Work from home. Employee exhaustion. Readjusting to life during and after the global pandemic. Human resources (HR) managers' plates are exceptionally full during the pandemic, as they assist employees in adjusting to the new normal. Now, a year after our workplaces were irrevocably altered, many companies are attempting to determine the best approach to reintroduce in-office employment, as new business trends emerge.
A few technologies, such as application tracking systems (ATS), attendance monitoring tools, and HR information systems (HRIS) to hold personnel records, have always been a must-have for the HR function. However, as digital transformation gathers traction, it is critical to expand your HR technology capabilities. Gartner predicts that by the end of 2021, 30 percent of global mid-market and big organisations will adopt a cloud-based suite for administrative HR functions.
Which is why, you should consider investing in the top HR tech tools that focus on solving key HR pain points, while simplifying processes to reduce human effort. With these HR technology tools at your disposal, you may concentrate on more strategic business areas and become a partner who makes major contributions to your company's growth.
In this guide, we’ve listed the top areas that every HR team needs to cater to, and which HR tech tools can help optimize and streamline them.
With the growing demand for skilled resources, finding the perfect team for your company can be challenging.
To attract candidates, a recruitment tool uses branding, marketing, and advertising strategies. It aids in the development of a consistent employer brand and the acquisition of inbound applications. A recruitment marketing tool combines all of these initiatives under one roof, offering you more control and visibility into the performance of your recruitment marketing efforts.
A HR professional can greatly benefit from LinkedIn Recruitment Marketing when it comes to hiring good talent. It promises a 2X improvement in response rates across the whole funnel, from awareness to hiring.
2. Hourly Tracker For Shift-Based Workers
In 2021, the gig economy is booming like never before, making it critical to hire people who aren't on your payroll. This is especially true in businesses with tight deadlines, such as retail, healthcare, or even software development.
An hourly tracker helps you hire and track resources that are working hourly or shift-based. They have a separate hiring process from permanent employees, as well as a different payment schedule, contracts, and engagement requirements. Additionally, because hourly hiring is generally time-constrained, these techniques are beneficial to recruiters.
A good example of a HR tech tool in this niche is Jobble for Business. It's a gig worker candidate marketplace. For your recruits, it also has communication, team management, and payment options.
Aside from the obvious benefits of saving time and effort, HR technology can also help with the onboarding process. A good onboarding process can boost employee retention by up to 82 percent.
Onboarding remains a manual procedure in many firms, with HR issuing a stack of documents, recruits reviewing instructional materials, and a lengthy approval process involving multiple stakeholders. All of this is automated by onboarding software, which speeds up the recruit's onboarding process and improves the employee experience from the start.
Although your recruitment platform may have rudimentary onboarding capabilities, we recommend that you look at Boardon. This 2017 startup allows you to personalise the onboarding experience for each recruit while also providing metrics into the process.
4. Payroll Automation
A digital payroll system is used by the majority of mid- to large-sized businesses. If you're still relying on spreadsheets or manual processes, 2021 could be the year you make the switch as part of your organic growth strategy.
Payroll automation eliminates all of the paperwork and regulatory requirements that you must do at the end of each month. It pays employees directly into their bank accounts using pre-configured business rules and attendance data.
When it comes to payroll automation, there are several options. It's important to choose a solution that complies with your region's payroll requirements. Consider QuickBooks by Intuit, which has a slew of features as well as support for 1099 e-filing.
5. Company Benefits Admin Suite
According to a MetLife survey, better benefits are the third most important factor for employees, after a good income and a pleasant work environment. However, from 2018 to 2019, the number of employees who are satisfied with their perks has decreased by 4%. In 2021, a benefits administration suite can assist you in increasing employee satisfaction.
A benefits administration suite brings together all of your company's benefits programmes. It's a must-have for businesses that have to provide benefits like health insurance, paid time off, and maternity/paternity benefits, among other things. A benefits broker could be included in the suite, who would be in charge of the legal and compliance elements.
ThrivePass is a fantastic platform for benefit management. It covers the essentials, such as health and pre-tax benefits, as well as non-mandatory incentives and educational advantages.
6. Compliance Management
The regulatory landscape is constantly changing; most recently, the GDPR and the California Consumer Privacy Act have necessitated a rethinking of how you use employee data. A dedicated instrument aids in the maintenance of ethical operations and the avoidance of severe penalties.
An HR compliance management solution aids you in keeping track of the numerous regulations that govern your day-to-day operations. There is a lot to keep track of, from background checks during recruitment to payroll requirements and labour laws (local, national, and international). This is made easier with a digital platform, allowing you to stay compliant.
ADP SmartCompliance is one of the most popular products in this category. It has built-in capabilities such as compliance with the Affordable Care Act (ACA) and customisable options for company-specific policies.
7. Monitoring Employee Mental Health
Employees now expect their employers to care for their overall well-being, which includes their mental health. According to the World Health Organization, treating common mental problems can yield a $4 return on investment in terms of increased health and productivity.
The emotional health of employees is just as vital as their physical health. This type of HR technology aids in the monitoring and maintenance of your workforce's mental health, addressing issues such as workplace stress and diagnosed mental illnesses.
The Spring Health platform performs an excellent job of addressing workplace mental health challenges. It uses data to discover problems early and provides resources to help employees get back on their feet.
Between 2016 and 2023, the worldwide HR technology market is predicted to develop at a rate of 10.2 percent, so take advantage of this trend. Prepare for the new generation of employees in 2021 by conducting research, conducting a rigorous trial period, and modernising HR capabilities.