In a recent piece published on the Forbes platform, Forbes
In a recent white paper entitled HR Technology 2021: The Definitive Guide, human resources authority Josh Bersin broke down the complicated world of HR tech into 12 handy categories.
By doing so, he provides potential buyers with the ability to make more informed purchase decisions. It also allows vendors to plan for growth and investors to be more successful in their projects.
The 12 basic categories, as set out in the white paper, include:
- Core HR & Payroll
- Compensation, Benefits & Rewards
- Workforce Management
- Integrated Talent Management
- Talent Acquisition
- Performance Management
- Corporate Learning
- Wellbeing Management
- Engagement & Culture
- Diversity & Inclusion, Transparency
- Analytics & Planning
- Workforce Productivity
Today we’ll take a look at the importance of the first six categories.
HR Tech Categories That Pave The Way For Optimal Employee Experience
1. Core HR & Payroll
This category includes platforms that manage HRMS, payroll, and benefits administration. It also incorporates self-service systems, case management, as well as employee communications and experience programs.
Even though this market segment may seem simple and somewhat transactional, it is actually highly complex and innovative to the core. The applications are involved because they hold countless forms of employee data and essentially manage a business structure.
2. Compensation, Benefits & Rewards
Here we are looking at systems that address compensation management, -data, and -benchmarking. It also includes conjoint analysis, cash payments/cards, social recognition, daily pay, and pay advances.
Money makes the world go round; as much as people accept a job based on the satisfaction they gain from doing it, they also have to eat. The apps and systems in this category set the scene for seamless payment, recognition, and rewards.
3. Workforce Management
These platforms include time and attendance systems, workforce scheduling, productivity, and project management. It also incorporates leave management, internal- and external gig work, as well as VMS vendor management. The recent workplace/distance work shakeup has opened up a world of possibilities in terms of team composition. These systems help to manage a more complex workforce.
4. Integrated Talent Management
Here we are looking at succession and alumni management, competency models, career management, and job redesign. To attract and retain top talent, employers need to invest in platforms that bring them into the fold and keep them there – even beyond the exit interview.
5. Talent Acquisition
These systems are geared towards applicant tracking, the management of candidate relationships, as well as onboarding and transitions. It also incorporates sourcing, candidate assessment, career portals, candidate referral, recruitment analytics, video interviewing, and job boards.
6. Performance Management
This category overarches goal management, succession management, managerial assessment and -coaching, as well as leadership development. Keeping track of productivity and employee development is critical if you want your business to succeed. These tools offer simple ways of doing so.
The first six HR tech categories that play a role in the current human resources ecosystem include core HR & payroll, as well as compensation, benefits, and rewards. The rest are workforce management, integrated talent management, talent acquisition, and performance management. Read the full white paper here.