The story of HR tech has been one of evolution. We take a look at how the domain of HR tech has evolved along with the funding and acquisitions in the HR tech space that the year 2018 saw
The growing relevance of the HR function in recent years can be pinned down to the adoption of new age technologies within its processes. Always a critical arm of organizations, the HR function has been at the helm of making talent decisions. But traditionally, what all this translated into was to undertake transactional, ‘by the book’ activities which were thought to create necessary changes within the workforce, all aimed solely at meeting the business demands. Business leaders were often found to be treating their HR initiatives at best as activities with low and unpredictable ROI, or at worse as meaningless attempts to make the workforce more motivated and efficient. But the changing nature of modern day businesses meant that this trend doesn’t remain unaffected.
Many have started calling this recent period of technological shifts within the business ecosystem as the fourth industrial revolution and the effects are for everyone to see. Today, technologies like AI, automation, robotics, and digitalization have redefined the existing parameters of operation and, in addition to lowering costs, have made processes more data driven and efficient. This shift has not only improved how a company delivers its products but also how it operates from within, an aspect to which the modern-day HR function is no exception.
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