TeamLease HRTech announces expected HRtech trends for the Year 2023 and beyond

Bengaluru, 14th December 2022, After an eventful year, as 2022 comes to an end, every industry has evolved, and HRTech is no different. Several innovations and new solutions have been implemented in HR functions across industries, with multiple trends being witnessed. On that note, TeamLease HRTech, India’s leading provider of comprehensive HCM solutions, has announced some of the trends we can expect in the segment in 2023. Here they are:

Wearables devices

Wearable devices have gained much traction of late. Wearables, like smartwatches, can have multiple use cases in HRTech. Employees can punch their attendance with just a tap on their watch, and the geolocation tracking can verify its validity, avoiding touching traditional biometric devices that are prone to contamination.

The smartwatches also contain valuable health-related information such as average heart rate, blood pressure, SPO2, sleep quality, and physical movement. If used correctly, such data points can quantify employee well-being. AI can further assist in using the same data points for understanding employee engagement at the workplace.

According to TeamLease HRTech, we might soon witness companies leveraging smartwatches to deliver best-in-class employee experiences while also improving health and wellness awareness among the workers.

Metaverse

The Metaverse is perhaps one of the most discussed terms and a buzzword today. Managing the workforce efficiently can become challenging, especially with today’s remote working scenario. At such a juncture, the Metaverse is the perfect solution for HR managers since it has the potential to expand what hybrid work is known as today. Employees can leverage AR & VR to collaborate efficiently and engage more authentically from remote settings. Simply put, as per TeamLease HRTech’s projections, the metaverse could bridge the gap between physical and virtual offices.

People Analytics

Our ability to generate and capture data has increased exponentially in the past few years. Today’s businesses make data-driven decisions that are far more accurate than the intuition-driven trial & error method. HRTech has made it possible to do the same with human capital management as well.

SaaS platforms like zero-touch applicant tracking and one-touch payroll, along with advanced analytics, will play a pivotal role in analysing HR productivity. With remote and hybrid working models likely to prevail for the foreseeable future, People Analytics will play a prominent role in performance measurement, workforce planning and management, analysing employee engagement, promoting employee development, making promotion and salary decisions, and every other aspect that can be improved with data while maintaining optimum work-life balance.

Compliance Automation

As cutting-edge technologies and automation take center stage, regulatory compliance won’t be unaffected. With the help of tech, more and more compliance activities will be automated, making processes more cost, time, and resource-efficient. Besides, TeamLease HRTech expects this to become an intrinsic part of HR Technology in the coming months and years, giving a seamless, unified experience to businesses.

Sumit Sabharwal, CEO of TeamLease HRTech, said, “HR technology has leapfrogged in a short period, to the extent that would have been almost unimaginable a decade ago. At TeamLease HRTech, we are committed to a tech-first approach and leverage the latest technologies to ensure employers and employees benefit from our services, making it a win-win situation. Our trend predictions based on previous in-depth analysis show that the aforementioned will become immensely popular among the HR fraternity. It’s time for the world to experience the best of HRTech, and now that it is here, there’s no stopping such advancements. We look forward to witnessing these trends and the numerous innovations that will be born.”