HR Tech: What it is and How it Can Help HR Departments in 2024

 

What is HR Tech

HR tech, short for Human Resources technology, is software that helps automate and simplify the many HR tasks of today’s human resources departments.

Here are some of the key things Human Resources technology tech can do:

• Streamline time-consuming tasks: This can include things like filing, communication with employees, and data management.
• Improve talent acquisition and management: HR technology can help with tasks like recruiting, onboarding, performance management, and employee development.
• Make compliance easier: HR tech can help ensure that companies are following all the relevant labor laws.
• Provide better data and analytics: By automating tasks and storing data electronically, HR tech can give HR professionals better insights into their workforce.
• Customize training programs and track progress: Learning management software can customize training programs, track employee training progress, and assess performance. It also enables interactive features like threaded discussions, video conferencing, and discussion forums.

Overall, HR technology is all about using technology to make HR processes more efficient and effective.

 

Benefits of HR Technology

Improved efficiency is a clear benefit of HR tech, but the benefits don’t stop there. HR tech offers a wide range of benefits for both HR departments and employees. Here are some of the key advantages:

For HR Departments:

• Increased Efficiency: HR tech can automate many repetitive tasks, increasing productivity and freeing up HR professionals to focus on more strategic initiatives.
• Improved Decision-Making: HR tech provides better data and analytics, allowing HR leaders to make data-driven decisions.
• Reduced Costs: Automating tasks and streamlining processes can lead to significant cost savings for HR departments.
• Stronger Employer Branding: HR tech can help create a more positive candidate experience, which can improve your employer brand and attract top talent.
• Easier Compliance: HR software can help ensure you are following all the relevant employment laws.

For Employees:

• Improved Communication: HR tech can facilitate better communication between employees and HR, keeping everyone informed.
• Simplified Onboarding: HR tech can streamline the onboarding process, making it faster and easier for new employees to get up to speed.
• More Opportunities for Learning and Development: HR tech can provide easier access to training materials and development opportunities, enabling employees to grow in their careers.
• Greater Self-Service: HR tech can allow employees to access their own HR information and make changes to their benefits or payroll information, on their own time, freeing up HR to work on other things.
• Enhanced Employee Experience: Overall, HR tech can contribute to a more positive and efficient work experience for employees.

In short, HR technology tools are a win-win for both HR departments and employees. It can make HR processes more efficient, improve decision-making, and create a better company culture for everyone.

 

Types of HR Technology

Knowing that HR tech can be a helpful addition to the team is one thing. Knowing which types are best for your company is another story. To help, we’ve organized the different types of HR technology into common categories and the core HR functions they support.

 

Learning Management Software

Learning management software (LMS) plays a crucial role in corporate training and education programs. HR technology vendors create these interactive online platforms to help employers customize training programs, track employee training progress, and assess student performance. LMS software also enables interactive features such as threaded discussions, video conferencing, and discussion forums.

 

Workforce Analytics and Management Software

One form of HR technology is workforce analytics software. This software allows HR professionals to collect and analyze workforce data in order to gain insights about the entire employee population and make data-driven decisions.

This analytics software integrates data from multiple sources such as HRIS systems, payroll systems, performance management systems, recruitment platforms, and time and attendance software. It uses analytics techniques and machine learning to uncover meaningful insights from the data.

Most platforms are designed to take this data and present it in visually meaningful ways, like charts and graphs, so businesses can more easily compare data sets and identify trends and patterns.

Here are some key features of workforce analytics software:

• Talent acquisition and recruitment
• Compensation management
• Employee performance
• Employee engagement and retention
• Productivity management
• Compliance management

 

Talent Management

Talent management software, also known as a Talent Management System (TMS), is another helpful type of HR technology. This is a suite of tools that helps organizations manage the entire employee lifecycle.

Talent management software can aid in everything from attracting and onboarding new recruits to developing and retaining existing talent to boosting employee engagement. Additionally, learning management software aids in employee development by providing customized training programs, tracking progress, and enabling interactive features such as threaded discussions and video conferencing.

Here's a breakdown of what a TMS typically offers:

• Streamlined Recruitment
• Improved Performance Management
• Learning and Development Opportunities
• Compensation and Benefits Management
• Succession Planning

Overall, talent management tools aim to automate human resources-related tasks, improve data-driven decision-making, and create a more positive employee experience.

 

Employee Engagement Software

Employee engagement software is another important type of HR tech. This type of software covers a range of tasks from assessing employee satisfaction and the employee experience to employee recognition and employee feedback.

Key features of employee engagement software include:

• Employee recognition and rewards: This can include everything from social recognition to milestone and employee service awards to custom awards.
• Engagement and pulse surveys: The software provides various methods for employees to share their thoughts and opinions, such as employee surveys, polls, and anonymous feedback channels.
• Wellness: Some employee engagement software will include employee wellness programs and resources, like step challenges or mental wellness initiatives.
• Analytics: This software translates data into clear reports and visualizations, helping you make data-driven decisions to enhance employee engagement.

Performance Management

Performance management systems provide the tools companies need to track, analyze, and improve their team's performance at work. These systems help managers and HR professionals:

• Evaluate team productivity
• Set and monitor goals
• Deliver timely feedback
• Provide personalized recognition
• Drive better performance

HR professionals like effective performance management systems because they streamline work and make their jobs easier—and employees love them because they feel more seen, heard, and recognized.

 

Benefits Administration Software

Benefits administration software is a specialized type of HR technology designed to manage and streamline the administration of employee benefits.

This software automates various tasks associated with benefits management, making it easier for HR departments to handle benefits enrollment, tracking, communication, and compliance.

Here are key features of benefits administration software:

• Self-Service Enrollment
• Automated Enrollment
• Plan Management
• Eligibility Tracking
• Employee Communication
• Educational Resources

What are HR Tech Trends Employers Should Know About?

There are a few key themes that HR professionals should keep in mind while planning their tech strategies for the future.

 

Focus on the Employee Experience

HR technology is moving beyond just automating tasks and towards improving the entire employee experience from recruitment to retirement.

This includes using HR technology to provide employees with better communication, self-service options, and opportunities for learning and development. Learning management software provides better communication and interactive learning opportunities, enhancing the overall employee experience.

 

The Rise of AI

Artificial intelligence (AI) is everywhere and HR is no exception. AI is already being used in a variety of HR functions, such as resume screening, candidate assessment, and chatbot-powered communication. While AI tools for HR can be powerful, it's important to use it responsibly and ensure it doesn't create bias in your HR processes.

 

Data-Driven Decision Making

HR departments are increasingly using data to make more informed decisions about everything from talent acquisition to compensation and benefits. HR tech can help companies collect, analyze, and visualize workforce data, making it easier to identify trends and patterns.

 

Supporting Hybrid and Remote Work

The rise of flexible work arrangements is driving the need for HR tech that can support a distributed workforce. This includes tools for communication, collaboration, and performance management that work well in a virtual environment.

 

Prioritizing Diversity, Equity, and Inclusion (DE&I)

HR tech can be a powerful tool for promoting DE&I in the workplace. For example, organizations can use HR tech to identify and address unconscious bias in their hiring and promotion processes.

 

Major HR Tech Conferences

HR technology conferences are essential for staying up-to-date on the latest trends, networking with industry leaders, and exploring innovative solutions from HR tech companies.

 

Some major HR tech conferences include:

HR Technology Conference & Exposition

• Location: Las Vegas, USA
• Description: One of the largest and most renowned HR technology conferences globally, focusing on the latest trends, innovations, and technologies in the HR space.
• Highlights: Keynote speeches, product demos, and networking opportunities with HR professionals and tech providers.

UNLEASH

• Locations: Europe (Paris, London) and the USA (Las Vegas)
• Description: A leading event for HR leaders and innovators, covering the latest developments in HR tech and future-of-work topics.
• Highlights: Inspiring speakers, cutting-edge product showcases, and extensive networking opportunities.

SHRM Annual Conference & Exposition

• Location: Various (typically in major cities across the USA)
• Description: Organized by the Society for Human Resource Management, this conference covers a wide range of HR topics, including HR tech.
• Highlights: Diverse sessions, workshops, and an extensive expo hall with HR tech vendors.

HR Transform

• Location: Las Vegas, USA
• Description: Focused on the intersection of people, processes, and technology, this conference brings together HR leaders to discuss the future of work.
• Highlights: Thought-provoking keynotes, interactive sessions, and networking with HR innovators.

Talent Connect by LinkedIn

• Location: Varies (previously in Dallas, USA)
• Description: Hosted by LinkedIn, this event focuses on talent acquisition and management, featuring the latest HR tech solutions.
• Highlights: Insights from LinkedIn executives, hands-on workshops, and networking with recruiting and HR professionals.

Gartner ReimagineHR Conference

• Locations: Various (USA and UK)
• Description: Organized by Gartner, this conference offers strategic insights into HR trends, including technology and innovation in HR.
• Highlights: Research-based sessions, case studies, and opportunities to connect with Gartner analysts.

Future of Work Summit

• Location: Various (typically major cities in the USA)
• Description: Focuses on how technology is shaping the future of work, with significant emphasis on modern HR strategy, technology, and practices.
• Highlights: Expert panels, case studies, and discussions on emerging trends in the workplace.

 

Partner with Terryberry

Looking for employee engagement software to transform the culture at your company? Meet Terryberry. Our software provides solutions to help drive performance and retention through effective employee engagement. These solutions include:

• Social Recognition: Empower your employees and managers to recognize their peers and celebrate successes with an easy-to-use social recognition application.
• Service Awards and Performance Awards: Recognize and reward employees based on years of service awards, anniversaries, or performance.
• Pulse Survey Software: Be Heard is an employee engagement survey solution that's designed to enhance your employee experience while fueling business performance.

• Wellness Programs: We make it easy to run wellness programs and activity challenges that increase engagement, expand corporate health, and build team camaraderie.

Schedule a demo and see for yourself how Terryberry can help your company.