Quick look: Artificial intelligence. Distributed workforces. The future of work. As these human resources technology trends quickly replace past tools and strategies, businesses turn to their brokers to educate, modernize, and safeguard them. Here’s what brokers need to know to keep their clients efficient, compliant, and competitive.
It’s common for businesses to stick with tried-and-true methods of operating. Even when the results are mediocre, the risk of starting something new holds many back. However, as the workforce changes and technology advances faster than ever, companies must adapt to remain appealing to customers and top talent. This challenge is often too large and intricate for businesses to conquer themselves, and many rely on their brokers to guide them.
The evolving workforce demographic
Today’s labor force looks different than just a few years ago—it’s younger, more diverse, and tech-savvy. The World Economic Forum predicts that by 2025, one-third of the workforce will be Gen Z, digital natives who expect to benefit from technology in all their daily activities, including work. Yet, a survey of over 400 C-suite executives revealed technology was their company’s greatest internal challenge. The disconnect can feel challenging but offers an opportunity, especially for brokers.
The rise of AI
There seems to be a headline about artificial intelligence (AI) everywhere you turn. And while in the past it was primarily a futuristic daydream, AI is here and booming—it’s expected to become a $2,575.16 billion market by 2032.
AI, or the use of computers and machines to mimic the decision-making and problem-solving capabilities of the human mind, can help businesses automate repetitive tasks, boost efficiency and productivity, enhance decision-making, and quickly analyze large data sets.
According to a new report, HR leaders are already using AI in the following ways:
- Employee records management (78%)
- Payroll processing and benefits administration (77%)
- Recruitment and hiring (73%)
- Performance management (72%)
- Onboarding new employees (69%)
AI can also assist brokers by automating tedious manual processes, analyzing data, and improving communication.
Meeting HR objectives through digitization
HR is the backbone of every organization, and the latest human resources technology trends can help clients reach their unique goals. Regardless of the industry, there are three main priorities on nearly all business leader agendas:
- Recruiting and retaining top talent
- Staying on par with compliance issues
- Maintaining benefits costs
These objectives must be achieved while adhering to what today’s workforce requires. A business’ technology plan must include personalization and digitization while continuing to streamline processes and create ongoing value. Fortunately, technology gives brokers new ways to serve clients better by helping them save money, optimize efficiency, and grow their businesses.
Recruiting and retention
In addition to online recruiting channels, such as LinkedIn and Indeed, many companies rely on Instagram and TikTok to find candidates who fit their company culture and vice-versa. Additionally, it’s now standard for candidate interviews to be conducted over video rather than meeting in person. This allows companies to broaden their reach when recruiting potential talent, particularly if a remote or hybrid workplace is already part of their company structure.
AI can also assist with recruiting when coupled with a human-centric decision-making approach. As part of diversity, equity, and inclusion (DEI) efforts, AI systems can remove names from resumes to eliminate bias. Business leaders must note that some areas require bias audits and disclosures if AI tools are used in their hiring processes.
Navigating compliance issues
HR compliance is one of the biggest challenges for any company, with constantly changing federal, state, and local regulations. Certain features of the latest human resources technology trends, like automated payroll processing and customizable scheduling, help eliminate compliance risk by providing greater transparency. Technology also helps maintain compliance regulations through automation, such as calculating overtime pay, assigning pay structures for employees versus contractors, and other unique scenarios a company faces.
Maintaining benefits costs
Technology streamlines operations and lays out benefits and associated costs in one place. It replaces keeping track of spreadsheets or paper agreements to understand benefit options when comparing health insurance and 401(k) plans. Interactive technology can also identify areas of overspending instead of a time-consuming auditing process, helping to save money and offer benefits that matter in today’s market.
The importance of an HRIS
There are various avenues of implementing technology for a business’ benefit. A human resource information system (HRIS) centralizes client solutions in one place through features to modernize and improve HR processes. Some of these features can include:
- E-Verify: Companies can verify employee eligibility easily through an integrated HRIS. Electronic signatures have become commonplace for new hires distributing paperwork through email versus in person. It’s also a secure way to successfully start the onboarding process with modules for training and access to company policies and procedures.
- HR analytics and reports: Investing in HRIS is a financial commitment but one with a big payoff when the features are used effectively. One of the most significant parts of an HRIS is its analytics and reporting capabilities. These provide insight into various parts of the organization, like paid time off reports, title changes, salary increases, and employee headcounts to track retention goals.
- Mobile accessibility: A cloud-based HRIS allows mobile accessibility for employees regardless of where they work. Users can obtain and update their personal employee information, forecast their paid time off (PTO), review their benefit coverage and retirement contributions, and more.
Personalizing technology for optimal value
It’s not technology that makes the difference; it’s how well it helps people reach their goals. Any new systems and methods put into place must speak to a company’s individual needs. They must also be user-friendly, easy to access, and encourage employee engagement to be successful.
Digitization plus personalization has become the rule rather than the exception. Open discussions are as necessary and valuable as ever. Technology doesn’t end communication. It enhances it and allows brokers to fine-tune their recommendations to truly offer tailored solutions when used well.
Stay on top of human resources technology trends with a PEO
Technology changes rapidly and can be used in many ways. It can be time-consuming and overwhelming to keep up with the latest iterations. Brokers who partner with a professional employer organization (PEO) like ExtensisHR gain an advantage by supplying their clients with an expert resource to recruit and retain the best.
Furthermore, ExtensisHR’s mobile-first Work Anywhere® platform addresses the needs of the modern workforce by allowing users to securely access HR information, benefits, and payroll anytime, anywhere. This technology complements the attentive, personalized service ExtensisHR delivers, allowing brokers and their clients to feel well taken care of in today’s fast-moving environment.
At ExtensisHR, we support and guide brokers and businesses toward their desired growth goals through a service-forward mentality backed by innovative technology. Contact us to learn how our approach can help you.