4 ways how HRTech supports talent management during COVID-19
COVID-19 has done more than its fair share of disruption the past months. The pandemic has impacted various industries, businesses, and individuals all around the world. While health and safety remain to be the top priorities, the workforce and labor situation is also climbing the ranks of focus points. Statista says that 20 percent of adults are now able to work from home due to the pandemic.
As COVID-19 shows no sign of slowing down, companies are striving to catch up to the many challenges the pandemic has brought upon their business. These issues include financial sustainability, resource management, and even talent management. While the future of businesses still remains uncertain, there are available tools that entrepreneurs and HR managers can use today that can help manage this current COVID-19 scenario. One of them is HRTech.
So how can HRTech help HR professionals during COVID-19?
HRTech helps improve workforce efficiency, productivity, and morale during these difficult times through the following ways:
- Improvement in employee engagement
Gallup has estimated that employees who were actively disengaged had cost the U.S. $450 billion up to $550 billion in terms of lost productivity. With most of the workforce moving to a remote setting, it’s understandable why a lot of HR managers are at a loss on how to improve employee engagement. With HRTech, communication is made easier. That way, it’s also faster for managers to virtually recognize jobs well done, which can already go a long way. The morale of employees who are recognized and feel appreciated will rise. There are even software features that allow you to see real-time data of employee engagement within the company.
- Facilitation of performance review process
HRTech helps facilitate collaboration and makes receiving and giving feedback faster and with fewer boundaries. Evaluations and reviews are important and HRTech can help make this process easier and more streamlined. For example, employees are prompted to complete required forms via the system, and this information is then forwarded to the respective managers. Some software features regularly schedule meetings or one-on-ones between manager and employee to facilitate continuous performance review.
- Faster processing of documents and files
With top management obliged to be connected to the Internet more than ever before, the approval of the processing of payroll and applications for leaves becomes faster. Given that the economy is on a downward curve, something as simple as on-time payment of salaries can already go a long way in boosting employee morale and motivation.
- Efficient and effective remote recruitment and hiring
Because of the ‘work from home’ situation, people can now also apply to new jobs from the comfort of their own homes. HRTech makes this possible. From sourcing candidates online, tracking their progress, to scheduling them for interviews, having a trustworthy HRTech software will help you stay on top of things. Even onboarding doesn’t have to decrease in quality—there are a lot of tools and features available to make this a pleasant experience for both the HR manager and new recruits.
Interestingly, EBN points out that new apps and software have also popped up specifically as a response to the pandemic. For example, there are now new HRTech software that allow companies to send virtual essentials like telemedical support to their employees within a couple of business days. Other software have also launched features to track and label paid leaves that are related to COVID-19.
What are the advantages of investing in HRTech?
Even before COVID-19 struck, HRTech was already being recognized by global companies.
However, the pandemic has amplified the necessity for HRTech, because businesses are now realizing its contribution in improving productivity and decreasing costs.
Automated repetitive functions give you more room and time to focus on strategy and qualitative assessments. These include record keeping, attendance, managing leaves, and even conducting performance reviews. All in all, administrative tasks take up more than 70 percent of an HR manager’s time. So using HRTech will definitely save a lot of time in the long run while contributing to efficiency.
HRTech usage can cut your paper-related costs. In fact, one medical company had generated $4,000 in savings after replacing their paper processes with an automated HRTech workflow. This is just one of the many solid ways that HRTech can help in cutting down costs while at the same time increasing the company’s output.
Human resources have always been part of the most vital parts of a business. However, HR managers are often swamped with a lot of sub-tasks and administrative processes that are also crucial. But as a result, they are left with little space to focus on the “human” part of HR. HRTech will definitely give your company leverage when it comes to talent management during this pandemic—and beyond.