The three primary technologies that are already contributing and look promising for the future of the HR industry are – artificial intelligence (AI), blockchain, and cloud services.
FREMONT, CA: As of lately, businesses are increasingly investing in their HR processes. The move is evident as the company depends on it and with the emergence of advanced technologies; it is getting easier to assess the HR verticals better. The three primary technologies that are already contributing and look promising for the future of the HR industry are artificial intelligence (AI), blockchain, and cloud services.
How AI Complements HR
Picture an automated coaching partner discussing life and routine with a contract worker. Besides keeping track of the personal details and schedules, the automated partner also explains the various possibilities concerning work and meetings. It may also help with the nature of preparation required to meet future challenges. There are already such coach bots transforming human lives in more than one ways. For instance, a traditional coach will charge somewhere around $100 per hour. Alternatively, an AI-powered coaching app will potentially provide some coaching benefits to millions of workers. The idea is to make the system more humane while adding value to the lives of people.
How Blockchain Complements HR
Though a blockchain seems less appealing than AI, it has the potential to realize a greater transformation. On that note here’s an example of a digital contract between two parties. Conventionally, to buy a house or an office building, a party has to transfer the money to a notary who retains the deposit till the property gets transferred.
Instead, the money can be put on the blockchain. The current owner supplies the interested party with the digital key. The moment the interested party gets the key, the previous owner receives the funds. In case one or the other is missing, the transaction won’t get processed.
Such a system also benefits payroll, hiring, and qualification checks. For instance, a digital contract between two parties would mean that as soon as the job is done to the satisfaction of both parties, it triggers the transfer of money to the service provider. Further, the ‘hack-proof’ nature of blockchain eliminates middlemen like lawyer, recruiter, or agency.
How Cloud Complements HR
As we know, one of the prime use cases of cloud involves storing data outside the internal premises of an organization. The most significant impact that cloud in HR is the proliferation of standardization, especially as there is less tolerance for customization in the sector.
Recently, numerous HR systems and apps have moved on to cloud applications owing to a broad set of opportunities that come along.