The changing world of HR Tech: Trends to expect in 2023 – Times of India
Technology has unquestionably revolutionised the world in almost every aspect. Today, there is no industry that hasn’t integrated technology into its operations. The pandemic has further skyrocketed digitisation and technology adoption in all business functions. The situation is no different for the Human Resources, a crucial element of every organisation, irrespective of the industry.
Over the last few years, HR Technology has been a much-discussed topic gaining increasing traction. As per a report by Verified Market Research , India’s HR Tech market is projected to reach USD 38.36 billion in 2030 from USD 23.32 billion in 2021. Especially with the pandemic creating a paradigm shift in the work models, HR Tech has become an essential part of the HR function for businesses to survive. As with every sector, the trends in HR Tech, too, are evolving. With just a few more months left in 2022, companies will begin gearing up for the next year with new opportunities and challenges. On that note, here are a few HR Tech trends to look out for in 2023.
Wearable devices, like smartwatches, can have multiple use cases in HR tech. Employees can punch their attendance with just a tap on their watch, and the geolocation tracking can verify its validity. It’ll save employees from touching the traditional biometric devices that are prone to contamination.
The smartwatches also contain valuable health-related information such as average heart-rate, blood-pressure, SPO2, sleep quality, and physical movement. If used correctly, such data points can quantify employee wellbeing. AI can further assist to use the same data points for understanding employee engagement at the workplace.
We might soon witness companies leveraging smartwatches to provide the best employee experience, while also spreading health and wellbeing awareness among the workers.
Managing the workforce efficiently can sometimes become challenging with remote work. At such a juncture, metaverse is the perfect tool for HR managers. The metaverse 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, the metaverse could bridge the gap between physical and virtual offices. This is certainly something we can expect in the coming year.
Our ability to generate and capture data has increased exponentially in the past few years. It has enabled businesses to make data-driven decisions that are far more accurate than the intuition-driven trial and error method. HR tech has made it possible to do the same with human capital management as well. That said, people analytics will become paramount.
SaaS platforms like zero-touch applicant tracking and one-touch payroll along with advanced analytics will play a pivotal role in analysing and determining HR productivity. With remote working and the hybrid model likely to prevail for the foreseeable future, People analytics will play a far more prominent role in performance measurement, workforce planning and management, analysing employee engagement, promoting employee development, making promotion and salary decisions, and every other aspect that can be improved with data while maintaining optimum work-life balance.
As cutting-edge technologies and automation take centre stage, regulatory compliance won’t be unaffected. With the help of tech, more and more compliance activities will be automated, making processes more efficient in terms of cost, time, and resources. Additionally, we can also expect this to become an intrinsic part of HR Tech in the coming months and years to give a seamless, unified experience to the employees and employers.
HR Tech is evolving rapidly much faster than the other sectors. Several changes, specially in the post-pandemic times involve corporate reorganisation and the need for companies to quickly adapt agile HR Tech platforms. Apart from the aforementioned, we can also expect to see the amalgamation of HR tech platforms with employee benefits such as loans, taxation, healthcare, and entirely new zero-touch talent acquisition with AI. It is certain that HR technology is proving to be a game-changer for companies across verticals.
Views expressed above are the author’s own.
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