HR leaders say their budgets have increased between 2020 and 2021, and much of their new-found funding will be invested in technology. What’s not clear is whether newly implemented solutions will be used to expand the scope and capabilities of HR’s work, or simply help practitioners more effectively address the needs of the distributed workforce.
More than half of the HR leaders surveyed by isolved, 53%, said their budgets have risen since last year. Roughly the same proportion, 51%, plan to implement a new HCM technology solution sometime in the next 12 months.
HR leaders say their budgets have increased between 2020 and 2021, and much of their new-found funding will be invested in technology. @iSolvedHCM #HR #HRTech Click To TweetSecurity issues, digital transformation and service issues are the top reasons driving technological change, and last year’s pivot to remote work is a key factor in the overall movement. For one thing, isolved said, HR departments have been forced to adopt a wider range of tools in order to administer the distributed workforce.
More Urgency to Experience
HR leaders are well-aware that employees expect their digital experience at work to be on par with the experience they have with consumer-focused applications. Indeed, any number of studies have shown that worker interaction with business systems is a driver of their overall employee experience.
It’s not surprising, then, that the great majority of HR leaders, 92%, told iSolved that employee experience is a top priority for 2021. The two top reasons: the remote-work environment and the need to improve retention, each cited by 32% of respondents.
Other key findings include:
- HR leaders ranked remote-work environments, stressed employees, overworked employees and negative attitudes among the top threats to positive company cultures.
- About 48% HR leaders expect recruiting to be more difficult in 2021 than in previous years.
- The top three threats facing talent acquisition this year include the remote-work environment brought on by Covid-19 (40%), hiring freezes due to Covid-19 (27%) and competitors with larger budgets (16%).
- The top three threats to retention are remote work (33%), increasing employee experience expectations (14%) and competitors with larger budgets (14%).
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