Technology is crucial for HR transformation, but discussions about “going digital” are pointless if a company fails to invest in the appropriate tools.
A Paychex study revealed that a significant majority of HR professionals today feel that technology has greatly enhanced their ability to contribute to corporate success. After the conclusion of the first half of 2019, organizations are gaining better insight into the tech purchases that are proving to be advantageous.
The most popular HR tech investments in 2019 were:
- Utilizing recruitment technology to focus on top-tier candidates (72%)
- Team collaboration platforms like Slack, Chatter, and Jive (69%)
- Voice recognition software (58%)
- Virtual reality interfaces make up 57% of the market.
- Chatbots (54%)
Businesses that have invested in new HR software and platforms are now seeing the positive outcomes, as HR leaders:
- Improve the overall employee experience (85%)
- Develop a more strategic approach in their role (83%)
- Empower employees to enhance their efficiency and productivity (80%)
- Optimize workforce efficiency to maintain high productivity levels, while minimizing the number of low-skilled employees (64% output).
- According to the researchers, HR professionals who are always on the lookout for new technology and tools are more likely to stay ahead of the competition. These tools are revolutionizing recruiting, collaboration, and task management.
Looking ahead, the area with the highest potential for return on investment is expected to be talent acquisition and development. 81% of HR leaders believe that their technology investments will support their growth plans, help them retain employees, and enhance overall productivity.
Employers are also investing in other specific areas.
- Keeping records (64%)
- Time and attendance tracking (57%)
- Performance management (56%)
- Many companies are also seeking to boost their investments in travel and expense reimbursement software (52%) and onboarding tools (49%).