Momentum for the HR Technology Conference continued into the second day as practitioners, analysts, and executives returned to The Venetian Resort for numerous engaging and interactive sessions. There really was something for everyone as I attended a variety of best practices and emerging technology sessions where speakers reflected on their HR technology journeys and predicted the future industry landscape.
Here’s some of what I heard today.
The Future of Work is Bright
My day was bookended with talks by analysts, first with Josh Bersin and later with Gartner’s Ron Hanscome. Both men discussed the growing technology landscape within the HR software space, respectively focusing on HR solutions and the emerging technologies that support them.
Bersin, known for his Deloitte research on HR technologies and trends, illustrated the growing competitive landscape for HR solutions, from talent management to employee engagement to wellness solutions. Some of the areas he covered include:
- Talent management, which is undergoing transformation with the way individual workers manage their careers. More workers than ever are opting for “gig economy” projects, or short-term engagements, yet 88% of organizations have no idea how to manage freelancers.
- Recruiting, which has become more reliant on artificial intelligence (AI) and addresses diversity and inclusion initiatives. With so many solutions on the market, Bersin advises HR decision makers to consider AI maturity during their evaluation process.
- Learning platforms, which matter more than ever as organizations want to identify and know more about the skills needed for the future. Bersin notes that while professionals have long assumed STEM skills to be in great demand, there are actually more jobs that require strong behavioral and communication capabilities.
- Wellness solutions, which constitute a US$46 billion market growing at a 5% annual clip and include perks such as healthcare, pet insurance, and fitness. Over 32% of payroll is now devoted to wellness solutions, and employers often use such perks to attract new employees.
Hanscome ended the day by discussing some key HR technology trends that he has uncovered through the Gartner Hype Cycle. This research encompasses emerging technology that will mature within HR software in the next few years. Relevant areas include:
- AI in HCM, which focuses on the applications of artificial intelligence across all HR functions. While AI is an ongoing discussion among all vendors, Hanscome found that most use cases were still in very early adoption or lacked the necessary data to draw firm conclusions.
- Employee experience technology, which focuses on adopting digital transformation initiatives to create consumer like workplace experiences. Hanscome found that while there are many such projects in the works, they can require sizable cross-functional teams for success and the purchase of multiple connected platforms.
- Internal talent marketplaces, which capitalize on the gig economy. Despite consistent media attention, Hanscome again found the technology to be early in the maturity cycle and encouraged buyers to evaluate those technologies that can scale and support their initiatives.
Together, these two sessions underscore the fact that HR technology is in the early stages of a major growth cycle and that there is great potential to drive change in the way humans perform work.
Meanwhile, Success Stories Abound
Whatever excitement the future holds doesn’t diminish the impact that digital transformation has already had within countless HR organizations. Several Oracle customers spoke about their journeys in today’s sessions, along with some impressive results:
- Accenture shared their HR technology journey, where they combined the efforts of human recruiters and technology to assist with more than 10,000 new hires per year. By integrating chatbots, automated scheduling, and other emerging technologies into their recruitment efforts, the consulting firm was able to reduce time to hire by 25%, increase recruiter satisfaction by 30%, and vet more qualified candidates, resulting in a 94% hiring manager satisfaction rate.
- Emerson Electric recounted their Oracle HCM Cloud experience, which involved unifying disparate HR systems to help the global manufacturing giant manage over 83,000 employees. As a result of their “OneEmerson” implementation, leaders can now manage contingent workers, invest in workers with a learning system, and better recruit new workers. They also owe their success to consistent touch points where stakeholders review technology adoption and best practices.
And Finally, Best Practices That Work
As technology and HR are merging, individual recruiting and employee management activities are also evolving. Nowhere was this more evident than in the best practices sessions which discussed calendaring, robot management, and transforming HR into a strategic function. I came away from each of these sessions firmly believing that while emerging technology is the topic of the day, humans will always remain at the center.
Stop by Our Booth at the HR Technology Conference
There’s still time to join us at HR Tech this week! Find us at booth #2305, where you can speak to our experts about your HR needs and experience the Oracle HCM Cloud platform on your mobile device in the Mobile Challenge. Additionally, we invite you to stay tuned for more daily recaps and session summaries.