Companies of all sizes are competing for business across cities and around the world. They are also facing stiff competition while trying to attract, retain, develop and engage employees to drive success. The urgency of modernizing the management of these activities is pushing companies to adopt new and innovative HR technologies. HR leaders are faced with the major challenge of defining the value and ROI of those improvements. Read the following whitepaper to understand the real business impact of adapting HR technology, both qualitatively and quantitatively, and then making a case for making these much-needed improvements.
Understanding the Value of HR TechBusinesses across all sectors are implementing HR tech now, more than ever before. With the economy shifting focus from production to information, a knowledge-based economy that prioritizes talent is being developed. Finding and retaining the right talent pool with requisite skills has become of utmost importance. Modern HR technology allows businesses to reduce their administrative burden while maintaining reduced costs and providing competitive employee benefits and pay.
How to Align Value with Employee ExperienceAll HR work is viewed from the employee experience. It started from the time the candidates are hired to the onboarding process to every day of employment. Employee experience is the sum total of all intangible and tangible experiences that an employee has. By comparing the qualitative and quantitative value, the correlations between HR and business outcomes can be analyzed through data.
Organizations are Implementing New HR Tech32% of employers that were surveyed stated that they would replace or implement existing HR tech. This includes payroll, recruitment, learning, performance, reporting and analytics, scheduling, time and attendance, AI and much more. On average, 52% said they expect to use or are currently using the capabilities as part of a platform or suite of HR technologies. Since there is no one size fits all solution when it comes to HR software, companies must ensure that whatever solution they opt for supports an open API to add more solutions if and when required.
Perception of ValueIt is vital to understand how employees and employers perceive the value of the tools that they use. Employees are more focused on tools and learning to help them with their retirement. The requisite tools for retirement administration are built into core HR platforms and there is a direct link between learning and performance management when it comes to both career and skills development.
Build Your CaseFor any HR leader to build a convincing case on adopting new HR tech it is important to consider the following factors such as:
- Asking all your customers
- Establishing goals upfront
- Measuring and reporting results
- Starting with an HR platform that has a strong core
Key Takeaways from the whitepaper titled, "Making Your Business Case for HR Software"
- Developing a clear understanding of the business impact of HR technology
- The necessity of analyzing the qualitative and quantitative value of HR tech
- How to align the HR tech value with employee experience
- Real-life case studies highlighting the benefits of opting for HR technology