Spending on HR Technology – A Wise Step?
Definitely, in this day and age
Employees are the biggest assets of companies which is why so many of them are investing heavily in HR technology. Many more are also ready to bring about a change in their HR structures. These are the ones that are always on the lookout of innovative talent management solutions, effective software-as-a-service (SaaS) systems, HR-related mobile applications and impressive ERP solutions that can attend to all their HR needs.
A recent global survey conducted across 1048 companies revealed:
- One in every three companies (about 33%) are ready to increase their investments in HR technology
- 23% of the above intend to increase their HR expenditure by 20% while the other 10% are ready to spend more than that
- The number of companies that do not wish to increase their spend on HR technology comprised only 15%
- About 46% of the companies make use of mobile technologies when it comes to HR transactions. In 2013 the number stood at 36%.
The application of HR technology to your routine processes can strike the perfect balance among people, processes and systems.
Top Reasons why the demand for HR technology has increased
- The existing HR software systems have become obsolete: It has been over five years since companies installed the generation 1 version of HRMS system.
- Cloud Technology: Most vendors are coming up with cloud-based HR solutions that eliminate the need to upgrade them on a regular basis. Further, these work across most platforms and devices and make it very easy to switch between different HR applications.
- Talent is priority: Companies are finding it very challenging to hunt for the right talent. Investing in HR technology would be the perfect answer to this challenge.
- Need for consolidation: Most companies install a maximum of 3 to 4 HR applications. Today, there is a need to consolidate and use one single HR solution that takes care of all requirements.
While companies do have the option of going for customized HR technology solutions, most vendors have base solutions that cater to almost all requirements. The size of your company, your HR needs and your budget are three main factors you need to consider while hunting for the right HR technology. Most solutions offer features like recruitment, employee development and performance management among others.
What is right?
The right HR technology solution will not only give you the right set of employees, but it may work towards making them more efficient, thereby reducing the burden on the administration and management of your human resource. A service like Easy HR can help you choose the perfect HR technology that will take you a long way towards success.
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