HR technology is going through one of the crucial times. Investors, seeking the next big thing in breakthrough technology, plunged more than $2 billion into HR tech systems and platforms in 2016, according to Insights, a venture capital database. While investment to date is on track for a slight decline from last year, deal activity in HR tech has grown consistently in the last 5 years and at the current rate is expected to increase more than 15 percent over 2015. This amazing investment growth—much of it spent on integrated employee management system platforms for midsize companies—illustrates the industry’s volatility.
That instability is being driven by the shift from cloud to mobile; the explosion in analytics and artificial intelligence; and the emergence of video, social recruiting and wearables in the workplace. Everything is changing, and quickly—including the types of technology HR professionals use, the experiences those systems deliver and the underlying software designs—making many of the traditional employee management system purchased only a decade ago seem out of date.
With these developments and more reshaping HR, business leaders would be wise to understand the following nine technology trends that will shape the year ahead and beyond.
Technology
For almost five years, companies have been throwing away ratings, adding check-ins, developing agile goal systems, and making performance management much more data-driven and team-oriented. But there have been almost no tools in the market to automate this—until now. Today, there are at least a dozen companies selling cloud-based, team-centric performance management applications that connect to HR management or enterprise resource planning systems, many of which:
· Manage performance by the team, rather only by the hierarchy.
· Allow for dynamic team management—that is, the ability to create and change teams quickly.
· Make goals transparent and easy to change and track.
· Feature check-in mechanisms.
· Have built-in pulse surveys, end-of-period surveys, and ad hoc feedback presented via tags and word clouds.
· Incorporate development plans that are prepopulated, simple to build and based on data derived from employees in similar roles.
· Feature online assessments, help to conduct personality assessments and resources to guide managers through difficult conversations.
It can be used with activity streams and other gamification features that make them engaging and accessible. They are integrated with employee directories and other employee management system to become part of everyday work.
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