Human resources (HR) technology is transforming the way companies hire in the modern era. One in three HR professionals are embracing HR tech to support their companies with many others not far behind. HR tech as we know it is software and hardware used to simplify processes for hiring, onboarding, training, and retaining employees. But how is it transforming people’s lives for the better?
78% of employees believe advanced HR tech adoption makes their entire experience better while 82% of organizations consider HR tech to be a crucial part of business success. 75% of HR professionals believe that HR tech significantly improves recruitment. The benefits of HR tech include 40% faster HR tasks, 23% quicker recruitment processes, and 17% decrease in turnover rates. In fact, more than 80% of HR professionals report a positive return on investment and at least 43% report improvements in employee satisfaction when using HR tech to aid processes.
Besides delivering positive outcomes, HR tech is also constantly improving at a rapid pace. One example of this is employee referral software, which involves asking existing employees to refer new talent in exchange for gifts or other benefits. 45% of employee referrals stay at the company for more than 4 years, which helps the company save $7,500 per hire. ERINapp.com provides an employee referral software program that can help boost employee referral hires by fivefold and decrease employee turnover by 50%.
Another example is performance management software, which tracks employee goals, performance, and objectives. High-performing HR teams are almost three times more likely to use performance management software for their companies. HireRoad: People Analytics has a performance management software program that increases recruiting efficiency by 80%, boosts business productivity by 25%, and decreases attrition rates by 50%.
Applicant tracking systems might be the most well-known HR tech that is used today. It monitors all candidates from recruitment to hiring. About 98% of Fortune 500 companies rely on an ATS to hire top talent. The application tracking system at Fountain.com can help reduce time to hire as much as 93%, allowing companies to spend more time training employees and producing positive business outcomes.
There are also workflow automation systems, which create automated workflows (AI or otherwise). 55% of companies are interested in investing more in automated recruiting measures to improve productivity, reduce errors, increase efficiency, and boost cost savings. Qualifi is a workflow automation system that automates repetitive tasks for recruiters, helping them hire seven times faster, gain 98% average candidate satisfaction, and 10% more offer acceptances.
Candidate relationship management software helps nurture positive relationships with hires, and its adoption reached 60% in 2023. Abode offers a candidate relationship management software program that engages Gen Z interns and new hires through the use of automated workflows. This actually saves 250 hours per year for program managers.
Finally, there are talent marketplace platforms that match people with opportunities through the use of software, with top talent marketplaces having a 20.7% conversion rate on average. Hackajob is a talent marketplace platform that encourages companies to reach out to top tech talent and not the other way around. This has resulted in a 40% reduction in time to hire, 90% average candidate satisfaction, and 85% reply rate within two days.
Nowadays, HR tech is becoming more widely known through unconventional marketing methods such as public relations (PR). Some HR tech companies are leveraging media connections in the HR tech market to secure coverage and opportunities to be featured in top media publications. Others are facilitating interactions with industry analysts to establish themselves as thought leaders while gaining the power to keep their brand top of mind with industry leaders.
Content creation through infographics, articles, video content, and more is another way HR tech companies can engage with their target audience and build their brand’s online presence. Building credibility by developing and distributing thought-provoking content through op-eds or podcast appearances can further help these companies build on their thought leadership. Those in the HR tech space can also organize unique, strategic events or book a booth at a trade show to enhance their brand visibility and cultivate direct engagement with potential customers and partners. Partnering with influencers is another great way for HR tech companies to increase their brand awareness by reaching untapped market segments and expanding their network. This not only helps the companies build trust with their audience but also helps influencers build authentic connections that can drive growth and success.
With the impact HR tech has on today’s business landscape, PR tactics can help individual HR tech brands stand out in the competitive HR tech market.
