Innovation in HR technology the future of talent management
Ask anyone, what’s the key to a successful business today? I bet you 9 out of 10 would say “innovation”. (The tenth person would probably say “avoiding recessions”). The problem is that very few people know how to innovate, or even how to capture the innovation that already exists within the workforce.
Innovation is certainly big in HR technology right now, in two important ways:
I can’t remember a time when more HR-enabling technology came onto the market. The sheer pace of new innovative products and upgrades is astounding. To paraphrase Apple, you name it, there’s an app for it.
Much of this new HR technology actually has the potential to transform businesses, and make them more innovative.
Social media, apps and recruitment
Exciting new tools now drive adoption and engagement, such as mobile HR apps, social media recruiting, learning on the go, along with a multitude of user-friendly applications for TLM (Time and Leave Management).
It’s becoming increasingly essential to integrate social media capabilities into recruiting solutions. In recent research conducted by ADP, four out of five employers now say social media has a ‘moderate-to-great impact on employment branding’, and close to half feel social media helps to create successful strategies on a budget.
You might have noticed that Facebook recently hit one billion users in one day? So perhaps unsurprisingly it’s now an essential part of job-searching too, especially for Millennials. Facebook is almost three times as likely to be used as a job search resource by those under the age of 30 compared to those over 45. With 60% of Millennials planning to leave their current job in the next three years, addressing younger workers via social media is a must.
The power of Big Data and analytics
Then there’s data and analytics, or ‘Big Data’. Using technology and data experts to crunch the vast amounts of information you receive via recruitment applications, existing employee data, even alumni employee networks – this can be a gold mine. Almost literally. If you can improve your attraction and retention rates, you save your business a lot of money. Via Big Data, this is no longer guesswork but is fast becoming a science.
The only problem is, most organisations are either terrible at it or incredibly slow on the uptake. A recent KPMG survey finds that organisations are failing to realise the potential of Data and Analytics (D&A). And according to recent findings from Bersin by Deloitte, just 14% of organisations have undertaken significant statistical analysis of their employee data.
Not that everybody is bad at it. Companies such as Google and Facebook have already changed what candidates expect from today’s workplace – and by doing so they have set high expectations for everyone else. Cloud-based data analytics are considered as a must-have. Social messaging is built into talent pipelines, nurturing conversations. Brand reputation are built or destroyed through social channels.
Companies with strong, attractive employer brands already have these programmes and technologies in place. But they remain largely in the new tech or start-up sectors. (Hard to believe, but Google and Facebook are just 17 and 11 years old respectively.) Many more established organisations and sectors are yet to realise the potential. But the good news is that the ones that do will really steal the march on their competition.
Innovative HR tools as a service
New innovations in technology-enabled services like HRO and BPO offer lower operating costs, more flexibility, and increased compliance. Companies that favour the MPHRO (Multi-process HR Outsourcing) approach are seeing more value in a combined outsourcing of payroll, HR administration, and even time management. HR departments can even bring internal social networks to their organisation modelled after popular social platforms.
It’s vital that companies invest in talent communities, effective communications strategies, analytics and the right technologies. It’s achievable. There’s an app for that. You just need to find the right partner to talk you through it and make the changes – and do so before your rivals do.