In the modern working landscape, HR roles are more valuable than ever. 1 in 3 HR pros have decided to recruit HR tech to support their businesses. But what are HR techs and how can they benefit your business? HR technology consists of software and hardware in order to simplify processes for hiring, onboarding, training, retaining, and delighting employees. With these HR techs, HR tasks are 40% faster, recruitment is 23% faster, and turnover is decreased by 17%. Consequently, 82% of businesses consider HR technology to be a critical component of their business success. But this HR tech is just as invaluable to employees as it is to the business themselves.
Around 78% of employees believe advanced HR technology benefits their overall working experience. More specifically, around 75% of HR professionals believe that HR tech improves the recruitment process to some extent. 83% of these same professionals report a positive return on investments (ROI) for this technology, and 43% report improvement in employee satisfaction. But how does this software transform your positive into both a more productive and positive workplace?
Employee Referral Software (ERS) is a major piece that helps to encourage and expedite the recruiting experience. Instead of relying solely on the job market, we instead ask existing employees to refer new talent to the business in exchange for gifts or other benefits. Using this method, 45% of employee referrals stay in excess of 4 years, at an average of $7,500 cheaper than externally sourced talent. Erin, an existing and commonly used ERS, shows as much as a 50% decrease in employee turnover and a boost in referral hires by 5 times. Therefore, it not only builds a more lasting team, but it is usually at a lower cost-basis per hire as well.
Another integral part of HR technology is performance management software (PMS). This software tracks existing employees, and allows you to easily analyze employee goals, performance, and objectives to ensure they’re staying on top of their current workload. When you’re able to identify striving and struggling employees, you can more efficiently balance the workload to ensure your business is running smoothly. Effective HR teams see an 80% increase in recruiting efficiency and 25% increase in business productivity with a PRS in place. They also reduce the number of employees that leave without a quick replacement by a whopping 50%. All these benefits are likely why high-performing teams are 2.6x more likely to use PRS than otherwise.
Another innovative piece of HR tech is the well-known applicant tracking systems (ATS) software. Any large business can easily lose track of hundreds, thousands, or even millions of applicants from across the globe. With an ATS, you can filter, track, and hire seamlessly. In fact, ATS software’s like Fountain have shown to cut time to hire by a staggering 93%. Consequently, ATS has become an integral part of 97.4% of Fortune 500 companies.
Workflow automation systems (WAS) help to create an automated workflow, either manually or with the help of AI, to better process day-to-day tasks. By automating the repetitive tasks for recruiters, HR teams see a 7x faster hiring rate, 98% average candidate satisfaction, and a 10% higher offer acceptance rate. More than half of the companies currently using WAS are interested in investing more into the automated recruiting measures.
Candidate relationship management (CRM) software helps to make the acclimation period for new hires a bit more seamless, especially for Gen Z interns and new hires, through an entirely automated workflow. Since it’s automated, it frees up an estimated 250 hours annually for program managers and has an adoption rate of 60% as of 2023.
Lastly, talent marketplace platforms match people and opportunities similarly to a reverse auction. Since it is the company seeking an applicant, there’s no more filtering through unqualified applicants and the process is much speedier. Websites like Hackajob show a 40% reduction in time to hire, a 90% average candidate satisfaction, and an 85% reply rate within 48 hours.
Through a combination of the many programs listed above, companies like TalentTechPR are bringing HR tech to the forefront and benefitting your business. TalentTechPR leverages media connections, content creation, and an influencer network to help create and secure an online presence. This helps to increase brand awareness in otherwise unreachable markets and gives opportunities for quotes in media publications to increase potential reachability.
Ultimately, whether you’re a new company starting small or a large company seeking to grow larger, the wide variety of HR technology has several options for you to take advantage of. With companies like TalentTechPR, using HR tech is even easier with seamless integration into your current business operations. Keeping yourself competitive to job talent is important, and TalentTechPR is the best way to keep your business at the top of the job market.
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