One in three HR professionals now considers HR technology to be a critical tool in their work. This technology is able to improve the efficiency of all aspects of their work, including the hiring, onboarding, training, and retention procedures. HR tech is able to expedite recruitment by 23%, cut down on employee turnover by 17%, and speed up HR processes by 40%. This has led to a 43% increase in employee satisfaction among HR professionals and an 83% positive return on investment. With all of these benefits, it is clear why three-fourths of HR professionals believe this tech is beneficial for companies to implement.
There are many products within the HR IT ecosystem that are intended to improve the working environment for employees. There are applicant monitoring systems that monitor the hiring process from beginning to end and performance management software keeps track of goals and accomplishments made by employees. Innovative systems such as HireRoad have demonstrated a 50% reduction in attrition rates, a 25% boost in business productivity, and an 80% improvement in recruiting efficiency. There is an innovative software called employee referral software that has also shown promise in reducing turnover by 50% and increasing referral hires 5x.
Source: Talent Tech PR