Technology plays a central role in HR transformation, but all talk of ‘going digital’ is meaningless if a company isn’t investing in the right tools.
Eighty-seven percent of HR professionals today believe technology has “strengthened their contribution to corporate success,” a Paychex study revealed. With the first half of 2019 over, organizations are now seeing more clearly which tech purchases are proving beneficial.
2019’s most popular HR tech investments include:
- Recruitment technology for targeting high-quality candidates (72%)
- Team collaboration platforms such as Slack, Chatter and Jive (69%)
- Voice recognition software (58%)
- Virtual reality interfaces (57%)
- Chatbots (54%)
Businesses that have poured money into new HR software and platforms are now reaping the benefits, as HR leaders:
- Enhance the overall employee experience (85%)
- Become ‘more strategic’ in their role (83%)
- Enable employees to become ‘more efficient and productive’ (80%)
- Reduce low-skilled worker headcount while keeping output high (64%)
“Savvy HR professionals remain on the lookout for new technology and tools that will give them a competitive edge,” the researchers noted. “These tools are beginning to transform recruiting, collaboration, and task management.”
In the days ahead, the biggest return on investment is predicted to be in the area of talent acquisition and development: 81% of HR leaders claim their tech investment will enable them to grow and maintain their headcount and boost employee productivity.
Other specific areas employers are investing in are:
- Record keeping (64%)
- Time and attendance tracking (57%)
- Performance management (56%)
More companies are also looking to increase their spending on travel and expense reimbursement software (52%) and onboarding tools (49%).