In the last decade alone, the concept of ‘work’ has undergone multiple renditions propelled by advancements in technology, enabling a more holistic attitude towards work-life balance. However, these advancements came on the heels of major disruptions, including a global pandemic leading to an economic slowdown that industries across the world are still navigating through. Consequentially, it has forced the hands of organisations to drastically change their strategies and rethink traditional approaches to work.
The modern outlook towards work has been framed by how companies have adapted to these challenges and incorporated technology enabled solutions to meet the ever-evolving demands of the contemporary workplace. With a global shift towards remote and flexible employment models, several industries have swiftly embraced these changes to foster greater agility, innovation, and employee well-being. HR technologies, powered by Artificial Intelligence (AI), have played a pivotal role in ensuring that organisations can efficiently attract, engage, and empower their workforce, ultimately driving productivity and improving outcomes.
Integration of HR Tech into Existing Talent Strategies
Recent data from a survey conducted by Aon Plc suggest that India has witnessed an overall attrition rate of 20.3%, a figure significantly higher than in previous periods. This underscores the challenges organizations are currently facing in retaining talent and highlights the need for proactive measures to address this issue. A deeper look into this situation unfolds a bigger picture, where employees have increasingly started prioritizing career growth and job satisfaction over job stability. Accordingly, organisations have to reconfigure their existing talent retention strategies, and it starts with acknowledging that there is no blanket ‘one-size fits all’ initiative that could tackle the issue.
Gaining a deeper understanding of each employee’s unique needs, thus, becomes paramount in not only enhancing their productivity, but helping them connect to the work that they’re doing in a way that’s meaningful. This is where AI powered HR tech solutions that are designed with people at the centre come into play, harnessing the best of both worlds by combining technological efficiency with human talent. By allowing ‘work’ to be more than a mere transaction between corporations and employees, these solutions can amplify human contribution by enabling workers to significantly impact the strategic goals of the organisation. This will allow employees to professionally grow and thrive in an environment where their individual strengths and aspirations align with the company’s mission.
Stepping it Up with Proactive Solutions
In recent times, the talent market has evolved to be much more competitive making it that much more important for organisations to not only retain their top performers but also attract the talent that they will need in the future. A reactive system that treats employees as mere resources will significantly fall short, especially with proactive HR management tools setting a higher bar for how operations such as workforce planning, attendance tracking, and payroll management are executed.
In case of workforce planning, these tools can automate the process of assigning work to employees, while simultaneously having a purview into their availability, skills, and preferences for whenever the need arises. It allows for the uninterrupted functioning of operations, even when employees go on unplanned leaves or have an emergency. It also keeps track of the working hours of employees, reducing the chances of any overlaps or miscalculations in payroll, helping companies maintain compliance and contribute to optimal workforce management.
Thus, equipped with AI based HR tech solutions, organisations can streamline their operations automate repetitive tasks, and gain real-time insights into their workforce, ultimately fostering a more agile and data-driven approach to talent management. This not only improves efficiency but also allows HR professionals to focus more on strategic initiatives that will further enhance employee experiences.
According to the findings of a recent report by the Workforce Institute at UKG, 76% of employees worldwide have increased the expectations they have for how their company supports them, and 70% are rethinking the qualities they look for in an employer. These numbers reflect a shift in employee attitudes and the emergence of a two-way street where it is not just workers striving to be their best, but employers pushing the envelope to demonstrate their worthiness of attracting and retaining the best talent.
Ultimately, in the modern world of work, employees are seeking for a chance to be heard and supported within the workplace. Doubling down on initiatives that enable organisations to practice the values of diversity, equity, inclusivity, and belonging (DEI&B) is key to fostering a workplace culture where all individuals feel valued, respected, and empowered. While enabled by technologies such as AI, the future of ‘work’ will be a more human one where people are inspired to do their best work.