As New Zealand and Australia’s economies recover from the COVID-19 health and financial crises, businesses in the region are rethinking their approach to attracting, retaining, and developing talent as a key asset for business recovery.
The adoption of innovative HR software solutions that respond to the changing needs of the workforce in the aftermath of the recession is at the heart of this strategic shift. The lessons learnt over the last year have prompted HR and business leaders to reconsider not only their crisis response strategies but also their recovery plans for 2021. An important aspect of this is their investment in HR technology (89%), which is a key decision that has an impact at various stages of the recovery cycle.
Organisations that invest in HR technology stay ahead of a potential brain drain in the region by keeping an eye on talent trends and preparing for these shifts within their own teams even before they occur. The most recent HR software solutions capture the entire employee life cycle, providing HR and business leaders with visibility into their talent pool as they enter the next phase of growth.
Driving business impact with AI
Machine learning, a subset of artificial intelligence, emerged as one of the top technology investments driving the most impact in HR in the wake of COVID-19. Employers in the past year have turned to tools, such as predictive analytics, that are built into a number of human capital management software systems today. These tools can purportedly make predictions about talent activity – or “at least suggest where there might be potential issues”, says the chief operating officer at the Software company.
With an integrated AI analytics platform, modern software solutions enable organisations to intervene before concerns become actual risks. “This has definitely brought the need for AI forward,” he says. “To have the data accessible to be able to make those decisions in an educated way is certainly an important part for people management to move that to the next level.”
Organisations that invest in HR technology stay ahead of a potential brain drain in the region by monitoring talent trends and preparing their own teams for these shifts even before they occur. The most recent HR software solutions capture the entire employee life cycle, giving HR and business leaders visibility into their talent pool as they enter the next stage of expansion.
Keeping teams connected to the mission
For the chief operating officer at the Software company, the challenge for HR software vendors is to make sure they can “cover all bases and really bring people together, irrespective of where and how they’re working”.
“We’ve seen a really big shift in terms of HR software being potentially seen as just the automation of the process, but, in this new digital and remote world, it’s also playing a big role in terms of the employee experience [EX] and employer brand,” he says.
HR software solutions facilitate cross-functional communication within their environment, particularly when managers are tracking, reviewing, and approving documents or facilitating performance reviews, promotions, and succession planning. This technologically driven approach to strategic HR functions contributes to a better overall employee experience.
Innovative HR solutions enable organisations to keep employees up to date via automated emails and real-time push notifications on their desktops or mobile devices. They can conduct daily, weekly, and monthly pulse surveys, communicate the company’s employee value proposition across channels and drive engagement with employees even when they are unable to interact with them face-to-face.
Without a doubt, technology has brought about the necessary positive change in most HR Departments. However, it should be noted that technological advancements are still far from human decision-making abilities.
