9 Financial Terms that every HR professional should know (Guest blog)

Digital Human Resources have aroused great interest among HR professionals and business leaders. This change generates a better service delivery but also impacts on how we do HR on a day-to-day basis. But do we really know what it is? His language is loaded with unknown concepts that we must understand. 

These are the 9 main concepts that HR professionals should use when talking about Digital Human Resources and its applications:

Digital
Human Resources Digital Human Resources is an optimization in which new technologies are used to make HR more efficient. All Human Resources processes can be digitized and to some extent automated. For example, in recruiting applications that allow candidates to self-assess through games and upload video presentations. These video presentations can be scanned using an algorithm on factors such as kindness, openness and customer orientation. This information is combined with the evaluation and as a result, the application can perform an accurate pre selection.

SMAC
SMAC is the enabler of digital human resources. SMAC is the abbreviation of the English words for social, mobile, analytics and cloud (social, mobile, analysis and cloud). Each collaborator and potential collaborator has a smart phone. Through analysis, employees can quickly analyze a large amount of data and make predictions about the workforce. Information can be stored in the cloud and worker profiles can be shared internally for training purposes and to improve performance.

Digital Transformation Digital
transformation is the process of change that describes the transition from traditional human resources to a more digital approach. 
Incorporation applications are a good example. While traditionally, new recruits were appointed to a mentor, today, digital applications can be a good help during the incorporation process: they guide new collaborators during their first weeks and present them to their new colleagues, reducing the time of incorporation. However, providing access to an application and successful integration are two different things. The process of selecting the right software or application, implementing it, making sure it stays current and measuring its success is known as Digital Transformation.

Successful transformations make the difference between the bright objects syndrome "and the real impact on business.

Digital Workforce
The digital workforce is another term that is often mentioned. 

Technology changes the way we work and is also true for employers, they are becoming increasingly digital. 

Every time more flexible staff is requested, sometimes, they even work from other countries. The data and analysis allow us to operate more efficiently and the technology allows to automate the traditional administrative tasks that were being done in HR. 

These changes require a high degree of flexibility, the ability to work remotely and the ability to analyze data in real time.

Agile Human Resources
In 2001, several authors created the Agile Manifesto. According to the authors: 
- Individuals and processes are above processes and tools. All human resources professionals will agree. 
- A work software is above the comprehensive documentation. This means that a quick solution is better than a well-documented but unresolved problem. 
- The collaboration with the client is above the negotiation of the contract. The customer is first and elaborate customer satisfaction is the priority of everyone in the business. For HR the main client: his collaborator. 
- The response to change is above the plan to follow. A plan becomes less valuable in a rapidly changing world.

Personnel
Analysis Personnel Analysis or Human Resources Analysis is the application of statistics on personnel data to help solve problems. This is important for large organizations that have 500 employees up. There are different types of analysis. The Descriptive Analysis, observe what has happened. This type of basic statistics provides a look inside the labor force, through HR panels. Other statistics, such as predictive analysis, help predict what will happen. Using personnel analysis, you can predict who will leave the organization, which candidates will perform better if they are hired and which employees will be better leaders.

Digital Human Resources Strategy
This is about taking advantage of SMAC technology to redefine the HR process in terms of design, delivery, access and operations. 
A digital strategy is something new for many departments, but no less important. A digital strategy helps integrate the different digital transformations. A solid strategy makes the difference between 70 different applications of RRUU and an integrated HR platform, which directs collaborators to what they need. 
In an old scenario, more than half of the HR service tickets were questions about where employees could find the main functionalities to do their job. Now, the approach is a client-centered way. 

8 and 9 Real Time and On Demand
On Demand applications such as Impraise are based on the idea that information is more effective when delivered directly before the interaction. 

Real-time learning is the acquisition of knowledge based on immediate needs. The collaborators do not have to wait until the next training, they can get what they need On Demand. Learning in real time and on demand, delivers knowledge precisely when it is required, which increases its effectiveness.

Real-time analysis also falls into this category. Applications in HR are surveys that allow a company to collect information about the organizational culture and the satisfaction of employees on a day-to-day basis. This type of information helps to solve conflicts and prevent the escalation of small problems. 

Elizabeth Halsted is passionate about creating writing at Essay Mafia. It focuses on the application of SEO strategies in UK, as well as the creation of high-level content.