Human resources (HR) are being profoundly reshaped by modern technology, which allows businesses to expedite important procedures like hiring, onboarding, and employee retention. Innovative tech solutions are being used by one-third of HR professionals, who claim that they are able to increase the speed and efficacy of these processes.
HR tech is usually classified as software and hardware that serves to improve all employee-related tasks. Several different types of software serve this purpose. For example, there are employee referral software, which incentivizes current employees to suggest prospective hires that might be a good match. These platforms are able to help save $7,500 per referred hire, as they are more likely to remain loyal to a company. There are also applicant tracking systems (ATS), which partially automate the hiring process. They have helped reduce hiring times by 93% and are used by 97.4% of Fortune 500 businesses.
Other important software include workflow automation systems that drastically cut down on administrative burdens for HR professionals. There are also candidate relationship management programs that help build strong relationships with potential hires. HR technology has become indispensable for companies looking to improve their HR processes; in fact, 82% of businesses report that this technology is crucial to their success.
Source: Talent Tech PR