Modern technology is helping many business processes become more efficient, and human resources (HR) functions are no different. Hiring, onboarding, retention, and recruitment processes are all being revolutionized by a series of software and hardware called HR tech. This technology has been proven to improve employee experiences and streamline HR tasks, according to HR professionals. In fact, their tasks have become faster by 40% since companies have implemented HR tech.
Employee referral platforms are a prime example of HR tech’s innovation. These platforms encourage employees to recommend candidates for employment. Referrals tend to result in a higher degree of loyalty among employees, as 45% of referred hires stay with the company for more than 4 years. This can help reduce costs by about $7,500 per hire. Referral platforms such as Erin help boost referred hires by 5x and decide attrition rates by 50%.
The benefits of HR technology are widely acknowledged by most stakeholders. 78% of workers and 75% of HR professionals agree that this technology enables much more efficient HR processes. In fact, one-third of HR professionals have adopted some form of HR technology. It is clear to see why 82% of businesses claim using an HR Tech PR Agency is a critical component of their success.
Source: Talent Tech PR