EmTech Can Ease Talent Hiring & Retention

  • 2 mins read
  • 11th Nov,2021
  • 3.2K views

HR Analytics - CSM Technologies

For any hiring manager, attracting and retaining the best talent is a perpetual worry. That worry has amplified after a virulent pandemic struck, prompting enterprises to go digital in top gear. The rush for digital transformation has jacked up the demand for skilled digital talent. But the skill gap in our job market means there aren't enough market-ready pros. Right now, there is an insane war for picking up the right talent. The tech industry has seen a never before attrition rate, which has puzzled hiring managers across organizations. Despite offering enticing perks and stratospheric salaries, the HR guys can't bet on how long they can retain the new hires. Can they find a trusted ally in Emerging Technologies? And, figure out a solution in man-machine collaboration?

 

The HR Technology Story Is Opening Up..

Where human efforts haven't delivered full results, the recourse is in tech adoption. More companies are embracing HR technology which means deploying cutting-edge technologies to reset HR processes. HR technology enables organizations to make the most of their goldmine of data by extracting valuable insights. Today's buzz is around 'people analytics,' which leverages employee data for better workplace outcomes. Some multi-billion dollar firms like Alphabet, Apple, and Microsoft are scaling up data science and deploying technologies like Artificial Intelligence (AI) and Machine Learning (ML) in the workplace to improve their people analytics.

 

Globally, the HR technology marketplace is estimated at $400 billion, and Indian firms stand to save around $600 million annually with the adoption of HR tech. According to the data shared by ideal, a recruitment automation software, adoption of AI into the hiring process can save up to 23 hours per hire, reduce hiring costs by up to 75 per cent and lead to a 35 per cent decrease in employee turnover and 20 per cent increase in performance.

Emerging Technologies for HR Industry - CSM Technologies

Four Niche Technologies Promising to Change HR Dynamics

AI & Automation: There is a general belief that an AI platform is not bankable for hiring and retaining talent. By contrast, AI-driven platforms offer up to 23 per cent improvement in talent retention (report by US-based Leadership IQ). Also, it helps overcome any unconscious human bias in recruiting and gives access to a large pool of candidates.

Blockchain: Applications of blockchain in HR functions are still nascent. Yet, one application where this niche technology can be used is authenticating the credentials of candidates. A blockchain ledger can record the academic credentials, professional certifications, and other qualifications of a job seeker.

Augmented Reality & Virtual Reality (AR/VR): It can make the onboarding process for new hires interactive with the help of immersive studios, 3D graphics and games. Besides this, AR/VR-based applications can scale employee training and development to a new level where traditional upskilling has failed to impact.

Predictive Analytics: By applying predictive analytics to hiring and recruiting functions, we can anticipate and optimize activities such as talent acquisition, talent pipeline planning, and job-response optimization. In the hiring and recruiting process, predictive analytics can provide valuable insights into the current workforce, locating top talent that fits the organization's needs.

 

Emerging Technologies can complement human interventions across the HR lifecycle and, wherever needed, reduce the human touchpoint. With the marriage of data and analytics, senior HR leaders can better acquire and retain the right talent and achieve the ideal mix of diversity, equity, and inclusion at their workplaces.

Image
AUTHOR:
Jayajit Dash

Research Analyst - Public Policy

More Blog Posts from Jayajit Dash

Land & Industry - 2 MINS READ

Making Multi-Modal Logistics Ready for Industry 4.0

Digital Transformation - 3 MINS READ

How Hyperautomation Can Connect People Anywhere With Anything

Digital Transformation - 3 MINS READ

Data Lakes for Driving Seamless Digital Transformation

Agriculture - 3 MINS READ

Emerging Technologies Can Future-Proof The Farm-To-Fork Chain

Education - 3 MINS READ

How EdTech is More Than a Disruptor On the Learning Curve

Agriculture - 4 MINS READ

Agritech for Agriculture 4.0- Growing More with Less

Mines & Minerals - 3 MINS READ

Digital Logistics for Pivoting To Mining 4.0

Enterprise Resource Planning - 2 MINS READ

How Automated HR Solutions Can Gear Up PSUs For Industry 4.0

Mines & Minerals - 2 MINS READ

Advanced Analytics To Align Operations With Mining 4.0

Land & Industry - 2 MINS READ

Creating Delight in Land Management with Digital Systems

Most Viewed Blog Posts

Emerging Technologies - 3 MINS READ

Artificial Intelligence: The Future Is Here

Emerging Technologies - 2 MINS READ

e-Governance: Adopting Agile Methodology

Block Chain - 1 MIN READ

Blockchain : The Trust Protocol for Data Integrity through Distributed Power

Digital service - 3 MINS READ

PWA - The Time Ahead For The Web

Smart City - 3 MINS READ

My City My Pride

Agriculture - 3 MINS READ

Tracing India’s True Farmers Through Land for Identifying True Beneficiaries

Data Analytics - 3 MINS READ

Making the Right Use of Data Power in the Challenging Times of Pandemic

Digital service - 2 MINS READ

Freshworks' Success Should Spur Indian Start-Ups To Ring Bells, Globally

Life @ CSM - 4 MINS READ

Managing Stress At Work Is No Rocket Science

GovTech Solution - 4 MINS READ

Agile in e-Governance


Emerging Technologies- Making Great Things Possible

Subscribe to our newsletter


If you choose to provide us with your e-mail address and/or other (indirect) personally identifiable information, we will only use such information to send you our newsletter