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Stay ahead of the curve in 2024! Explore the dynamic intersection of HR technology and business trends.....
2023 is coming to an end, marking another year of changes in the workplace. Businesses discovered the hybrid model and how most employees work better with the setup. In addition, diversity and inclusion efforts were on the rise. And the Great Resignation turned into the Great Reskilling.
Human resources noted significant changes as more companies understood the value of focusing on employees as individuals rather than as a collective. It triggered more employee engagement initiatives and tailored strategies for overall improvement.
The popularity of remote and hybrid work models demanded flexible HR, leading to the adoption of HR tech and outsourcing. So, what does the future hold for HR tech and Business trends? Keep reading to discover what’s on the horizon of 2024.
HR technology, Human Resources Technology, or HR Tech, is not a thing. Instead, it is using technology to manage and optimize various human resource functions within an organization.
Companies use HR technology to streamline human resource processes, improve efficiency, and enhance the overall management of an organization's workforce.
HR technology encompasses various software and hardware tools that support HR professionals in their daily tasks and strategic decision-making. 2024 HR tech will have the following highlights:
Generative AI has accelerated HR’s engagement with AI. These technologies can create content and summarize data sets, which will help HR in multiple ways. The most popular area for applying generative AI is hiring.
The technology can examine job applications to find qualifications that suit the job description. In addition, generative AI can recognize patterns in workplace behavior to determine if an employee is ready for a promotion.
Cloud-based HR systems or HRIS is a web-based software solution hosted on the servers of a system provider. Therefore, users can access the systems from any location and anytime through mobile applications and web browsers.
Companies will use cloud-based HR systems in 2024 to organize and store employee data, give employees self-service access, automate tasks such as job postings, and manage time and attendance. Workpay is already transforming businesses in Africa as a leading cloud-based HR software.
Self-service HR tools empower employees to perform various human resources-related tasks and access information without direct involvement from HR personnel. These tools streamline and automate HR processes, allowing employees to manage their HR-related tasks independently.
Employees can use self-service HR tools in 2024 to manage their leave requests, alter or add to their details, view payroll, and benefits administration.
Tech-enabled learning, also known as technology-enabled learning or e-learning, uses technology to facilitate and enhance the educational process. Companies can integrate digital tools and platforms to deliver, manage, and support learning activities.
2024 will see continuous learning for employees through virtual classrooms and webinars, collaborative learning platforms for sharing among learners to foster a sense of community, and AI-driven tools for personalized learning paths.
2024 will no longer have HR professionals running blind into making decisions about the employees. Instead, they will use data and analytics to inform and guide them into decisions that align with business goals.
Companies can, for example, establish a system for ongoing data collection and analysis to monitor changes and trends over time. This enables HR teams to adapt strategies based on evolving workforce dynamics.
Besides HR, businesses will see changes in 2024 that have already started making headway:
Investment in AI is expected to increase in 2024 as businesses recognize the transformative potential of AI technologies. Companies will adopt the technologies in various aspects of data analysis, customer interactions, and goal-oriented decision-making.
Firms must be proactive and implement well-structured AI to automate mundane tasks and improve customer relations. For example, small business owners should consider automated chatbots to enhance customer support and make websites more interactive.
Personalized customer service is about adapting services to the needs and wants of the clients. Customers want a customized experience for a smooth journey. They expect businesses to know what they want when they want it.
Therefore, 2024 will see businesses using web analytic tools to gather insight about their visitors. Information such as how they got there, which products are top sellers, and what motivates their purchasing decisions will help them customize their customer service.
The new era of consumers, Gen Z, is focused on companies that are transparent and deliberate about sustainability efforts. So much so that it influences their purchasing patterns, favoring companies that are vocal, deliberate, and continuous in their sustainability journeys.
Therefore, in 2024, companies will have to improve their sustainability efforts and be transparent about them. Businesses will need to adopt sustainable and environmentally friendly supply chains.
The COVID-19 pandemic sent a lot of workers home. Some never returned as companies found practicality and money savings in having remote workers.
On the other hand, some companies tested the hybrid work models, noticing productivity and satisfaction in working partially from the office and partially at home. While it started as an experiment, 2024 will see more companies permanently adopt remote and hybrid work models.
It means that companies will additionally invest in advanced collaboration tools, visual meeting platforms, and technologies to support effective communication and teamwork among distributed teams.
As we approach the threshold of 2024, the landscape of HR technology and business trends is set to witness remarkable transformations.
2024 is poised to showcase groundbreaking developments in HR. Key highlights include the integration of generative AI for smarter hiring decisions, the widespread adoption of cloud-based HR systems for enhanced accessibility and efficiency, and the empowerment of employees through self-service HR tools.
In addition, businesses in 2024 are on the brink of transformative shifts. The anticipated surge in AI investments signifies a commitment to leveraging technology for data analysis, customer interactions, and strategic decision-making.
Personalizing customer service is set to become a cornerstone, as will sustainability as consumers demand transparency and dedication to environmental responsibility.
As businesses navigate the evolving landscape of HR technology and business trends, Workpay can help businesses stay ahead of the curve. Get in touch to empower your workforce, drive efficiency, and navigate the changes with confidence.
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