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Changing Role of HR – In Age of Digital Transformation & Fintech

According to Deloitte, “digital transformation is all about becoming a digital enterprise—an organization that uses technology to continuously evolve all aspects of its business models (what it offers, how it interacts with customers and how it operates).”
Your company should change in tandem with technological advancements. It’s no longer about businesses agreeing to transform; it’s about deciding how to transform.

Although digital transformation is heavily technology-driven, focusing solely on tech-intensive roles and departments is a mistake. People are just as important as technology when it comes to digital transformations. It’s about how employees in the company adjust and collaborate to achieve corporate objectives. HR has a role to play in helping an organization’s most precious resource, its members, thrive in a modern environment.

HR has a dual function in digital transformation. It must both digitally transform its processes and support the organization’s overall digital transformation. Despite the fact that these seem to be two separate programs, they are in fact connected. The quicker HR transforms, the better it will act as a model for the rest of the business.

When it comes to transforming your organization, HR can provide valuable insights. HR and people operations should be recognized as a critical voice when forming a digital transformation leadership team. Both groups will ensure that the employees receive the appropriate training and that their career growth is in line with the developments taking place in the organization.

Human resources have long been regarded as a supporting department that focuses heavily on management. However, new HR departments are becoming more engaged in workforce transition, using the modeling and predictive learning to assist in the creation of the right skill balance and the development of workers.

HR will now lead the cultural transition that producers need because it now has a larger presence and perspective. It will carry on the following responsibilities:

Any digital transformation process requires a creative culture, and its absence can result in digital transformation failures.

 HR’s function in digital transformation is as follows:

  • Recruiting digital talent with skills such as design thinking, agility, and a data-driven mentality
  • Creating an atmosphere that is both creative and agile. A culture like this is required to seize opportunities that arise as a result of technological advancements.
  • Digital transformation is a long-term, systemic undertaking that necessitates cooperation. HR must help it succeed by implementing effective communication strategies and ensuring organizational alignment.

Importance of Digital Transformation in HR processes:

Some of the top common concerns of various HR departments include recruiting the right candidates, high attrition rates, improving employee productivity, enhancing employee experiences and hence the Employee Value Proposition.

The HR digital transformation use cases that follow, help the HR department address the issues raised above.

Applicant Tracking Systems:

To reduce the amount of time spent on unqualified applicants, Applicant Tracking Systems (ATS) are commonly used. By using keyword filtering, the software automatically scans candidate resumes and removes unqualified applicants from the list. These systems can be trained based on approved candidates’ performance results, thanks to advances in machine learning and AI. Added on to resume scanning, ATSs also include functions such as work submission, pre-interview checking, interview planning, and structuring, and interview assessment.

Onboarding Software for new employees:

HR professionals work with a variety of manual activities from the time an applicant signs an employment contract to the first day of the candidate’s employment, including introductions to equipment, simulated workplace visits for induction, and meeting the staff. Onboarding software like Enboarder and Talmundo personalize new recruit onboarding journeys while automating manual activities.

HR Analytics for Improved Productivity:

Organizations have benefited greatly from analytics projects in order to enhance their operations and resources. Workforce analytics can help businesses accurately measure their employees’ results. Employee and company statistics are used in workforce analytics to obtain visibility into employee and HR success using metrics like time to fill, cost per recruit, competency analytics, retention rate, and replacement rate.

Digital revolutions are as much a cultural transition as they are a technical one, which necessitates workforce preparation. Leaders who embrace culture are needed to pave the way for new concepts and ways of doing things, as well as to create goals for how employees’ lives and careers can improve. At the end of the day, meaning isn’t generated until the teams take a new and greater decision than they did previously.

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