Former BlackRock Human Resources Head Jeff Smith on Balancing Technology and a Focus on People in HR --[Reported by Umva mag]

Artificial intelligence and data analytics have been reshaping the workplace for years, and human resources departments continue to face a critical challenge: how to leverage cutting-edge technology while maintaining the human touch that’s essential to their role. Jeff Smith, former global head of human resources at BlackRock, recently offered some valuable insights on navigating this balance, drawing on a career that’s spanned multiple sea changes in HR.

The Rise of HR Technology

The HR technology market is booming, with companies investing heavily in tools designed to streamline processes, improve decision-making, and enhance the employee experience. From AI-powered recruitment platforms to sophisticated people analytics tools, the options are vast and growing.

According to the Deloitte 2023 Global Human Capital Trends survey, over 90% of business leaders see the use of technology as critical for enhancing work outcomes and team performance. Despite this, only 22% believe their organizations are truly ready to adopt these technologies.

“Now more than ever, it’s critical to have exceptional technology to make processes better and more efficient, for governance and risk management, and to help provide data and insight to make decisions in HR,” Jeff Smith explains.

However, he cautions against blindly following trends. “The technology landscape has never been more complicated, so it is not enough to just go with one of the established players without evaluation.”

And while AI offers immense potential, Smith emphasizes that it should augment, not replace, human judgment and interaction. “I think it broadly impacts knowledge workers and higher-paying jobs more than it impacts blue-collar jobs, although there will definitely be the automation of routine tasks,” he notes. “In its best form, it will enhance decision-making through providing insights and data analysis in a faster, more efficient way to ideally be processed and used by humans.”

Striking the Right Balance

So how can HR departments effectively balance technological advancement with a focus on people? Smith offers several strategies.

“Ideally, managers and organizations can be outcome-focused more than place-focused in terms of where work is done,” he says. This approach ensures that technology serves the organization’s broader goals rather than becoming an end in itself.

Smith identifies this as a top priority for HR in 2024. “Leaders need to drive change and help drive strategy and create culture,” he notes. Technology can support this development, but it can’t replace the need for strong, empathetic leadership. In an increasingly digital workplace, cultivating company culture requires deliberate effort.

“To do this, the desired culture has to be clear; employees have to believe in and care about it and, in the end, both demonstrate behaviors consistent with the culture and feel like they belong in the culture,” says Smith.

The trick is to use data to inform, not dictate. Smith cautions against over-reliance on metrics.

“You need to make sure you are measuring things through employee surveys and metrics associated with hiring and retention, but you also have to have some faith and belief in your practices because data is not necessarily perfect,” he says.

The Future of HR Technology

Looking ahead, Smith sees several notable trends shaping the future of HR technology, including generative AI tools like ChatGPT and predictive analytics.

Many HR leaders are still at the start of their GenAI journeys but will either get access to GenAI capabilities through their preexisting HR technology providers or will acquire new GenAI tools by the end of 2024. GenAI is already being used in HR for tasks like writing job descriptions, creating engagement surveys, and analyzing data.

Smith also sees great potential in predictive analytics tools for workforce planning and decision-making. With larger data sets and improved algorithms, the HR function should be able to do things like moderate the hiring boom-and-bust cycles that have characterized the last couple of years.

Skill Development

To fully leverage new technologies, HR professionals need to develop new skills.

“There has been a move to data analytics as a top and key capability for most companies, so the HR function needs to be data literate but also figure out how to build that capability across an enterprise,” Smith points out.

In a world of virtual meetings and digital communications, maintaining genuine human connections can be challenging. Smith stresses the importance of intentional efforts to foster relationships and build trust, even in remote or hybrid work environments.

The future of HR will likely be defined not by technology alone, but by how well organizations can integrate technological advancements with the irreplaceable human elements of empathy, creativity, and strategic thinking. By keeping this principle at the forefront, HR departments can harness the power of technology while preserving the human touch that lies at the heart of their mission.

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