Many aspects of daily life have been altered by modern technology, and the human resources (HR) department of most major companies are not exempt from this transformation. The use of this technology is supported by a third of all HR professionals. HR tech includes a broad range of software and hardware intended to improve employee-related tasks such as recruiting, hiring, onboarding, and retention. These procedures are essential to a business’ success, as top talent will only remain loyal to a company they have a positive experience at. Thankfully, HR tech can ensure that this happens.
There are many different types of HR tech that are available. One of the more inventive forms is employee referral systems. With incentives like bonuses or gifts, these platforms encourage current employees to recommend prospective hires with skills they think would be a great addition to the company. This referral based approach has been proven to have a lot of success. In fact, 45% of the employees who are referred stay with the company for more than four years, which saves about $7,500 for each hire. Software companies providing employee referral systems, such as Erin, can help companies see a five-fold rise in hires from employee referrals and a 50% decrease in turnover.
Applicant tracking systems (ATS) are another important form of HR tech. They expedite the hiring process and monitor candidates from end-to-end, including recruitment and hiring. A well-known applicant tracking system, Fountain, has successfully reduced hiring time by 93%. Therefore, it comes as no surprise that 97.4% of Fortune 500 companies rely on an ATS to support their recruitment.
Platforms for talent marketplaces, candidate relationship management software, and workflow automation tools are other HR tech options. By automating tedious procedures, workflow automation can increase recruiting rates by 7x. Candidate relationship management systems nurture positive relationships with candidates and cut down on 250 hours of labor per year for program managers. There are also talent marketplace platforms that allow companies to apply to top tech talent, instead of the other way around. Hiring time is reduced by 40% thanks to talent marketplace platforms such as Hackajob.
Stakeholders strongly embrace the change in hiring that HR technology has brought about. Studies show that 78% of employees think this technology makes their work experience better overall, and 75% of HR professionals say it makes the hiring process better for applicants. According to 82% of businesses, HR technology is crucial for streamlining employee-related activities and is now an integral part of their operations. HR technology offers many advantages. Employee turnover rates have dropped by 17%, recruitment processes have sped up by 23%, and HR duties can now be completed 40% faster.
It is not surprising that 83% of HR professionals say that HR technology has returned a positive investment given these benefits. Despite the numerous software options that are available for HR tech solutions, all are united by a common objective to improve employee satisfaction and improve HR processes. Clearly, this goal has not only been achieved, but surpassed. Learn more about finding the right HR Tech PR agency to fit your needs below.
Source: Talent Tech PR
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