Embracing HR Innovation: Staying ahead in a technological era
By NewtekOne
February 28, 2024
We all know human resources (HR) plays a crucial role in establishing, reinforcing, and continually adapting the culture of our organizations. But in today’s rapidly evolving business landscape, the role of HR is undergoing a profound transformation.
With technological advancements and new ways of working driving unprecedented change, HR professionals face the challenge of keeping pace with emerging trends without losing sight of big-picture goals.
In this article, we delve into the nexus of HR management and technology, exploring key trends shaping the future of HR and offering practical insights for embracing innovation within credit unions and leagues.
The Evolution of HR Management
Traditionally, HR management focused on administrative tasks such as payroll processing, employee benefits, and compliance.
However, in the age of digitalization, HR is assuming a more strategic role within organizations. From leveraging data analytics to inform decision-making to adopting artificial intelligence (AI) for talent acquisition and retention, HR is at the forefront of driving organizational success.
Technological Trends Shaping HR
To stay current in the technological age, it’s crucial to understand the technological trends currently shaping the HR landscape, including:
AI-Powered Recruitment: AI-driven recruitment tools are revolutionizing the hiring process by automating candidate screening, identifying top talent, and even predicting future job performance. By harnessing the power of AI, HR professionals can streamline recruitment efforts, reduce bias, and enhance the candidate experience.
Employee Experience Platforms: In the face of rapid technological growth, employee expectations are evolving rapidly. For example, at the height of the “Great Resignation” phenomenon in 2022, 50 million people quit their jobs – a 66% increase from 2020. As a result, many organizations are turning to employee experience platforms to increase retention while simultaneously boosting engagement and productivity.
These platforms leverage data analytics to customize the employee experience in various ways, including tailored learning opportunities, feedback mechanisms, and more.
Remote Work Technologies: How and where people are working has undergone big changes since the onset of the COVID-19 pandemic. In particular, an increase in remote workers has accelerated the adoption of remote work technologies, which have transformed the way organizations operate. From virtual collaboration tools to remote onboarding solutions, HR professionals are now responsible for supporting distributed teams while maintaining a cohesive organizational culture.
People Analytics: Data-driven decision-making is becoming increasingly common in HR management. People analytics, or using data to solve business and workforce problems, is a strategy that enables HR professionals to gain valuable insights into workforce trends, identify areas for improvement, and optimize resource allocation. By leveraging predictive analytics, HR can anticipate future talent needs and proactively address potential challenges.
Adapting to Change: Practical strategies for HR professionals
Changes driven by technological advancements and new ways of working have created a sea change in the world of HR. However, there are actionable ways to adapt and stay at the forefront of innovation, including:
Embrace a Culture of Experimentation and Innovation: HR advancements can be harnessed to drive efficiency and strategic growth within credit unions and leagues. Embrace a culture of experimentation and innovation within your organization. Don’t be afraid to try new technologies and methodologies. If something doesn’t keep working, simply move on – you can rest assured technology will, too. By adopting an agile approach to implementation, you can quickly adapt to changing circumstances and capitalize on emerging opportunities.
Don’t Lose Sight of Foundational Services: In the face of so much technological change, it can be easy to lose sight of foundational services such as payroll, merchant processing, data storage, and health and benefits insurance. A business solutions provider like NewtekOne can help you streamline and optimize these services while helping your organization adapt to the modern workplace. For example, solutions like web-based payroll services can simplify managing a distributed team and free up time, space, and resources for your HR team to explore even more of the technological advances listed above.
Take an Employee-Centric Approach: As inspirational speaker Simon Sinek observed, “When people are financially invested, they want a return. When people are emotionally invested, they want to contribute.” In short: It’s worth taking the time and effort to make your employees feel valued. Prioritize the employee experience by soliciting feedback, addressing concerns, and championing engagement and well-being initiatives. Invest in technologies and solutions that empower employees to thrive in a remote or hybrid work environment, fostering a culture of trust, collaboration, and inclusivity.
Keep Learning: Stay informed about the latest technological trends and best practices in HR management through professional development opportunities, industry conferences, and online resources. Invest in upskilling your team to ensure they have the knowledge and expertise to leverage emerging technologies effectively.
Collaboration and Networking: Engage with peers and industry experts to exchange ideas, share experiences, and learn from each other's successes and challenges. Join HR forums, participate in networking events, and leverage social media platforms to connect with like-minded professionals.
A Brave New World for HR…
As the pace of technological innovation accelerates, HR professionals and managers must embrace change and proactively adapt to emerging trends. By optimizing your business solutions, leveraging the latest tools, and being willing to try new things, you can position your credit union for success in the digital age.
NewtekOne offers a cutting-edge HR and payroll platform, enabling credit unions to enhance employee experiences with clear analytics and strategic workforce insights. Our solution empowers credit unions to optimize operations and emerge as top employers in the competitive financial services landscape.
Connect with NewtekOne to enable your HR professionals to stay ahead of the curve and lead your organization toward a brighter future.
About NewtekOne
Businesses expect more and NewtekOne (NASDAQ: NEWT) delivers core solutions that help businesses grow. As a partner, NewtekOne provides SBA lending services, business financing, merchant processing, payroll, insurance and website/technology services that credit unions can offer to members.