Written by Ben for IQ Dynamics
Within a span of less than a year, we’ve seen how the face of HR management has been irrevocably changed. The prospect of an economic meltdown and a worldwide pandemic means that potentially thousands of jobs in Singapore are at risk.
Throughout all this, HR professionals have scrambled to support their employees whilst still adding value to their parent organizations.
As the nature of work evolves in response to the COVID crisis, HR technology will have an increasingly important role to play in this brave new world.
In this article, the IQDynamics’ team takes a look at 5 HR tech trends that are set to play an ever important role in 2020 and 2021.
With the threat of COVID showing little sign of abating, it’s highly-likely that employers and employees would prefer to continue working remotely.
This coupled with increased economic uncertainty may even mean that entire teams will be given the option to work off-site, as a means of reducing costs. A cloud-based HR management system gives members of the HR department the flexibility to move out of the office.
In the event of a crisis, critical business functions are unaffected and allow operations to resume with minimal disruption.
HR tech software such as HRMS from IQDynamics utilizes a cloud-based system that integrates a variety of functions such as payroll, employee time and attendance recording, and performance management just to name a few. Being extremely scalable, this system is well-suited for fast-moving businesses in a variety of industries. If you’re worry about security, fear not, as IQ Dynamics have achieved ISO 27001 IT security standards in our on-premise and SaaS HR models.
Employee welfare has always been one of HR’s primary concerns and in the current climate, more important than ever.
With organizations struggling to remain afloat and the threat of COVID afoot, employees may feel pressured to “prove” their worth to employers in order to remain employed.
This situation can result in employees struggling to switch off from work after-hours or feeling obligated to remain available at all times of the day. Consequently, this will have a detrimental effect on an employee’s well-being and can lead to mental health issues.
Because of this, we can expect to see employee wellness programs playing a bigger role in the workplace. HR tech solutions such as IQDynamics’ automated claims management system improves the employee experience by streamlining the benefits and claims payout process.
With a self-service web portal, employees can submit and check on the status of their benefits from the convenience of their smart devices. This also frees up HR professionals for more value-added tasks and minimizes the need for a paper trail.
As an increasing number of employees make the shift to remote-working, managers and business leaders will need to change up the way KPIs are assessed.
While employees may not be physically present in the office, their contributions to the organization remained unchanged and in some cases are even increased with HR tech.
Because of this, data analytics will play a much larger role in the office. HR professionals and managers will require software that analyzes a wider range of employee performance metrics. All of this must be doing without the risk of bias coming into play to guarantee that employees are given a fair assessment.
From 360 feedback to custom-designed appraisal templates, IQDynamics makes use of next-generation HR software to enable employees to be accurately assessed even when working remotely.
In the current economic climate, it is highly likely that business owners will be looking to maximize efficiency and effectiveness whilst keeping costs low.
One method of doing so is by placing increased emphasis on employee training and development. Future proofing employees ensures that they will be equipped with the skills needed to remain relevant and competitive.
Learning management systems and HR information systems are both equally important in this area. To maximize employee training, managers need to identify key areas for improvement while at the same time forecasting future skill requirements.
This ensures that the organization has a pipeline of talent ready and available to leverage on any new developments. IQDynamics’ learning management system enables employers to develop custom learning plans to upskill their employees in key areas.
Additionally, skill gaps in an employee’s development can be recorded, tracked, and addressed within a single system. Thus further speeding up the process of employee continuous improvement.
The rest of 2020 and 2021 are set to be a challenging time for employers and employees alike. Global uncertainty and a shaky economy will do much to compound existing challenges. However, HR technology may be the silver bullet that may see many businesses through the dark days ahead.
With the announcement of the Resilience Budget 2020, applicable to larger organizations and enterprises, IQ Dynamics will be offering a limited time offer parallel to the Resilience Grant for business interested in exploring our HRiQ HRMS. Interested to understand more? Contact us here.