When you review the past decade, no factor has influenced human resources more than technology. What’s more, the rate of technological change appears to be accelerating with each passing year. If you’re looking to do more with less, it’s time to consider HR technology opportunities.
World-class HR organizations spend 25 percent less than average HR organizations and function with 30 percent less staff, according to The Hackett Group. The reason? Staff are more effective at their job, often thanks to technology that eliminates time-consuming tasks and streamlines strategic efforts.
World-class HR operations are in the top quarter in effectiveness and efficiency, as defined by The Hackett Group report. The potential cost savings for companies implementing strategies to gain world-class HR status are tremendous; the consulting firm notes a company with $10 billion in revenue could save up to $15 million a year by gaining the designation.
What technologies are getting the most attention and providing the biggest benefit in HR?
Consider these opportunities as you revise strategies for 2018:
The Hackett Group reports world-class HR operations spend more on cloud-based technology and selective outsourcing. This streamlines functions while making data organization and access simple.
As part of this shift, leading HR departments are automating clerical and transactional tasks. This narrows the margin for errors and opens staff time for more strategic initiatives.
HR leaders are embracing AI thanks to impressive results, especially when it involves people management, including staff engagement and trust building.
Recruitment, staffing assessments, hiring analysis, and more are made easy by people analytics software that provides key insights that help inform decision making.
As staffing needs change thanks to the growth of the gig economy, technology allows HR to better manage a fluid workforce, such as for onboarding or tax compliance purposes.
In addition to people analytics, predictive technology can help HR better retain effective employees while further helping the company define its values and culture.
The bottom line is human resource technology is an investment, but it’s one with significant payoff potential. By analyzing your needs and opportunities, you can redefine your HR department in 2018 and beyond.