New research by Towers Watson has revealed that investment in HR technology and software is growing, with 88% of businesses planning to spend the same or more on HR technology.
The study, titled the 2015 HR Service Delivery and Technology Survey, found that 12% of businesses expecting to increase their HR spend will do so by more than a fifth.
Over 30% of organisations are planning to replace their core HR system entirely, whilst 40% were planning to swap their on-premise HR system for a software as a service solution. (SaaS)
Mobile technology within HR software is becoming more prevalent, with 61% planning to use mobile technology in 2015, up from 46% in 2014.
Over-reliance on paper-based methods
Despite the growth of technology, the study highlighted that many companies still continue to rely on paper-based methods.
Tim Richard from Towers Watson says it is startling just how many companies depend on paper-based systems but, driven by cloud technology, believes automated systems will eventually become the norm.
Organisations looking to enhance their existing HR and payroll systems should consider how seamless integration of workforce management functions can deliver strategic value, providing the tools needed to not only manage the workforce but optimise it in alignment with business demands for future success.
Workforce management should be perceived as a core component of the HR function.
By automating routine business processes workforce management solutions support HR teams to meet staff budgets, manage Absence Management policies with consistency, meet compliance requirements, increase productivity and engage with the workforce.
Streamlined administration eradicates the need for manual methods, reduces errors caused by data duplication and frees up valuable HR time to spend on core areas of the business.
Visibility and Mobility through ‘The Cloud’
Collation of accurate data and analytics provides managers with the visibility they need to make informed business decisions influenced by staff movements and productivity.
Cloud-based functionality means managers can enjoy 24/7 access to valuable data, so they can manage their workforce wherever and whenever they like, from their smartphone, tablet or laptop.
Real-time access in the cloud also empowers employers to introduce flexible working with confidence, and support employees to manage their own working time so they can enjoy a better work-life balance.
Time to evaluate?
For organisations thinking about their HR investment, it is important to evaluate what systems you have in place and consider how workforce management can support your strategic goals.
Run separately, Workforce Management solutions can help support the day-to-day management of your business. But when integrated with HR software, the outcomes are taken to another level.