Exclusive Interview with CEO of factoHR, Mr. Aniruddh Nagodara on HR Trends in 2024

Exclusive Interview with CEO of factoHR, Mr. Aniruddh Nagodara on HR Trends in 2024

Over the past few years, the HR field has faced numerous challenges, like changing the work environment due to the pandemic, great resignations, and economic downturn. These challenges led to a significant evolution in working patterns, and thus, technology adoption has become crucial in coping with these challenges. The HR domain is rapidly transforming from manual processes to digital automation, cloud-based systems, mobile apps, and now integration of AI and ML.

In an interview, Mr. Aniruddh Nagodara, CEO of factoHR, a mobile-first HCM platform, gives insights into the latest HR trends, shedding light on the ongoing evolution of the HR landscape and potential future trends.

Q1. What are the key HR technology trends that will dominate in 2024, and reshape the future workplace?

In recent years HR trends have evolved at a rapid speed. There are two major changes which have reshaped the workplace landscape. First, remote and hybrid workforces are becoming more prevalent. Secondly, there has been adoption of cloud and mobile technology in every aspect of business operations to effectively manage hybrid workforce.

We are firm believers in mobile and cloud-based technology, so we have offered factoHR as a SaaS product from the beginning. During the pandemic, we introduced innovative features like touchless attendance with AI-driven face verification, geo-tagged punching, and an HR chatbot that helped organizations manage their remote workforce.

As technologies like GPT and generative AI emerge, we integrate machine learning, predictive analytics, and generative AI into our core offerings. This empowers HR professionals to streamline tasks, deliver personalized communications, and utilize data for smarter decision-making.

Q2. What are the biggest challenges companies face when implementing new HR technologies, and how can they be overcome?

In today's rapidly advancing HR technology environment, HR leaders face many challenges, like resistance to change, data security and privacy, and integration with existing systems.

To overcome these challenges, at factoHR, we have focused on core solutions like security by design, DIY configuration, user-friendly interfaces, and off-the-shelf integration. These will facilitate smoother adoption of new technologies, enhancing productivity and satisfaction.

Q3. How can HR technology be leveraged to improve the overall employee experience and job satisfaction?

The role of HR tech has become prominent as digitalization becomes more prevalent. Organizations need to do more than just finding the right candidate for a job. They also have to help candidates adjust to the company's work culture and support their transition from candidate to employee.

To aid the HR profession in overcoming these challenges, factoHR provides solutions like self onboarding, allowing employees to quickly adapt to the company's culture, an employee self-service portal encouraging self-service model for data access and with the insightful reports and dashboards HR professionals can gather data and analyze employee sentiment, engagement, and performance. This will lead to increased employee experience and job satisfaction. 

Q4. What do you believe will be the HR trends in the coming years?

In the coming year, HR tech infused with Generative AI will completely change how we manage talent and the workplace. AI will not only streamline day-to-day HR tasks but also disrupt many existing roles, so HR has to determine what new skills will be needed in the future and how to upskill and reskill the workforce.

Another disruptive change is the hybrid work model. It offers opportunities as well as poses challenges, so it will be high on the agenda of all HR professionals. While it provides greater employee satisfaction and attracts talent from remote locations, it becomes challenging to maintain team cohesion, ensuring effective communication and accountability.

However, advancements in HR tech will add a plethora of technology and tools to the HR toolbox capable of monitoring engagement, productivity, and workforce trends.