification and experience of each candidate, employers will never again need to verify work history and references by themselves
Offering access to complete employment history
Without the need of going through pages of CVs or lengthy LinkedIn profiles, blockchain would simply allow employers to access an already available complete picture of the applicant
Blockchain is renown for being the new faster method to send and receive money, by removing the necessity of a third party such as a bank and providing immediate payments that don’t encounter extra fees
Efficient smart contracts
Introducing this alternative to outdated paper contracts means that each party will have a better guarantee that the terms of said contract will be maintained. A system where both employer and employee would benefit from defining terms upfront and cutting down on tedious processes.
Artificial Intelligence and Predictive Analytics
Following the steps of other industries who have already seen the benefits of AI, HR needs to catch up to this trend and begin to adapt to this new technology. Artificial Intelligence is the key solution to help employers find the best match for their jobs, while also allowing for improved decision making and more efficiency within the workforce. While statistics are showing how more and more companies are focusing on AI for the future of their business, the HR sector is still behind on the adoption of advanced tech solutions such as this one. While some aspects of Blockchain, AI and analytics might not be as necessary for this industry, the need for better productivity and faster and more accurate hiring processes remains.
Benefits from the application of these modern solutions
As the future of more and more industries is disrupted by new tech solutions, each sector is required to keep up with the changes and leave tradition behind. In the case of HR, leading to new ways of approaching recruitment that ensures better results for companies and job seekers.
Feedback and Performance
Thanks to technology, people will be able to provide companies with the most accurate of feedback, that goes beyond work details and includes thoughts and feelings. From that, employers will be able to gather better insights on how their projects were carried out, encouraging continuous improvement and a better understanding of what employees are thinking. While, on the other hand, managers will also be able to use shared data to seek out performance goals and help employees improve at their jobs.
Learning and Development
As job positions get more competitive than ever, companies can benefit from training their current employees rather than seeking out further talents from outside. A key solution for easier learning and development is the use of AR and VR alongside adopting a ‘nanolearning’ method that consists of working in smaller chunks of information at a shorter amount of time. This is where AI can shine, by providing systems capable of recommending appropriate learning that focuses on helping employees study exactly what they require to know.
Job positions that attract a multitude of candidates have already benefited from automation, with chatbots and other advanced tools helping companies go through the hundreds if not thousands of CVs. So how can top professionals find the right job in a sea of job opportunities? Technology came up with advanced solutions such as talent matching marketplaces, automated applicant tracking systems and even better assessments tools. All meant to support employers and employees match in perfection, cutting down on time wasted on applicants that don’t meet the requirements and jobs that don’t satisfy the candidate.
As Blockchain continues to disrupt many other industries, the time for traditional HR processes to be replaced with modern solutions comes closer. While certain aspects of this sector can be improved by it, the main worry is that the elimination process that comes with it might come down to recruiters becoming redundant.
In the meantime, HR leaders can respond to these technological advancements by seeking out the positives that can come out from them. Starting by devising business scenarios using AI to inform new business designs and creating a more immersive user experience. Aiming for the positives to outclass the negatives, for a more technological and efficient future.