HR Technology Global Report 2019

HR is evolving, and it’s happening alongside the evolution of the workforce. In short, 2018 is the year of talent and the technology needed to find, develop, engage and retain it. Workers are increasingly more attracted to independent work, the gig economy, employee engagement and employee experience. The impact of those changes has created a real struggle for people in human resources. In response, HR professionals are changing the way they hire employees, train them and manage them and all of this is related to the disruption of HR technology.

WHY A REPORT ON HR TECHNOLOGY?
The global market for HR technology is massive. In an article, the Times of India reported the industry is valued at $400 billion. In the past two years alone, $2 billion has been poured into the market in the form of venture capital and private equity investment. Those numbers are expected to rise in 2019. Despite that, HR analytics guru Josh Bersin says 45% of companies are still focused on underlying infrastructure instead of more innovative HR technologies. Simply, this puts companies and their respective workforces at a disadvantage, not just with competition, but with the business world in its entirety.

OTHER KEY TAKEAWAYS
In addition to the statistics, there are other signs of proof emanating from the HR space. People analytics is surging. Data is providing HR professionals with a deeper understanding of an
employee’s needs and concerns, strengths and weaknesses. And there’s mounting concern about the protection of that data from those who would use it for nefarious means. Self-service tools are evolving. Data is driving this revolution toward the self-serviced employee. These platforms simplify training, reporting, time tracking, and almost every other HR function. Talent sourcing is changing. HR professionals are using more technology to recruit candidates to fill their needs. The gig economy is growing and there’s more emphasis being put on developing talent and teams to meet the outlined business goals.