Today, technology touches every aspect of our daily lives. Chances are you spend a lot of your day interacting with various technology – from your computer at work to your smart phone, and even smart home devices like Google Home or Amazon Echo. Technology is continually evolving, and is constantly being adapted to simplify the everyday challenges we face. Human Resources is no exception, and technology in the field has undergone some dramatic enhancements in recent years with more appearing every day. Here are just a few cool new things in HR tech and why we like them.
Virtual Reality - the New Face of Training
One of the most exciting technology trends is the rise of virtual reality (VR) for training purposes – and it’s coming at just the right time. A study conducted by the global market research firm Ipsos revealed that in the U.S., only 31% of employees receive formal job training, and from that, only 57% say it’s effective. According to the study, the lack of engagement and a “fun factor” are major reasons why many employees find work training ineffective. VR has emerged as a perfect solution to overcome these issues.
With the help of a VR headset, users can become completely immersed in a virtual experience for any situation or scenario needed. It takes role playing activities to a whole new level of interaction. The use of this technology is just starting to take off in the workplace as it becomes more affordable (and therefore accessible) for companies to purchase. STRIVR is one of the leading companies in the VR field, with clients like Walmart and Fidelity using their software to train employees. With the United Parcel Service already using VR to train its truck drivers, and Volkswagen recently announcing its plans to train 10,000 employees with VR, clearly there’s a market for this kind of HR Tech.
Instant Feedback with Continuous Performance Management
For many start-ups and agile SMBs, the days of an annual review are a thing of the past. Organizational culture is shifting with the needs of a younger workforce. Millennials expect more feedback and coaching from their managers, so to meet these needs, companies are required to take advantage of platforms that offer continuous performance management (CPM). Reflektive, a CPM solution gives employers the option of implementing 360-degree feedback, and goal check-ins in real-time. This kind of feedback helps managers facilitate meaningful conversations while keeping employees engaged in their career development. Other vendors that offer similar services include Zugata, HighGround, and BetterWorks.
Automation – the Future of Talent Acquisition
The amount of money companies spend on recruiting outweighs that of nearly every other company expense. Not only is recruiting costly, it can be time consuming: recruiters report spending approximately 13 hours per week sourcing a single role. Then there’s the length of time it takes to hire - an average of 42 days, and on top of that, the $500 per day cost of vacant roles. Automation of the talent acquisition process is desperately needed, and there are plenty of smaller vendors who have hit the ground running to answer this need.
Some of the companies to watch out for are Wade & Wendy, who offer chatbot solutions to help companies attract and qualify candidates, start the interaction with interested parties, and streamline the recruiting process. HireVue, is a video interviewing software that uses AI to help recruiters hire the best candidates by analyzing language patterns, word choice, and facial expressions. And Phenom People, who offer a platform that combines neuroscience games and AI to remove hiring bias and identify appropriate candidates for job opportunities.
And There’s Always More
As an HR Tech company ourselves, we know firsthand that HR Tech can assist in the decision-making process by answering both business and staffing needs. Nakisa’s Hanelly is a single solution that can unify your HR data, by fully integrating with your existing HCM system to simplify the understanding of complex organizational structures. Hanelly not only highlights local needs, such as understanding individual strengths and weaknesses of teams, but helps to accelerate workforce restructuring on a global scale.
These are only a few of the cool new HR technology trends underway. There are still plenty of other amazing products that help automate and simplify an HR professional’s job and we’re excited for where HR Tech goes next.
As we look to the future, what cool HR technology has you most excited?