In order to make up for the disruptions that the COVID-19 pandemic has caused to the workflows of businesses globally, regardless of their size, technologies including Artificial intelligence and cloud have provided a haven to all. Earlier the adoption of automation through technologies witnessed an upper trajectory, but it was the COVID-19 pandemic that made their utilization in workflows of businesses crucial. Most businesses have successfully deployed technological transformation in various areas while freeing up their employees to tackle more crucial problems and customer-centric tasks.
The Role of HR Tech in the Current Business Ecosystem
From remote workspaces to online onboarding and comprehensive remote recruitment processes, Human Resources is one such industry that faced turbulent changes due to the pandemic. Before the introduction of technologies to the HR department of businesses, professionals were frequently stifled by excessive paperwork instead of assisting employees in developing and improving their talents. By employing HR Tech, businesses can bring a level of automation for administrative chores, and free up HR staff’s time to focus on additional value-added initiatives and projects.
The Evolution of the Recruitment Processes with Artificial Intelligence
To weather the current crisis while still planning for the future, organizationsare rapidly redesigning their human resource environment, particularly their recruiting strategy. Leaders are looking for automated solutions to meet the paradigm shift that has resulted in new working methods, changing job roles, and a volatile recruiting market.
Artificial Intelligence, Data Analytics, and Machine Learning are being used by HR departments all around the world to speed up work and improve the recruiting process. Recruiters employed AI tools to match job candidates, which is an improvement above the traditional recruiting method. Along with achieving automation goals and reducing time and costs, AI has been a catalyst for businesses leaders who have been seeking transparency and diversity in their hiring process. AI has enabled businesses to prioritize only the merits of the candidate during screening while concealing their race, gender, and other demographic factors.
As HR grows more reliant on technology to operate and manage staff, there will be a dynamic shift from traditional HR operations to technology-based HR operations. Experts predict that this shift will occur in the coming decade, with new and hitherto unknown HR professions gaining prominence by 2030. Over 20 new HR-related functions and responsibilities were recognized as likely to become legitimate positions soon in a Harvard Business Review study. Even in the current scenario, many careers have their roots in technology, including Human Bias Officer, Human Facilitator, Business Continuity Director, Human Network Analyst, and many more.
Investments in HR Tech are Hitting the Roof
As technology is set to play a huge role in HR activities, venture capitals are not taking a lot of time to invest in HR tech companies backed by artificial intelligence with the potential to be the leaders of the future. HR technology had a particularly strong year in 2021, as companies stepped up to assist organizations in hiring diverse workforces and navigating hybrid or remote work arrangements.
According to PitchBook data, venture investors invested more than $12.3 billion in global HR IT start-ups last year, resulting in 809 deals, or approximately 3.6 times the amount invested in 2020.
This trend has continued into 2022, with four mega-deals accounting for more than $1.4 billion in venture capital in just one month.
While choosing the right HR tech company, venture capitals should focus on looking for solution providers that can tell a compelling story about how their solution solves a real business problem and who can lay out a clear roadmap for where the technology will go in the next several years. They should also provide specialized support to assist HR teams in setting up and using these solutions.
Recruitment SMART- A Leader in the Making
Recruitment SMART is one such company, that has showcased a stellar performance and growth in just 5 years of its inception. Backed by the experts in HR and artificial intelligence, Recruitment SMART offers a talent intelligence platform that aids in streamlining and automating the talent supply chain, as well as ensures that recruiting is free of underlying prejudices like gender, race, and other factors. It uses machine learning to match CVs and job criteria with tremendous speed and stunning accuracy while reducing hiring time and cost.
With Recruitment SMART’s Equitable Hiring feature, clients have successfully averted biases in the screening process and many of our clients have made tangible growth in bringing diversity to their workforce.