An organization is only as good as its people, and every business—big or small, local or global—is beginning to appreciate this reality, especially after the recent surge in post-pandemic employee turnovers. In 2021 alone, around 47 million people quit their jobs, causing the emergence of the phrase “Great Resignation,” first coined by Anthony Klotz, a professor at Mays Business School, Texas A&M University.
This trend of employees leaving their jobs, coupled with the digital disruption of the workforce, has forced organizations not equipped with the tools and resources needed to fulfill their HR and recruitment needs to turn to technology for help. We are already witnessing a rise in companies wanting to invest in HR technologies. In fact, according to Fortune Business Insights, the global human resource technology market is projected to grow from $24.04 billion in 2021 to $35.68 billion in 2028, and companies are likely to prioritize investments in AI to optimize business processes and reduce costs.