The Future of HR Technology

November 16, 2020: The hot topic to discuss in the pandemic is how employers are managing their employees. Without the help of HR Technology and the right software, it would have been difficult to manage and get the work going in this pandemic.

Where would the next VC invest what part of HR Technology is the next topic to work on for the technology providers in the market.

In the initial days of the lockdown, the United States recorded 20M unemployment that slightly reduced in the later stages of the pandemic. Jobs were lost due to the unprepared state of the companies. The lack of technology infrastructure in the companies.

Managing the workforce was a task to work, and people were unaware of the situation and had to lose jobs, and many companies had to shut down. The companies tried to adjust overnight with the technology and the investment in the HR technologies for the quarter was more than $1billion that was greater than the average 13 quarter.

Many technology giants and companies have given permanent work from home options that have challenged the HR tech companies to invest in the R&D and come up with unique solutions. As the HR tech is the hot seat and hot thing VC and other investors will invest but, the companies have to think about the type of solutions they can work and come up with within the coming days. Some of the area to focus on in the HR space are listed below:

Self Service Technologies: The post-pandemic situation will be more focused on the self-service technologies wherein the HR information is more accessible. Manual and repetitive task of the administrators can be taken away with an advanced technology which should focus on performance monitoring, onboarding, employee training, etc. The employees should be self accessible to these topics within the technology and complete the task on a timely basis.

Human Capital Management: Human capital technologies were not in much need pre-pandemic while the post-pandemic proper resource plans and capital management. With the user-friendly HCM technology and we can expect an increase in the up-time and better employee retention in the organization.

Work Redesign: As the companies were with a flat organization structure and the pandemic has put a difficult task to handle. It would be a better option to redesign the organizational structure and work according to the work from home strategy and the future need to handle risk.

Data Privacy: The expectation of employees today is that internally they’ll be treated more like customers, and that includes how their data is handled. Many expect more transparency and control over their data.

To a certain extent, it’s up to HR to ensure that the policies and technology systems being used will provide the right level of transparency, as well as the right level of protection for employee data.