We love to talk about all the latest and greatest tech in spaces like healthcare and education , because, well, those are high-visibility industries and they both promise innovation that can truly revolutionize daily living. Then there’s human resources. Not exactly prime time television. But the long-term financial impact a solid HR department can have upon a company is incredible. It may not make the headlines, but HR practices can affect a much wider array of companies than just in healthcare and education. And, if you work in the HR space, you’re very aware of the type of hype particular technologies may get, but you might not be sure whether or not they fit for your company’s purposes.
That’s why Gartner, an international research and advisory company, created its Hype Cycle model, a standard adoption model that plots out the typical trajectory of innovation, regardless of its industry, from when it’s first introduced all the way to when it becomes everyday technology. For Part Three of our Hype Cycle series, we’ll examine Gartner’s 2016 Hype Cycle for Human Resources by giving an overview of a promising technology from each of the five phases of the Hype Cycle.
For clarification of each Hype Cycle phase, check out our Gartner intro blog (link to tekMtn Hype Cycle Intro blog).
Source: HR Tech World
Worker Engagement Platform (5-10 years)
This is the HR component of people analytics which allows companies to analyze and respond to many of the driving metrics behind employee engagement. Software designers provide platforms that focus on either a few or a host of the following engagement mechanisms:
- Peer recognition
- Top-down recognition
- Individual goal setting
- Mentorship matching
- Reward systems
- Employee engagement via personal social media
According to Gallup polling that began in 2000, US worker engagement has remained around 33% for the past two decades.
Peak of Inflated Expectations
Workforce Planning and Modeling (5-10 years)
Workforce planning and modeling centers on a how a company aligns its human capital with its business direction especially current and future workforce needs, the gaps between the company’s current state and future projections, and what problems need to be solved in order for the company to accomplish its mission and goals. Three specific workforce planning areas that are poised to make a big impact are:
- Demand Planning – how a company determines the head count it needs for each particular job role.
- Internal Supply Analysis – the quantitative (internal talent supply after turnover, retirements, internal job movement) and qualitative (capability and performance of each job role as a unit) supply within a company’s workforce.
- Gap Analysis and Action Planning – as a result of demand planning and internal supply analysis, a company determines its strategies for filling gaps via recruitment and developmental programs.
Trough of Disillusionment
Workforce Analytics (5-10 years)
Workforce analytics is the umbrella under which worker engagement platforms (above) exist. This is the comprehensive set of data analysis tools and metrics that analyze every aspect of a company’s talent pool, including:
- Training and development
- Compensation and benefits
- Time to fill
- Cost per hire
- Accession rate
- Retention rate
- Add rate
- Replacement rate
- Time to start
- Offer acceptance rate
As long as very clear strategies are guiding this type of software within the company, it can help to find a persistent balance between overhiring and underhiring that will keep management and employees alike content.
Slope of Enlightenment
Recruitment Process Outsourcing (2-5 years)
Recruitment Process Outsourcing involves handing over all or part of your company’s talent acquisition to an external service provider, who may use its own or take on the company’s recruitment staff, technology, and procedures. From 2014 to 2015, the RPO market grew by 17%, and continues to grow considerably. Some of this growth stems from RPO companies offering more focused services like recruitment marketing and diversity hiring that are still integrated into more comprehensive services. LinkedIn’s “Global Recruiting Trends 2016” report found that, compared to the previous year, 59% more companies globally were investing in their employer brand, a sign of a tightening job market and a need for employers to become more proactive. This has also caused RPO providers to roll-in added services like predictive analytics, branding, and social recruitment tools.
Plateau of Productivity
Enterprise Workforce Management (> 2 years)
Enterprise Workforce Management software allows for a business to optimize productivity at the individual, departmental, and company-wide levels via:
- Time and attendance tracking
- Employee scheduling
- Demand prediction
- Payroll administration
- Benefits administration
- Talent management
- Training programs and assignments
- Performance monitoring
- Vacation and leave planning
- Career planning
- Crisis preparedness
Don’t Underestimate HR’s Ability To Innovate
No matter the size of your business, the learning curve of HR tech is only going to steepen, and you don’t want your company to get left behind. With HR tech as one of our three core innovation efforts, tekMountain continues to provide southeastern NC and beyond with insights into customizable HR solutions for businesses of all sizes and industry.
Contact us today to learn how your company can benefit the latest HR technology.