5 stats to consider when choosing HR technology and how to assess your HR needs

5 stats to consider when choosing HR technology and how to assess your HR needs

Julie Walsh
Tags: HCM

HR, like many functions across the business spectrum, is seeing a shift influenced by technology as well as changing employee demands. Organisations who ignore this shift will be hugely disadvantaged, risking high employee disengagement and turnover, which could ultimately lead to failure.

At last week’s webinar to help HR professionals navigate the world of HR technology, attendees heard from industry veterans Charles Ashworth, our VP Employee Success and Jon Clark, Director, Strategy Services at OpenSymmetry, a customer and partner of ours. Both discussed useful trends and considerations HR professionals should be aware of when assessing which HR technology is best for them and their organisation, whether a small business or enterprise.

Ashworth presented the top five findings of a Brandon Hall Group study – HCM Technology Trends 2015 – that are driving change in HR systems:

  1. 29% of workforce management solutions have been in place for five years or more
  2. 41% wanted to enable better reporting and analytics on HR data
  3. 45% wanted to alleviate the burden of manual tasks from HR
  4. 54% wanted to add additional capabilities or functionality
  5. 46% want to improve employee experience

Industry trends are also impacting the use of HR technology. Ashworth identified the top six as:

  1. The cost of talent is rising
  2. The war for talent
  3. Best practices impacted by social and mobile
  4. Big data and HR intelligence
  5. Regulation and compliance
  6. HR technology has changed

There’s no doubt that HR technology has a key role to play. HR is evolving in practice to become a strategic partner of a business. Traditionally there has been a huge administrative burden on HR professionals, taking up as much as 60-70% of their time. Technology can alleviate much of this through things like data analytics, employee self-service and finding ways for employees to be more social and collaborate together. Not only does this free up HR to focus more strategically, this also drives employee engagement and an improvement on productivity, critical to driving business success. The chosen system should deliver tools that map throughout an entire employee lifecycle from ‘hire to retire’.

From his experience at OpenSymmetry, Clark advised on how to assess your HR needs and map the right technology to deliver solutions needed. He urged HR professionals to look at where they are in their journey and follow these four steps:

  1. Recognise your pain points
  2. Define the ROI a solution could deliver – what does ‘great ROI’ look like to you? There are tangible and less tangible benefits that need to be justified to the FD in terms of how HR technology can help transform a business
  3. Map the solution to your requirements
  4. Implement successfully. An important consideration here is that if your HCM solution will sit within an architecture in your business, it needs to be consistent with that architecture in order to deliver most benefit

Final considerations when deciding on which HR technology solution to implement is to look ahead and ensure you are buying into a scalable solution which encompasses future needs and covers the entire employee lifecycle. It is important to choose one which can be integrated with other applications so that all parts of your organisation can benefit. When data flows seamlessly across departments you eliminate silos of HR information and open up HR intelligence to other parts of your business to help drive further business success.

If you missed the webinar or need a recap to help you become a strategic HR partner in your organisation, you can view the full recording here.

Receive updates

FinancialForce

Grow your business with a customer-centric ERP solution.

DOWNLOAD GUIDE

The CFO Guide
to Revenue Recognition

Concerned about the transition to the new revenue recognition standards?

DOWNLOAD EBOOK

See the #1 ERP
on Salesforce

Schedule time with a Cloud ERP specialist to chat about your needs.

FREE DEMO