6. The Reinvention of Performance and Goal Management with Feedback and Check-ins
Annual year-end performance management reviews are being simplified by eliminating forced rankings, and reconsidering the idea of the bell curve. Talent management software in the current market aren't catering to the needs of HR tech users, which leaves a big gap to be filled by startups who can create innovative software that relieve pain points of users. This is also encouraging big vendors to re-evaluate and redesign their approaches, in order to keep up.
7. Integrating Content from Everywhere
The growing need for skill development training has resulted in a 10% growth of the training marketplace in the last year alone, and it is only getting bigger. The amount of specialized content vendors alone surpasses what it has ever been. This means that buyers looking for market-specific content and courses, authored by industry experts, have a large market to dip into - and they do. MOOC’a (Massive Open Online Courses) in the last two years have trained over 2 million users, and certified over 160,000 of those users. This year will bring an integration of these different content platforms, making a seamless user experience.
8. Growth of Predictive Analytics
People analytics has been a growing trend in the HR industry, and it is predicted to become the most important feature in HR technology in years to come. Major vendors are developing predictive analytics modules to incorporate into their existing software. Something that HR tech users should consider is that software should be able to provide recommendations, predictions, and insights, not just generate reports.
9. Technology Services Continue, Despite Escalation of Cloud Computing
There is a misconception that cloud computing will soon replace customization, consulting, and management services. The cloud is slowly making IT department upgrades and patches obsolete, but the myth that cloud computing will soon replace customization, consulting, and management services isn’t quite true - yet. Cloud-based HR technologies go through frequent system changes, meaning that organizations using the software will need assistance adapting to the new changes (and the bugs that will inevitably pop up now and then), meaning that HR consultants will continue to play a vital role in the system. What this means is that companies who take on cloud-based HR technologies need to ensure they are opting for a vendor that provides an adequate level of service and support, to assist them through the changes.
10. Pace of Innovation Accelerating, but Engagement Still Critical
The amount of talent and innovation in the HR technology marketplace has never been greater than it is right now. With emerging new startups and vendors catering to the dynamic needs of organizations, the market is transforming, and continues to reinvent itself. That being said, the focus on keeping employees engaged should not be lost. The key here is HR software that is easy to use, doesn’t require excessive amounts of training, and integrates easily into the existing environment.Read Part 1 of this blog here. Make sure you’re subscribed to our blog.