As the economies of Australia and New Zealand rebound from the COVID-19 health and financial crises, organisations in the region are evaluating their approach to attracting, retaining and developing talent as a key asset for business recovery. At the heart of this strategic shift is the adoption of innovative HR software solutions that respond to the changing needs of the workforce in the wake of the pandemic. The lessons of the past year have prompted HR and business leaders to examine not only their crisis response strategies but also their recovery plans in 2021. An important aspect of this is their investment in HR technology (89%), a key decision that drives impact across different stages of the recovery cycle, research for HRD’s 5-Star Awards for HR Software has found.
Winning the talent war
The job market is one economic sector that’s exhibiting signs of recovery. As communities emerge from lockdowns, job vacancies in the region have also increased. In June 2021, data from the Australia and New Zealand (ANZ) Banking Group showed a 129% year-over-year rise in job openings.
The finding supports what workforce analysts today call the “great employment shuffle”, or the new war for talent post-COVID. This year, employers are likely to see an exodus of talent in pursuit of a better work environment and better employee benefits, such as flexible working, health insurance and paid leave, according to HRD’s research.
Organisations that invest in HR tech are staying ahead of a possible brain drain in the region by keeping an eye on talent trends and preparing for these shifts even before they occur within their own teams. The latest HR software solutions capture the entire employee life cycle, giving HR and business leaders visibility into their talent pool in this next phase of growth. In fact, nine in 10 HR leaders (89%) surveyed by Reward Gateway, one of HRD’s 5-Star HR Software award winners, believe technology will be critical to employee retention after the crisis.
Driving business impact with AI
Machine learning, a subset of artificial intelligence, emerged as one of the top technology investments driving the most impact in HR in the wake of COVID-19. Employers in the past year have turned to tools, such as predictive analytics, that are built into a number of human capital management software systems today.
With an integrated AI analytics platform, modern software solutions enable organisations to intervene before concerns become actual risks. AI-powered HR software gives employers data on their talent pool – data that is essential to managing a hybrid, remote or mobile workforce. In the new era of work, each workforce segment faces unique challenges, such as the need to stay connected with managers and colleagues and to stay focused on tasks even as they work offsite, HR leaders tell HRD. Workforce analytics software, for example, provides an overview of talent movements and employee sentiments within an organisation.
Leading the hybrid, mobile workforce
There has never been a more challenging time in talent acquisition, retention and development than now, says David Parker, Springboard’s Head of Technology. The Springboard specialist also won a 5-Star HR Software award.
The challenges of hybrid working, however, prove how HR software, particularly cloud-based solutions, have created value for organisations by empowering employees to contribute to their teams and access their tools securely regardless of their physical location.
Keeping teams connected to the mission
Modern HR software solutions support cross-functional communication within their environment, especially when managers are tracking, reviewing and approving documents, or facilitating performance reviews, promotions and succession planning. This tech-driven approach to strategic HR functions helps improve the overall EX, a survey for HRD’s 5-Star HR Software awards shows.
Innovative HR solutions enable organisations to update staff through automated emails and in real time via push notifications on their desktops or mobile devices. They can hold pulse surveys on a daily, weekly and monthly basis; communicate the company’s employee value proposition across channels; and drive engagement with staff members even when they cannot interact with them face-to-face.
These solutions level the playing field for all segments of the workforce.
All-in-one platforms versus point solutions
Software accessibility and integration are two trends that go hand in hand in the work-from-anywhere revolution, HRD’s findings show.
Ease of integration and cost-effectiveness were two of the most popular features HR leaders wanted in their choice of software, according to HRD’s research. This suggests a growing interest in all-in-one HR tech solutions that offer value for money in the long run.
HRD’s 5-Star Awards for HR Software recognise the most innovative HR technology companies that are responding to the changing needs of employers and employees in the new era of talent management. In the aftermath of the COVID-19 pandemic, this year’s winners prove how investing in the right technology can directly impact an organisation’s ability to recover from crises.
Disruption in the past year has opened a new business and talent development opportunity for employers in the region. No longer is enterprise technology, such as HR software, restricted to use within the workplace, as seen in the case of outdated on-premise legacy software, but it is instead made available on cloud and hybrid platforms that serve the needs of a mobile workforce. The emergence of a technology stack that is accessible any time, anywhere enables talent on multiple fronts to perform their tasks without being constrained within a geographic location. Meanwhile, employers are also turning to modern HR software to look after the wellbeing of their staff and better prepare for future crises.
The 5-Star winners of 2021 are on the forefront of innovation, developing digital solutions built for this new era of business, simplifying and streamlining tools and placing them in the hands of a hybrid workforce.
Springboard was thrilled to be a recipient of this award in 2021.