Transcript
Welcome to PeopleTech, the podcast of the HCM Technology Report. I’m Mark Feffer.
Today, something different. We’re going to look at a few of the most interesting stories about HCM technology that have taken place in the last few weeks. The days surrounding Memorial Day are supposed to be quiet, but this year no one seems to have told the industry.
So, we’ll look at the Big Stay, why technology can boost HR’s relevance, and why SMBs should pay attention to the iOS app for ChatGPT. All on this edition of PeopleTech.
First up.
Employers may get some relief from a tight labor market as job opportunities decline, labor shortages ease up and the idea of big pay increases for changing companies loses ground. As ADP’s Chief Economist Nela Richardson puts it: The Great Resignation is becoming a thing of the past. Now, we’ve got a Big Stay.
Whether or not they’ve heard the analysis, workers have picked up on this. According to research from Qualtrics, one in four American employees believe they’d struggle if they had to find a new job. Meanwhile, the Bureau of Labor Statistics said the national quit rate fell from 2.9% to 2.5% between March 2022 and March 2023.
The Qualtrics study hinted at willingness by employees to put in extra effort to shore up their job security. That, they believe, is a better idea than looking for higher pay or better benefits in the midst of an economy that seem tenuous at best.
The shift marks a sea change in the American labor market, especially for white collar employees. For months, workers have had the upper hand in their job searches but now, as layoffs continue, they’re not so confident that they’ll land on their feet.
About a quarter of individual contributors were most likely to say they think they’d struggle to find a new job in today’s market, Qualtrics said. In contrast, only 12% of senior leaders believed they’d face the same challenges.
But employers should remember: The Big Stay will be temporary. Miriam Connaughton, the chief people and experience officer at Simpplr, said employers need to avoid complacency right now. History, she said, tells us that voluntary turnover gets tamped down when economic headwinds become more challenging. But, competition for talent heats up very quickly whenever we come out of a slowdown.
Next:
A study by the Academy to Innovate HR says HR is being challenged to adapt and stay relevant as new technologies emerge. HR’s often accused of being slow to sign on to new solutions. But the organization thinks HR has an opportunity to take advantage of new technologies not just for everyday functions, but also to remain relevant in the workplace.
The study highlighted four technological advances that it believes will influence HR by 2030: applied AI and machine learning, alternate virtual realities, distributed infrastructure, and the Internet of Things.
AIHR says that between today and 2030, HR professionals will use AI in more places like learning and development, compensation and rewards, talent acquisition and DEI. So, HR should start integrating AI solutions for high-volume processes and repetitive work.
Also, with the rise of generative AI solutions, it’s important to put governance and review systems in place to make sure the technology is used ethically, and stays in line with developing regulations and compliance.
Then there’s virtual reality. That’s going to be the next big thing in learning, AIHR thinks. Many of the issues challenging its use are beginning to resolve themselves, it said, and companies like Walmart, Boeing and UPS are already using it for training and education.
Then, there’s Web 3.0. It will help HR use verification and transactional services through Blockchain. And, it will create new ways to interact with employees and deliver services. So, AIHR suggests that HR professionals keep up to date on new developments here, so they’re ready to implement the technology inside their organization.
As for Blockchain, a number of HR functions are already adopting the technology for their own use. A number of HR tech providers – like Workday – are investing in it and Web 3.0 in general. The AIHR’s report said the expansion of blockchain-based digital economies has already started and is sure to alter the way we work.
Finally, the iOS ChatGPT app.
Its launch could help small businesses in a number of ways.
The website Small Business Trends says the app does more than give you streamlined access to ChatGPT. For example, it also allows voice input, and it can synchronize data across devices.
The app also offers several features that could be important for small business owners. One is called instant answers. It allows users to avoid multiple results or pages of advertising.
There’ll also be customized advice, which business owners can use to access information and guidance on any number of topics, like travel plans or creating business messages in the right tone of voice.
Most of what we hear about AI focuses on big companies. ChatGPT can be important to SMBs when they’re stretched for time, resources or both. Even the smallest of businesses have someone who’s worrying about employee-related issues, after all, and they’re probably juggling other work while they do. AI applications like ChatGPT can offer real help.
Those are the stories that really struck me this week. If you like, you can find details and other stories on the HCM Technology Report, at www.hcmtechnologyreport.com.
And this has been PeopleTech, the podcast of the HCM Technology Report. We’re a publication of Recruiting Daily. We’re also a part of Evergreen Podcasts. To see all of their programs, visit www.evergreenpodcasts.com.
And to keep up with HR technology, visit the HCM Technology Report every day. We’re the most trusted source of news in the HR tech industry. Find us at www.hcmtechnologyreport.com. I’m Mark Feffer.
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