How can technology revolutionize the HR industry?

Talent management has become a significant challenge for many organizations, and therefore there is a dire need to create solutions that focus on improving how human capital is recruited, developed, and retained

- Gautam Sinha

The Covid-19 pandemic underscored how technology is now the mainstay of every organisation's operations. It has influenced everything from the way we shop to the way we manage our money. Digitisation has profoundly changed almost every aspect of operations, altering work cultures for all time to come. The new normal requires businesses to find ways to not only set themselves apart, but also thrive. As it happens, technology has fundamentally transformed the recruitment industry, and this is most evident in large enterprises.

The talent management/recruitment technology market has experienced an explosion over the past few years. A variety of factors, including COVID and the gig economy, are influencing how companies manage talent. Investors backed promising HR technology companies with more than $12 billion in venture capital in 2021, according to Boston Consulting Group.

✓ The Recruitment Industry

As one of the most paper-intensive and tech-resistant industries, human resources has certainly undergone a transformation unlike any other. In the days before the internet, resumes had to be emailed or sent to employers via snail mail. One had to look through job postings in the newspapers, find the addresses of such companies, and then start the application process. Globally, the HR process changed as technology, internet, and artificial intelligence took over.

Curiously though, even as employee engagement, payroll management, and other functions moved into the digital realm, recruiting (for enterprises/employers as well as talent sourcing firms) remained largely traditional.

▾ Is technology helping recruiters?