Types of HR Tech
Workforce Management (WFM): Commonly utilized in today’s HR technology landscape, WFM systems are pivotal for managing various organizational processes, from tracking travel plans and recording work hours for payroll purposes to overseeing company expenses. Opting for a robust WFM system translates to investing in your company’s future, shifting focus from tedious spreadsheet analysis and email searches to meaningful interactions with employees.
Applicant Tracking System (ATS): Employers can identify potential candidates earlier in the recruitment process with advanced ATS. These systems are capable of monitoring prospective hires from the moment they engage with a job advertisement, thereby enhancing the recruitment pipeline. Additionally, candidate relationship management systems complement ATS by keeping track of applicants who were not selected, ensuring a seamless hiring experience.
Performance Analytics: While akin to WFM systems, performance analytics tools have a more specific role in measuring compliance—the degree to which employees adhere to company policies and expectations set by leadership. These systems fall under the HR domain, which uses analytics to oversee both staff and executive performance, facilitating role assignments and career progression.
Benefits Administration: A comprehensive benefits package is key to employee satisfaction and retention, particularly in a competitive job market. Benefits administration technology supports the ongoing management and adjustment of employee benefits, ensuring that HR professionals can efficiently handle the evolution of benefits throughout an employee’s tenure.
Succession Planning: Essential for businesses of all sizes, succession planning software aids in identifying potential leadership gaps within an organization. This proactive approach allows for effective professional development and ensures continuity in business strategy and knowledge retention, minimizing disruptions during executive transitions.
Recruitment Marketing: Often integrated with ATS and candidate relationship management, recruitment marketing tools—also known as sourcing technology—play a crucial role in attracting talent. These systems work in tandem to streamline the recruitment process, from initial candidate engagement to eventual hiring.
Travel and Expense Management (TEM): In today’s business world, managing travel and related expenses is essential for companies large and small. Previously, employees would manually log their expenses for monthly reports. Now, HR technology allows for real-time tracking of travel costs, including meals and lodging. Tools such as Concur and Expensify offer dynamic, user-friendly interfaces that enable staff to arrange travel, handle bookings, communicate with hotels, and schedule transportation. These platforms simplify the verification process for HR and finance teams, consolidating all data in a single, accessible portal.
Candidate Relationship Management (CRM): Recent research indicates that recruitment can be costly, with average expenses reaching $7,645 per hire for small to mid-sized businesses. This underscores the importance of CRM systems, which monitor past applicants similarly to how Applicant Tracking Systems (ATS) track current ones. CRMs proactively identify upcoming job openings and scout for potential candidates, streamlining the recruitment process.
Compensation Management Software: Often referred to as payroll systems, compensation management software is fundamental to any business. Employees work to earn their wages, and a reliable payroll system is non-negotiable. Modern compensation management platforms ensure accurate tracking of work hours, overtime, benefits, bonuses, and related matters, preventing any payroll discrepancies.
Organizational Charting: Looking beyond immediate operational needs like recruitment and payroll, organizational charting software helps plan for the future. It provides a clear visualization of the company’s trajectory, facilitating strategic planning for the short and long term. This advanced software creates detailed charts and graphics that outline the organization’s objectives and projected achievements, which can be shared and integrated with tools like Google Workspace for collaborative planning....