Global Payroll 2023:
Trends & Recession Readiness
14th December, 4pm GMT
There has been an explosion in the adoption of HR technology tools at companies around the world in recent years. In a post-covid work environment, digital processes and interactive digital tools that can help HR communicate and engage with a widely dispersed global workforce are being embraced more and more.
Human resources professionals are facing new challenges in a new work environment that consists of remote working and hybrid working. Some organizations are pushing for a stronger return to the office while others are continuing to embrace remote working cultures.
The human resources department are under increasing pressure in the war for talent and retention- they are turning to trending digital technology tools in the HR space as they look at various platforms and technology out there can help them perform their daily tasks in a smarter and better way. In this article, we will take a look at some of the top trending tools in the HR technology space.
Many HR managers are taking another look at their HRMS systems and checking if they remain fit for purpose or are sustainable for the future plans of the business. These are crucial hr tech systems and platforms that can form a core part of the employee experience- many of the solutions out there in the market right now claim to be able to handle all parts of the employee experience- this is the trending “from onboarding all the way to retirement” concept, that sounds very good on paper but may or may not hold up to scrutiny. Every business is unique and while there are common needs for every HR department, a global organization needs to get very clear on its human resources objectives to ensure they purchase the right HRMS platform and hr software. These platforms have an important role to play in attracting and retaining top talent.
Some HR leaders and hr management hold the view that they may not be maximizing or fully utilizing the existing talent in place at their organization. Internal talent platforms can help HR to reallocate or redistribute existing talent into a range of different ongoing projects within a company. They can use these platforms to assess skill sets and talents needed for priority projects that can help deliver on overall company strategy. These platforms can also be used for internal job postings and temporary assignments, which can offer career development opportunities to existing staff and help with retention objectives. Some of these digital platforms come with built-in algorithms that proactively match talent or skill sets to open positions inside the company, helping HR professionals to maximize what is already there before they have to go out to the external market and find talent. It can be used as a source repository of existing skill sets and talents within the organization that can be tapped into and optimized when needed- and it can be really useful when employees are seeking new learning or growth opportunities within the company.
Digital learning, interactive videos and online tutorials have been a part of human resource technology stacks for some time now. Digital coaching is about taking it to the next level as it recognizes that not everybody learns in the same way or at the same pace.
The focus of these technologies is on responsive adapting to the learning pace and style of the user-this can result in a far more positive experience for the learner and higher engagement levels. The one-size-fits-all of staring at a video for 45 minutes is being left behind and digital coaching initiatives are on the rise. These platforms also leverage the expertise of human coaches and use the algorithms to assign various employees at different stages of learning to the most suitable coaches for their individual needs- gender, experience, culture and learning style all come into play here and can result in a more tailored and personalized approach to help the employee learn in a more effective way.
Chatbots have been deployed, especially at digitally native organizations, to reasonably good effect for some time now. But this space has been ripe for evolution, and we are starting to see the results in the market-better, more effective chatbots that take on a conversational style and tone in response to the specific needs of the user. This can result in better employee engagement in the work environment.
Some of the developments in the space have been in response to the needs of a younger workforce and gen z, who simply do not automatically default to telephone and e-mail as their preferred communication choice. They have been raised in an era of digital transformation and entered the workforce with different expectations- they are comfortable using digital agents and chatbots to communicate and extract information. These chatbots also have the advantage of being available 24/7 and accessible on any device.
The newer forms of chatbots leverage AI to predict user intent and can offer a suitable response instantly-they can even go further and complete tasks on behalf of the user once they have confirmed that the response is acceptable. You can expect continued adoption and advancements of chatbots in HR tech.
Early access to wages earned is a hot topic both in HR functions and global payroll right now-we live in an on-demand culture and more and more global employees are beginning to question why they cannot have on demand access to wages they have already earned, as opposed to waiting for a fixed day at the end of the month.
The fintech industry has responded and is in a position to collaborate with global companies who are keen to offer earned wage access to their global workforce-such companies view it as a positive form of financial wellness and a potential recruitment incentive as well as a retention initiative. It can help employees with both financial planning add their personal financial obligations- some HR teams are starting to look at it as a valuable differentiator when it comes to talent acquisition and the hiring process.
It does however require some consideration-as there are administrative implications for both payroll teams and human resources teams-especially when it comes to the management of a broad range of employees being paid at different times during the month. There will also be a need to integrate with a digital payments application or fintech technology. Nonetheless, it appears to be growing in popularity and you can expect it to remain on the trending list.
All of these hr technology trends point to a new level of digitization and digitized processes within the human resources department. These tools are being adopted at various levels throughout the world as human resources teams look to equip themselves with a range of different digital tools that can help differentiate their offering to employees and improve engagement & productivity levels within the employee lifecycle.
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14th December, 4pm GMT