HR Strategy Employee Recognition

Your quick guide to understanding the evolving HR tech ecosystem

HR tech ecosystem

If you’re working in human resources in 2020, the HR tech ecosystem is likely to be top of mind pretty much all the time. After all, making use of clever systems to manage tasks like onboarding, employee recognition, and engagement is a highly effective way of empowering employees through the use of technology. Plus, let’s be honest, it saves a boatload of time. 

In the meantime, the global COVID-19 pandemic and the disruptive effect it has had on the workplace has placed an even sharper spotlight on the benefits of HR tech. The massive attempt to curb the spread of the virus has seen up to 88% of organisations worldwide encouraging or requiring their employees to work from home. This, in turn, has seen the adoption of SaaS solutions like Zoom skyrocket to meet collaboration needs, but HR leaders are also indicating that a poor choice in tech can actually be a barrier to effective remote working. 

In short - with a majority of companies planning to permanently shift to remote work post-COVID, the time to embrace the HR tech ecosystem in its entirety is most definitely here. So here's a quick guide to understanding the complex HR tech ecosystem in 2020.

The contemporary HR tech ecosystem is made up of the following components:

 

Core HR and payroll 

These are the basic, 'old school' technologies most HR departments know and use on a regular basis. It includes software and applications that are used for payroll, benefits administration, basic employee communication, employee experience tracking, as well as self-service portals for booking leave, etc. 

READ MORE: 4 reasons why you need to leverage HR Tech for sustainable business growth

 

Compensation, benefits and rewards 

These apps and software solutions are used to track compensation data and benchmarking, daily pay and pay advances, as well as conjoint analysis. Benefits and rewards also come into play. In some cases, smart tech allows HR teams to manage employee recognition, engagement and rewards from a full-suit platform like bountiXP

HR tech ecosystem

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Internal workforce management

Here we're talking time and attendance, scheduling, overall project management, as well as vendor management, etc. 

 

Talent acquisition and management

Talent makes the world go around, and the right kind of acquisition and management tools make it much easier to do a good job of sourcing and retaining those all stars. This includes systems that track applications, manage candidate relationships, assess applicants, run recruitment analytics and more. Succession- and alumni management, competency models and job redesign also come into play. 

READ MORE: HR tech paves the way for a new age of workplace culture

 

Workplace performance and productivity

Ah, performance and productivity - the twin concerns that have HR professionals lying awake at night. These systems are focussed on things like goal management, feedback, productivity assessment, coaching and leadership development. On the productivity end of the spectrum, it also includes collaboration and messaging platforms, document and content management, etc. 

 

Corporate learning 

These are your LMS (learning management systems), LXP (learning experience platforms), reference content libraries, microlearning apps, video learning tools - anything and everything that is used to upskill and train your workforce. 

 

Corporate wellness

This is yet another category that has become all the more important in the face of a global pandemic. Wellness tools include systems that assess, coach, train and analyse various health and wellbeing benchmarks throughout a given enterprise

 

Company culture and employee engagement

Employee engagement and culture is a major focal point for most forward-thinking businesses at the moment, and with good reason. When everything is up in the air and your team has to adapt to a brand-new way of working on the fly, it helps if they are fully engaged and committed to the overall goals of your company.

Employee engagement and company culture require your business to be proactive, let bountiXP help you master these elements in no time at all. Click here for FREE 30 day trial to see how it works. 

The apps and systems that play a role in this regard include everything from employee experience survey platforms, engagement services, benchmarking, cultural assessment- and behaviour change tools, as well as engagement consulting platforms. 

READ MORE: 5 Ways HR tech can drive organisational alignment and employee engagement

 

Planning and analytics

Looking beyond the here and how, planning and analytics tools help HR teams to get a bird’s eye view of where their team is at, where they want to go and what the best way would be to get them there. This includes everything from talent analytics and AI, workforce planning, HR benchmarking, AI and machine learning, to organisational network analysis and design tools, as well as digital performance support

If you're looking for a way to get started with HR tech give bountiXP a try, it's FREE for 30 days. Click the button to get started 👇

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