Doesn’t it feel good when you know you’ve made a good investment? Especially when you’re on a limited budget and know how important every dollar is!
Nearly 90 percent of companies who took a chance on HR software feel that their investment was worth it—based on a recent survey conducted by online HR technology reviewer, Software Advice. Being more efficient and having accurate data—which is exactly why HR software is so valuable—can make all the difference.
Sometimes when you realize the benefit of one investment, you start thinking about other similar investments that can also benefit you. In that vein, do you know where your HR friends are planning to invest next?
1. Performance reviews. The traditional way we’ve done performance reviews is over. HR wants a better and more useful way to review and measure an employee’s performance and growth. That’s why 44 percent of companies plan to increase their investment on performance reviews in 2015. HR is looking for a way to handle performance in a way that supports today’s HR.
2. Personnel tracking. Always a huge time taker, personnel tracking is one of the most important things HR can turn over to technology. If HR software can automate some of this function—like tracking time off and updating and reporting on employee information—then HR has the time it needs to focus on more strategic functions. 42 percent of companies plan to increase their investment in personnel tracking in 2015. HR knows that being more efficient will allow them to do so much more on a limited staff and budget.
3. Applicant sourcing. 37 percent of companies plan to increase spending for applicant sourcing in 2015. HR wants better ways to find and target potential applicants. They want an easier way to use mobile and social media to engage talent from the very beginning and grow a strong candidate pool. They want to know where it’s best to focus their efforts in recruiting.
This study also shows us where HR wants to decrease its spending. We learn that 7 percent plan to decrease spending on payroll in the upcoming year. Although it’s low, that is a place where HR feels it has things under control—perhaps they are outsourcing payroll—and doesn’t need to up the amount of their investment.
Of course, we’ve only covered a few of HR’s functions. Be sure to check out the rest of this list to see where other HR pros are investing and see if you might need to grow in some of those places as well!
Are you thinking about investing in personnel tracking in 2015? You can kick the wheels of BambooHR’s system with a free trial!