With record-level investments from venture capitalists on HR platforms and applications, and initiatives from the C-Suite executives to spend on a breadth of technologies to support remote and hybrid work after the pandemic, HR Tech suddenly got all the limelight in 2021.
In 2022, according to industry analysts, the same trend has continued and accelerated, as technology became a critical solution for promoting hybrid work as well as slowing labor shortages and employee resignations.
Organizations today are keen to onboard employee listening applications that can facilitate capturing feedback from deskless workers— to understand and address their intricate needs. This will significantly boost their productivity and engagement with employees.
Also, career-oriented technology is a buzzword today. With the rising need for employers to track and develop potential skill-set within their workforce, coaching and mentoring applications to connect people with experts have become a key solution to help employees learn and grow.
In the artificial intelligence segment, buying or building AI-powered applications for core human capital management—recruiting, learning, and employee sentiment analysis—is on the rise. And the commoditization of AI and more low-code or no-code development options are facilitating the trend significantly.
With the steep rise in the talent crunch, investments in innovation around talent acquisition systems from a point solution perspective are also rising. To that end, as recruiters have started to rely on virtual sourcing, interviewing, and onboarding tools after the pandemic, hiring will increasingly be defined by virtual tools and data-driven techniques that provide new avenues to improve talent acquisition and continuous process improvement. Not just that, since diversity, equity, and inclusion (DE&I) is a major contributor to avenging the growing talent shortage, recruiters are showcasing a remarkable increase in embracing DE&I analytics tools to comprehend and develop their current state of talent management.
According to industry analysts, the trend toward hybrid workplaces has already gained widespread acceptance and admiration and is here to stay. This makes it increasingly necessary for enterprises to use the appropriate technologies to become flexible, inclusive, supportive, secure, and adaptive for all employees, regardless of their function and workstyle, to thrive as a hybrid workplace. Thus, to support organizations even in the coming years, tech innovations around HR are anticipated to increase at a comparable rate.