Wow, we are already a week into 2015 and I still don’t have a hover board! In all seriousness, I think 2015 will be a big year for technology advances. Since there are way too many areas of technology trends to discuss on this blog, I’ll focus on my favorite area…you guessed it! HR Technology! But before I get too far into what to expect for 2015, let’s quickly recap 2014.
For us, 2014 was the year of ACA technology. The demand for this new area of measurement and reporting sent a lot of clients our way. (So much so we’ve got a whitepaper on the way! Stay tuned.) I don’t blame them either. With the delays and the lack of requirements information regarding the Affordable Care Act, it’s easy to be confused. If it wasn’t for my team, who actively research the laws and requirements and seek out vendors, I probably wouldn’t be able to keep up! But, at the end of the day, ACA is here and employers need to have something in place to measure, track, and report their workforce and benefit offerings. 2014 brought to light several new vendors on the scene, existing vendors that are promising but not delivering, and a few existing vendors that increased or improved their functionality offerings.
Other noteworthy HR Tech happenings of 2014 would include:
- The trend towards social and mobile
- Mergers and Acquisitions (Aetna and bswift, Cornerstone OnDemand and Evolv, SAP and Concur Technologies, LinkedIn and Newsle, and the list goes on!)
- Vendors going IPO (Tri-Net, CastLight Health, Paycom)
- Talent Management taking center stage at the HR Technology Conference and Expo
- Technology vendors taking over BOR responsibilities (Zenefits, Paychex, Paycom)
And now, let me pull out my crystal ball and let’s take a look into the year ahead!
- Cyber security – as was seen in 2014, I think our data and systems have become more vulnerable. It’s not a matter of if, but when, you will be hacked. I think 2015 will bring more security breaches and in causation require us to look at our security standards. Will cyber security insurance become a thing? If so, who will be responsible- employers or vendors?
- More M&A – the HR Technology landscape has been one big, ongoing development. Because the barriers of entry are so low, new vendors pop up left and right and just as quickly become acquired by the big guys. I think this trend will continue. I would even go so far as to say that carriers, too, will now be playing in the game of HR Tech Monopoly (as we saw with Aetna’s acquisition of bswift).
- Still social – 2014 promoted social media and HR Technology integration. I think 2015 will take that integration one step farther.
- Wellness integration – fitbits and other wearables have become a huge sensation in the U.S., especially for those involved in wellness programs. I think this industry will continue to grow and find new ways to integrate your daily activities to your wellness initiatives. (Hello Platinum Status!) I’m interested to see the data from these wearable and wellness program participants to the actual usage of benefits.
- Get engaged – I’ve been hearing a lot of buzz around “employee engagement” lately. As the buzz continues, I think we will see more technologies try to address the issue. Employee engagement is important for attracting and retaining top talent in an organization and I think a lot of companies would buy into a technology that can improve their engagement. (Tinypulse, Kudos, Gratzi, Achievers, etc.)
Although, most of these predictions are completely out of left field, I’m curious as to what you guys think? Am I way off, or right on target?