As the year 2023 is here, it’s time to say goodbye to the year 2022 where every industry has
evolved for the better, and HR tech is no different. The boom of digitisation right after the
pandemic has hit almost every industry at a deeper level, the basis of which new solutions have been implemented in the functions across industries, with multiple trends being witnessed.
This instant shift to digitisation has given space to technology being incorporated into the most traditional practices one of which is the HR segment leading to the creation of HRtech.
On that note, TeamLease HRtech, India's leading provider of comprehensive HCM solutions, has mapped out the trends that are going to change the dynamics of how Hr domains operate in 2023.
Here they are:
Metaverse
Ever since the Metaverse has been introduced, it has become the most discussed term and a buzzword. The popularization of remote working during the pandemic has given way to many new ideas in the technological domain and we can say the creation of Metaverse is more likely the best way to deal with the challenging remote working scenario.
As the Metaverse is the perfect solution for HR managers since it has the potential to expand what hybrid work is known as today. Employees can leverage AR & VR to collaborate efficiently and engage more authentically from remote settings. Simply put, as per TeamLease HRtech’s projections, the metaverse is the best way to close the loopholes we find in working between physical and virtual offices.
Portable devices
Wearable devices like smartwatches have gained a lot of traction as of late and can have
multiple use cases in HR tech. With a wearable device close to employees, employees can
punch in the HR databases with just a tap on their watch, and the geolocation tracking can
verify its validity while avoiding traditional biometric devices prone to contamination. The
smart features of these wearable devices make it handy in observing the health-related
information such as average heart rate, blood pressure, SPO2, sleep quality, and physical
movement which can benefit the employer in understanding the wellness pattern of the
workforce and what needs to be done to further enhance it. The inclusion of AI in extracting such databases can give the employer an upper hand in what’s the best way to engage
employees at the workplace.
People Analytics
The last few years have seen a rapid expansion in our capacity to generate and collect data.
Today businesses are capable of making data-driven decisions that are far more accurate than the intuition-driven trial & error method. The close relationship between HR Tech and People analytics has made it possible for HR management to develop algorithms that catalog the employee’s attitudes and efficiency.
The analysis of HR productivity will heavily rely on advanced analytics and SaaS technologies like zero-touch application tracking and one-touch payroll. People Analytics will be important in performance evaluation, workforce planning and management, analyzing employee engagement, promoting employee growth, making promotion and wage decisions, and any other areas that can be enhanced with data while keeping the best work-life balance.
Compliance Automation
Regulatory compliance will be impacted when cutting-edge technologies and automation take the front stage. More and more compliance-related tasks will be automated with the use of technology, improving process efficiency in terms of cost, time, and resources. Additionally, TeamLease HRtech anticipates that in the upcoming months and years, this will become an essential component of HR Technology, providing organizations with a seamless, unified experience.
Sumit Sabharwal, CEO of TeamLease HRtech, said, “HR technology has leapfrogged in a short period, to the extent that would have been almost unimaginable a decade ago. Our trend predictions based on previous in-depth analysis show that the aforementioned will become immensely popular among the HR fraternity. It’s time for the world to experience the best of HR tech, and now that it is here, there’s no stopping such advancements. We look forward to witnessing these trends and the numerous innovations that will be born in the coming years.”
