These paradigm shifts to an industry that is workforce centric, shifting to an all-new digital age, have made all the difference to how an HR industry works.
HR and HR practices encapsulate several practices that enable human resources and their related procedures to run in a digitally-driven format.
With the hiring rates accelerating exponentially in 2021, organizations have observed renewed vigor in investment in talent acquisition technology and the human resources space.
In the current talent acquisition procedures, several emerging trends and technologies make the process of talent acquisition technologies appealing to investors.
According to recent research, an investment of USD 6.60 billion was recorded in HR technology in Q2, 2021, in approximately 139 transactions.
The average size observed was USD 47.4 million., making investments of massive scale in the HR industry.
Talking about the venture funding in the HR tech, with USD 3.6 Billion, a total of 260 deals got finalized by the corporates going for the digitization in the HR industry.
Another research suggesting overall funding of USD 2.2 billion was invested in more than five hundred funding deals.
HR activities, which were usually workforce driven, are often workforce centric and were used to be neglected by the organizations with vulnerabilities regarding the investments in the HR and HR-related activities.
Dilemma or confusion happens when there is a lack of clarity in the returns on the investments.
Often, organizations are poised to get carried away with the lesser nuances known for digitizing HR practices.
The pandemic has continually shown time and again the necessity of digital HR or HR tech as we call it, the very significance of the required digitization in HR practices.
From onboarding employees to generating automated salary slips, HR tech has embedded all critical tasks, roles, and responsibilities of HRs.
There still exists a gap between the HR infrastructure and the required steps to digitize HR and HR-related tasks.
However, corporates, from minor to medium to big ones, are taking necessary steps crucial for the betterment of the HR industry with several tools, technologies, and elements.

Elements of HR Tech in the HR space

1. Digital Workforce

As organizations move towards digitization, several HR-related activities are also streamlined with digital tools.
Digital workforce, a term interchangeably used to pronounce digital workforce, transforming the workforce working from home, remotely, enabling the companies to digitize the workforce massively.

2. Digital Workplace

Organizations don’t prosper with the idea behind the efficiency, but the very rationale behind the efficiency that gets driven by the workforce.
Sharing a culture of innovation sharing and a set of data-driven practices forms an integral part of the digital workspace, enabling employees to facilitate a new network of organizations.

3. Digital HR

Managing HR activities remotely through digital format refers to Digital HR.
Observing the rising HR and HR-related activities, organizations tend to deploy their workforce digitally, enabling digital tools and technologies.
However, all goes fine apart from the initial cease in implementing HR tech tools.
The digital environment for corporates gets created with the proper implementation of HR-tech vicinity.
Furthermore, to combat the issues, especially in the initial stages of implementation of digital tools in the corporates, software professionals create software to ensure a hassle-free and seamless software that digitizes HR activities.
Fox ERP is one such software that facilitates several operations and processes of the HR and HR-related activities that contributes to the HR activities in one way or the other.
Fox ERP comes up with features that serve many industries such as manufacturing, agriculture, education, retail, healthcare, distribution, services, and others.
It consists of standard modules such as Accounting, CRM, Selling & Invoicing, Buying, HR& Payroll that help organizations leverage the power of data and technology and adds up to comprehensive digitally-driven HR processes.
Fox ERP’s HR module assists HR managers in dealing with HR activities effectively.
It attracts and retains talent through Talent Acquisition Management digitally.
HR activities such as managing employees’ critical information, documents, and other related data get streamlined with Fox ERP in a digital format, enabling organizations to leverage the digital tools.
It also stores, tracks, and manages employee attendance, leaves, loans, advances, and expenses within a few clicks.
Furthermore, Fox ERP enables HR’s salary structures and payroll processing and digitally generates password-protected salary slips.

Conclusion

HR activities are crucial for any organization. HR forms an integral part of a company as it manages the workforce.
Due to the pandemic, the HR management procedures and activities have witnessed a turnaround that shifted the entire focus of HR activities to an all-new format.
Fox ERP enables HRs to streamline and digitize their business processes in alignment with digital requirements.