Human resource (HR) technology has been sweeping the business world with its incredible ability to improve existing employee-related processes. Approximately one-third of HR professionals are using HR tech to improve hiring, onboarding, retention, and training within their companies. These procedures are essential to the functioning of a business, as it would fail without consistently supporting its employees.
HR technology includes a wide range of software programs designed to improve HR tasks. Employee referral software is one noteworthy example, as it incentivizes current employees to recommend prospective candidates in exchange for bonuses. There have been astounding results – research indicates that 45% of referred employees stay with the company for more than four years, saving businesses about $7,500 for every employee that doesn’t turnover.
Another essential tool that helps businesses efficiently track employee goals and performance is performance management software. Employers who use systems such as HireRoad report 50% lower attrition rates and an 80% boost in recruitment efficiency. Platforms for talent marketplaces also give businesses the ability to actively seek out excellent personnel rather than waiting for applications, which has lowered hiring times by 40%.
The employment landscape has been significantly impacted by HR technology.. Studies reveal that 78% of workers think that using HR technology makes their work experience better overall, and 75% of HR specialists say that it makes hiring prospects easier. Even 82% of business executives claim that HR technology is crucial to successfully managing employee related tasks.
There are many advantages that result from integrating HR technology, especially centered around convenience and efficiency. For example, there is a 40% faster completion rate for HR tasks, a 23% faster recruitment process, and a 17% decrease in turnover rates. For 83% of HR professionals, these efficiencies seem to be a good return on investment, and employees wholeheartedly agree – their satisfaction has risen by 43%. Learn how an HR tech PR agency can take you to new heights below:
