We are all well aware of Human Resources (HR), but what might be less familiar is a term that has been popping up everywhere – HR Tech. HR Tech is a term used to describe the technology revolution as it applies to the HR industry. The Society for Human Resources Management (SHRM) predicted several trends for HR Tech earlier this year in this article. Many of those trends were spot on and are continuing to progress. So why haven’t you heard about HR Tech before? That may be because you have a traditional view on the purpose of Human Resources. However, times are changing and more HR Tech products are coming to market everyday. HR Tech products are setting out to prove that there is much to be gained within an organization when investing in HR. HR doesn’t just protect a company and it’s employees, it is becoming a vital component to company growth and performance.
Your People are Your Company
When I started StaffGeek I set out to offer a better recruiting service. I saw tremendous potential to help companies and candidates find the right fit. Our message really resonated with our audience. Everyone wants a job they love and now more than ever people are aggressively pursuing it. The more recent change is a shift in the thought process from the perspective of the company. Thanks to the latest HR Tech products, companies are more aware than ever just how expensive things like employee turnover can be. For more detail on this trend see the following Huff Post article. Companies have started to realize just how important it is to invest in your people. Effectively managing turnover can save your company a fortune.
If You Want Your Company to Grow Invest in Your People (HR)
Growth is the name of the game these days and competition is as fierce as ever across many industries. So where do should companies invest to get an edge? You guessed it – HR. The most forward thinking organizations are realizing positive ROI from investing in HR. HR Tech products are providing companies with all kinds of opportunities to invest in HR. Companies typically collected lots of data through HR, but many of them have yet to do much with it. That is a tremendous missed opportunity to gain valuable insight into where you can make positive change within your organization. HR Tech products like EmployeeCycle, which offers an HR dashboard, are offering organizations valuable insight into where they can look to improve their organization in a big way. If you want to grow your organization you need to ensure you’ve equipped your HR department with the right HR Tech products.
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We’ve Only Just Begun
The HR Tech revolution is only just getting started. We are going to be seeing some really cool HR Tech products hitting the market in the future. With the capabilities of data science, HR Tech has begun to incorporate similar principles in what is now termed “People Analytics” to use data to empower their people. If done correctly, these improvements will be mutually beneficial for both employees and companies. I’m excited to see where HR Tech and all of the new HR Tech products can take the industry from here.
If you’d like to learn more about product management or talk more about the services I offer as a product management consultant please feel free to reach out to me at sean@nxtstep.io. Keep disrupting.
