As the world of HRtech keeps on evolving, so does the number of terms and definitions. You must have heard HRs saying HRMS, HRIS, and other words that make you wonder what this stands for. This is to help you out and not look blank when an HR uses any HRtech buzzwords. Companies, HR managers, and employees must be aware of some HRTech terms to understand the professional environment around them effectively.
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Top 40 HRTech Terms You Must Be Aware Of
Knowing the HRTech trending terms will help you understand the exact meaning of what your HR says and keep you updated on industry trends.
#1. HRIS Stands for Human Resources Information System. It is software used by HR to store and manage an employee’s data.
#2. HRMS stands for Human Resource Management System. It is a tool that assists HR apply effective strategies to achieve organizational goals.
#3. API: An application programming interface is a set of tools used to build software applications that allow the interaction of two or more applications.
#4. Attrition Rate: Count the number of employees joining and leaving a company over a specified period.
#5. ATS: Application tracking system software automates the hiring process by sourcing, streamlining, and customizing functionality associated with job boards, career sites, candidate communications, etc.
#5. Benchmarking: Using various metrics to track company performance to make future predictions.
#6. Candidate Assessment Tool: A program to automate the process of screening by assessing candidates’ qualifications, skills, and culture, while making a comparison across application pools, and utilizing data to make fair decisions.
#7. Cost Per Hire: The average amount spent hiring a candidate.
#8. Talent Pool: A bunch of carefully considered candidates that employers recruit from. HR managers use and nurture talent funnels to improve hiring quality and maintain strong relationships with potential applicants.
#9. DEI: Promoting diversity, equality, and inclusion in hiring and workplace operations.
#10. Employee Resource Groups (ERGs): A volunteer group led by employees that works collaboratively to develop an inclusive work environment overlapping with the company’s vision and mission.
#11. Employee Recognition Platforms: A software platform designed to retain talent, develop culture, and measure intangibles such as employee morale by understanding employees’ achievements and recognizing their contribution by offering a reward.
#12. SaaS: Which stands for Software as a Service, is a software license and distribution strategy currently one of the most popular ways to implement HR technology. Customers can access the apps through the internet, provided by a third party, and they are all housed in “the cloud.” Any cloud-based service where a person can access the software applications through the internet falls under SaaS.
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#13. TMS, Which stands for talent management system, is a software system that aims to achieve long-term strategic goals and emphasizes assisting organizations with succession planning.
#14. HCA: Human capital analytics, also known as talent analytics, applies business analytics and data mining techniques to HR data. It helps an organization gain insights into the efficient management of employees.
#15. The Great Resignation: Refers to the trend of thousands of people quitting their jobs voluntarily, followed by employee dissatisfaction, micromanagement, a desire for a better work-life balance, job insecurity, and others.
#16. On-Call Pay: This is an add-on compensation awarded to employees for working on an ad hoc/immediate basis
#17. Reassignment: When there is a change in the employee’s grade or salary range based on different duties, new responsibilities, and minimum qualifications.
#18. Red Circle Rate: A rate higher than the maximum salary for a given position. A red circle rate awardee is not eligible for any further raise.
#19. Quiet Quitting: Refers to doing the minimum job to complete the task and not get fired. When an employee quits, he is doing fine with what is required of him but is denying the hustle culture to maintain his comfort.
#20. Quick Quitting: With U.S. workers getting comfortable changing their jobs, quick quitting gained popularity as people were comfortable leaving their jobs before completing even a year. An employee quits for work-life balance, better pay, and better facilities.
#21. Anti-Perks: These are the perks that employees don’t care about as they may hamper their productivity or well-being. Free dinners, nap rooms, video games, fitness rooms, etc. fall under the anti-perks category.
#22. RFP: Request for proposal requests a vendor to submit a proposal showing how their service/product offering resolves one or more of the business issues.
#23. RPA: Stands for robotic process automation, which is software programmed to do boring, repetitive tasks.
#24. RPO: The recovery point objective is the maximum amount of data that would cause no major harm to business operations, even if lost.
#25. RTO: Recovery time objective is the maximum amount of time required to recover or fix a downer application or network without causing any loss to business operations.
#26. Hybrid Workforce: This arrangement often involves a flexible work schedule or a set number of days working remotely per week.
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#27. Restructuring/Downsizing: A reorganization of a company’s operations to improve efficiency, reduce costs, or adapt to changing market conditions. It can involve changes in company structure, workforce, or business model.
#28. Shift Differential: The additional pay given to employees who work shifts outside of regular business hours, typically for night or weekend shifts. This extra compensation is provided to account for the inconvenience or challenges of working during these times.
#29. Atypical Worker: A term for someone who doesn’t work full-time but as a freelancer, part-time, or contract-based.
#30. Gross Misconduct: A serious violation of company policy or employment contract that can result in immediate termination of employment. It typically involves actions that are harmful to the company, its employees, or customers, such as theft, violence, fraud, or serious misconduct.
#31. LMS: A learning management system (LMS) is a software application that delivers, tracks, and manages educational courses and training programs. It provides a platform for online learning, including features like course content delivery, student enrollment, and tracking, assessments, and communication tools.
#32. Employee Self-Service Software: Employee self-service (ESS) software is a web-based application that allows employees to access and manage various HR-related tasks independently, such as viewing pay stubs, updating personal information, requesting time off, and enrolling in benefits. It streamlines HR processes and provides employees with convenient access to their HR information.
#33. Remote Interviewing: This is the process of conducting job interviews using technology, such as video conferencing or phone calls, instead of meeting in person. This allows for interviews to occur from different locations, making it more convenient for both candidates and employers.
#34. Merit: Includes an employee’s salary adjustment based on candidate measures, such as their extraordinary performance.
#35. LOP: In general, an employee’s absence beyond their paid time off is called loss of pay. A team member will therefore be subject to LOP if they take a weekend off after using up all of their vacation days. LOP may also apply to employees for other reasons, such as a fine. You must review official policy and legal details before granting LOP, for example, it’s typically not deducted from the entire wage.
#36. Quiet Firing: This is a workplace practice where an employer intentionally makes an employee’s work situation so difficult or unpleasant that they eventually quit on their own rather than firing them directly. This can involve assigning excessive workload, withholding promotions or raises, or excluding the employee from important meetings or projects.
#37. ESI: The employee satisfaction index is a survey that requires pre-set questions to measure the organization’s job satisfaction level.
#38. ERS (Employee Referral Software): This tool helps companies recruit new employees through referrals from their existing workforce. It typically provides a platform for employees to submit referrals, track the status of their referrals, and receive incentives or rewards for successful hires.
#39. Employee Experience is the overall perception and feeling of employees about their work environment, culture, and interactions within an organization. It encompasses factors like job satisfaction, work-life balance, company values, and opportunities for growth and development.
#40. ACA compliance solution: A company or software designed to ensure the effectiveness of 1095-C forms to employees for IRS filing.
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Decode HR Tech Glossary
As the world of work continues to evolve, HR technology plays an increasingly vital role in helping organizations attract, retain, and develop top talent. By understanding and leveraging these 40 key HR tech terms, and HR professionals can stay ahead of the curve, drive efficiency, and create a more positive employee experience. By embracing innovation and adopting the right HR tech solutions, organizations can position themselves for success in the competitive landscape of today’s workforce.
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