Reduce HR Costs with Hyper Automation
During the pandemic, millions of people lost their jobs, with around 40 million US jobs lost at COVID-19’s peak, rising to 9.6 million workers in total.
In response, companies turned to automation. Partly out of a need to cut costs and partially because many companies couldn't find/hire workers during the pandemic, resulting in a massive skills shortage.
For example, some businesses turned to robots to perform tasks such as manufacturing and cleaning. In fact, the Association for Advanced Automated noted a 20% in robot orders in 2021.
With so many companies forced to embrace automation, we predict enterprises will continue placing greater reliance on hyper-automation technologies. Aside from using robots, this includes adopting AI (artificial intelligence), virtual assistants, and low code application platforms (LCAP). In fact, Gartner predicts the worldwide hyper-automation technology market will be worth almost $597 billion in 2022, up from $481.6 in 2020, reducing operational costs by 30%.
The use of automated tools such as AI (artificial intelligence), RPA (robotic process automation), and LCAP (low-code automation platforms) will allow organizations to automate a plethora of jobs, including HR-related tasks. For instance, sifting through resumes, background checks, organizing pay benefits and rewards, and timekeeping. For example, ThinkWhy's software, LaborIQ, helps recruiters write compelling job descriptions.
Interestingly, recruiters are already wising up to how artificial intelligence can help them streamline the time-consuming task of finding great talent. Some examples of this include screening and sourcing new candidates and writing job descriptions. We anticipate a further adoption of AI to improve hiring campaigns and onboarding in general.
Lastly, it's predicted that more than 80% of organizations will adopt a cloud-based system in the workplace. As a result, we can see a time when automation technology will be commonplace for contact tracing and touch-free workplaces.
Automation technology is another way for employers to make it simpler for their companies and staff to work in a post-pandemic world where flexible and hybrid working will be the norm. Overall, this kind of tech will impact the majority of sectors, including HR, where we predict a considerable surge in recruitment teams embracing such technology in the near future.