The global human resource market is expected to grow with an annual growth rate of 2.4% reaching $9.2 billion by 2022. The upsurge in technology has always influenced the way human resource functions and accommodates contemporary practices; be it artificial intelligence or automated learning, all the innovations modernizing the way the world functions has had its part in transforming HR as well.
The transformation of human resource information systems has been persistent. From working on client based servers to adapting to cloud computing, the evolution has been steady and swift. The upsurge in technology has always influenced the way human resource functions and accommodates contemporary practices; be it artificial intelligence or automated learning, all the innovations modernizing the way the world functions has had its part in transforming HR as well. The global human resource market is expected to grow with an annual growth rate of 2.4% reaching $9.2 billion by 2022. According to a report by Forbes, 57% of companies are considering shifting to new HR software within the next 2 years.
With so much development happening around the world of HR, below are the top five trends that are predicted to impact HR management systems.
Software as a form of service has been gaining a lot of importance among business people. It gives on the go access to all data and information, making it user-friendly and time-saving. SaaS platforms are available through monthly subscriptions and have no hidden costs involving maintenance, servers or IT support. Human resource information systems have also been quickly adapting to the cloud-based service platforms and providing comprehensive solutions to HR (like HR as a service).
Shared service centers
Shared service centers provide centralized service delivery to different business operations. These include payroll, recruitment, benefits administration, consulting, talent management, etc. Integrated services can leverage the capabilities HR holds as a core business process and also give a common platform to discuss and increase the scope of opportunities. In order to bridge the gap between business requirements and optimized performance, it is sensible and effective to set up a shared services center.
With the expansion of IOT and cloud computing, HR vendors have extended their services to deliver mobile applications that can run on any handheld device. These apps permit instant access to updates and mass communications through smart notifications. Recruitment through mobiles devices is also gaining a lot of attention among HRIS vendors. It eases the tedious tasks around candidate applications and searching for the right talent.
Prescriptive analysis is the future of HR analytics. It gives an insight into the likelihood of an event, the possible outcomes, and related solutions. With HR information systems, entire human resource database can be accessed through common portals, thus making it easier to pull out performance reports and strategize business objectives based on it. Dynamic analytics prevents the risk of any staffing or strategizing glitches to occur.
HRIS empowers effective communication within the organization and its departments. Automated processes carried out by the system requires very less manual work, thus relieving HR of the need to perform transactional work and giving them ample time to focus on business-centric activities. HRIS serves as a gateway to increase knowledge about employee performance and the capabilities each individual hold to enhance their productivity.
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