If you work in HR and payroll, then you’ll already be fully aware of just how quickly the world of work is changing. There are many different factors at play: hybrid working, the cost of living crisis, talent shortages and supply chain issues are just some of the areas that are having a major impact on who works where, when and why.
The pace and scale of change can make it difficult for HR professionals to keep up with everything that’s going on, especially when it comes to adjusting their processes and working practices to suit the needs of their workforces and employers. In this blog, we’ll explore some of the key trends that are shaping modern HR, and how HR tech is playing an increasingly pivotal role.
The main trends to watch out for
These are the six major trends that are playing the biggest role in changing the face of human resources:
Employees increasingly expect their employers to give them HR services and support that are tailored to their individual needs. In the age of remote working, where employees are developing their own working models, this is especially important. HR leaders and teams should be able to talk to employees about their desires and expectations, both inside and outside of work, and understand where changes can be made to maximize employee satisfaction and retention.
Demand for innovation
Just as businesses had to be agile and creative to work their way through the worst of the pandemic, they need to retain that agility to respond to new challenges now. This goes beyond merely facilitating flexible working models. HR departments should focus on initiatives that can improve employees’ lives as a whole. Earned Wage Access is an excellent example of how this can be achieved: giving employees the autonomous ability to view and withdraw accrued wages at any time through a user-friendly online platform.
As automation becomes more commonplace across a variety of industries, the most forward-thinking businesses are already exploring how best to combine human and technological endeavors. From an HR perspective, automation can support self-service solutions that ease the process of onboarding, accessing support, and getting better employee experiences. In turn, these tools can relieve much of the burden from the day-to-day workload of busy HR teams, and give them the time to add value elsewhere
Using data and insights to make better decisions is transforming virtually every area of business, and HR is certainly no exception. Data can highlight better ways of planning and budgeting for the future, and pinpoint areas that need focus in order to attract and retain the best talent around. For example, analyzing payroll data can highlight the rate of staff turnover within different areas of a business, and flag up trends such as low pay or high workload that can be addressed to solve the problem.
AI and Machine Learning
These artificial intelligence tools are already proving extremely useful in making HR teams’ lives easier, but they can also be used to do so much more. As an example, they can identify patterns of behavior within the workplace (such as harassment or discrimination) that can then be addressed before they can have a major impact within the organization. This ability to handle problems proactively can be a game-changer for HR’s role and importance within a business.
HR Information System integrations
While there are countless HR software solutions out there, making use of several of them at the same time can be counterproductive if none of them talk to each other. In particular, there is a need for HR systems to be integrated with payroll systems so that data can be synchronized and efficiencies can be found in both areas. By integrating to the fullest extent possible, inconsistencies in data and laborious manual processes around entering the same data multiple times can both be removed.
There’s a common theme running through most of these trends, which is technology. Now more than ever, having the right solutions and advancements in place is vital to making HR more efficient, more proactive, and more supportive to the changing needs of employees. From better integration between platforms, to innovating through the likes of Earned Wage Access, the story of HR in the months and years ahead will be one of using tech and data to its best advantage.
If you want to take full advantage of these tech-driven trends and transform your HR and payroll, then CloudPay is your perfect partner. Take a closer look at the impact we can have on your organization, then get in touch with the team.