Finyard: Embracing automation and data-driven approaches in HR
Like most facets of the business world, the Human Resources function has undergone a dramatic transformation in recent years. Paper-based processes and decisions influenced by human perspectives are being replaced with data-driven strategies and automation to streamline operations and enhance employee performance.
At Finyard, we’re leading the technological transformation. As a fintech firm, we clearly recognize the importance of new technologies to stay ahead. That’s why we’ve implemented cutting-edge automation processes and data-driven approaches across HR and other departments.
Implementing innovation with HR tools
Finyard focuses on innovation, and that extends into our vision for HR. As such, we’ve curated a suite of industry-leading HR tools that when combined, create a seamless employee experience. At the heart of our tech stack is HiBob – a comprehensive HR solution that manages everything from onboarding to performance, with integrations into payroll providers and more.
HiBob acts as the central hub for employee data, automating common processes like performance reviews, time-off requests, and others. New employee hires benefit from a structured onboarding experience, essential information, helpful tips, and reminders to ensure a smooth transition into the new role.
Complementing HiBob is Greenhouse, a sophisticated applicant tracking system. This powerful tool streamlines our recruitment process, helping us attract and identify top talent efficiently. Once a candidate is hired, their information seamlessly flows into HiBob, kickstarting the onboarding process without any manual data entry.
We've also integrated Slack and Jira into our HR workflow. Slack serves as our primary communication channel, where employees receive important notifications and updates. By connecting Slack with Jira, we've created a ticketing system that allows our HR team to manage and respond to employee queries quickly and effectively.
The Benefits of Automation in HR
The impact of these tools on our organization has been profound. For our HR department, automation has dramatically reduced administrative burdens, freeing up time for more strategic initiatives, reveals Eva Samburova, Finyard’s Group CHRO.
"A data-driven approach to HR processes ensures unbiased, informed, and effective decision-making based on objective data rather than intuition,” she explains.
For the organization as a whole, these approaches have led to increased efficiency, reduced costs, and improved compliance. We're able to spot trends and potential issues before they become problems, allowing us to take proactive measures to maintain a healthy workplace culture.
Our employees have also reaped significant benefits from this tech-forward approach. The streamlined onboarding process helps new hires feel welcomed and prepared from day one.
Automated performance management ensures regular feedback and goal-setting, supporting career development. The ease of accessing information and submitting requests through user-friendly interfaces has dramatically improved the overall employee experience.
Looking to the Future
As we look ahead, we see the role of automation and data analytics in HR only growing stronger. We anticipate advancements in AI and machine learning will further enhance our ability to predict employee needs, personalize experiences, and make data-driven decisions.
Predictive analytics for talent management and succession planning, AI-powered chatbots for employee self-service, virtual and augmented reality for immersive onboarding and training experiences, and blockchain technology for secure, verifiable employee credentials - all of these new trends can have a huge impact on the way HR operates, and those staying at the forefront of these developments will gain a significant advantage.
At Finyard, we believe that by continually evolving our HR practices and embracing new technologies, we can create an environment where both our employees and our business can thrive.
In conclusion, the shift towards automation and data-driven approaches in HR is not just a trend – it's a fundamental reimagining of how we manage and support our most valuable asset: our people. As we move forward, we're excited to continue exploring new ways to leverage technology in service of our people and our business goals.