Technology has been the universal catalyst for change across all facets of life. The internet, most recently, has meant that just about everything has a virtual counterpart and has even enabled some things to become online-only. Among these changes, the hiring world saw many new innovations and an overhaul of the way hiring is done. In 2024, 1 in 3 HR professionals are already adopting HR tech to support their business, with many more expressing interest in adoption. HR technology is defined as the software and hardware used to simplify processes for hiring, onboarding, training, retaining, and other interactions with employees. So what does HR tech provide to companies to help it grow?
From a mere perception standpoint, 78% of employees believe advanced HR technology benefits their overall experience. From the business standpoint, 82% of businesses consider HR tech to be a crucial component of their success and three-quarters of HR professionals believe it improves recruitment processes. Statistically, this also means 40% faster HR tasks, 23% faster recruitment, and a 17% reduction in turnover rates. From a financial standpoint, 83% of HR professionals see a positive return on investment from HR technology and a 43% improvement in employee satisfaction. With this wide slew of benefits, what pieces of HR technology are behind these improvements?
One of the most commonly known pieces of HR technology is Application Tracking Systems (ATS), which monitors all candidates from the moment they’re recruited to when they are finally hired. ATS’s like Fountain have shown to reduce the time to hire by a whopping 93%, and a staggering 97.4% of Fortune 500 companies rely on ATS to monitor their hiring processes. Another way to drive up recruitment levels is with Employee Referral Software (ERS). ERS asks your current employees to refer new talent that they personally know. Then, successful referrals mean the referrer gets gifts or benefits in exchange. With ERS, 45% of employee referrals stay for over 4 years and save an average of $7,500 per hire, equating to a 50% decrease in employee turnover.
If your business is looking for more outsourced talent, it can take advantage of Talent Marketplace Platforms (TMP). TMP’s function as almost a reverse bid, where people are matched to opportunities after companies seek them out. This is mutually beneficial, leading to a 40% reduction in time to hire and a 90% average candidate satisfaction rate.
For already established employees, there is software to monitor their performance as well. Performance Management Software (PMS) tracks employee goals, performance, and overall objectives. Using PMS, teams see an 80% increase in recruiting efficiency, 25% rise in business efficiency, and a 50% decrease in attrition rates. For these reasons, high-performing HR teams are 2.6 more likely to use PMS than not. Similarly, Candidate Relationship Management Software (CRMS) helps to nurture a positive relationship with new hires via automated workflows.
Conversely, Workflow Automation Systems (WAS) creates automated workflows, either through AI or human creation, in order to reduce the number of repetitive tasks for your workforce. Using WAS, there is a 7x faster hiring rate, a 98% average candidate satisfaction rate, and a 10% higher offer acceptance rate. These staggeringly high statistics have led 55% of all companies using WAS to desire more investment into the technology.
Now that we know how and by how much HR tech benefits your business, how does TalentTechPR take advantage of it to benefit your business? One of the main ways is by putting your business in front of a wider audience. They leverage media connections in the HR tech market alongside social media content creation to segment the market and actively engage them with though-provoking content. This could be anything from infographics to being on a morning show. If your business seeks a more modern take, you can partner with an online influencer. This can help your business reach previously untapped markets, and presents your products from a trusted face and name.
Next, they help to build your business’s presence amongst industry professionals. This can be by hosting a unique event in your industry or simply by meeting with them and providing your own platform to present products and ideas. They can also build your credibility via podcast appearances and op-eds, which puts your brand in the center of thought provoking content.
Ultimately, regardless of what industry your business is in, finding new ways to grow is the key to pushing it to the next level. In order to make both hiring and marketing as easy and effective as possible, partnering with an HR tech PR agency like TalentTechPR is the way to go.
Source: Talent Tech PR
