Six out of 10 companies share that they are set to increase their budgets for HR technology in the next year. The People Matters HR Technology Study 2015 discloses such intriguing insights along with indicating where the market is today and most importantly where it is going.
The Study uncovers that the crucial HR processes of strategic workforce planning, succession planning and recognition are least technologically driven, but significant value generation can be achieved in these domains. Only 2 out of 10 respondents have an automated technology system to support strategic workforce planning, while only 2.5 out of 10 respondents have automated succession planning. Only 3 out of 10 companies are using technology as a means to deliver or measure recognition programs.
In terms of short-term investments (in the next 6 to 12 months), collaboration and enabling team work via technology tops the list with 43 per cent of respondents sharing their intent to invest in this area of HR technology, followed by recruitment (40 per cent), recognition (40 per cent) and HR data, reporting and analytics (40 per cent). Regarding long-term investments for 12 months and beyond, the functions that will see the highest budget allocation will be HR Analytics (72 per cent), Recruitment Technology (69 per cent), L&D Technology (69 per cent) and bringing mobility across the HR processes (65 per cent).
The cover story brings to you such interesting data points and more about HR technology objectives, challenges and decision-making processes. To corroborate the data, the Study captures how organizations across industries such as Reliance Group, Tata Consultancy Services, Aircel, Genpact, Taj Group of Hotels and Bharti Airtel, interpret their business environment and apply HR technology to resolve various business problems. The analysis of this report will be presented in detail at the TechHR Conference & Exhibition on 19th and 20th of August.
The issue’s cover story also reveals some of the biggest challenges, which the HR leaders face in implementing technology. In our interactions with industry leaders, it emerged that the real challenge for HR leaders was to pursue and maintain such efforts, and navigate through the complexities and obstacles that such change management processes cause. According to the OC Tanner research, as much as 9 out of every 10 instances of great work involved the person staying, toughing it out, and seeing the work through to a desired result. The HR Technology Study 2015 exhibits that the next wave of HR Technology penetration in the coming years will be in a lot more strategic areas. While this has an opportunity to generate significant value for the business, it also requires a higher commitment of the HR leaders to stay committed on the course until value and business impact emerges.