Small and medium-sized businesses make up 44% of American GDP, nearly 50% of employment and roughly half of the $370 billion companies spend on technology. They’re being rattled by economic uncertainty, of course, but in response are adopting more sophisticated approaches to purchasing, such as centralizing-decision making and and becoming more advanced in their procurement practices. That’s a good thing when HR technology is becoming both more advanced and more affordable.
From automating manual tasks to helping manage and analyze data, technology has assisted HR teams get their work done for a long time. But for SMBs, the high cost and complexity of HR technology solutions have often pushed these solutions out of reach.
However, writes Talroo CEO Thad Price in Forbes, changes are afoot. With an eye on SMBs, solutions providers are developing new data, recruiting and other products. “The solutions long used to deploy data-driven and automated recruitment strategies for enterprise businesses are no longer out of reach” for SMBs, he said.
“The sheer variety of solutions available is often overwhelming and can lead to frustration for most SMBs, especially when factoring in costs,” Price said. “However, there are significant changes happening in HR tech that will benefit SMBs.”
Uses for Technology
Investing in HR technology can save time and money, allowing SMBs to reallocate dollars to better build and run their businesses.
HR software can also help them improve productivity and efficiency, according to the engagement website hppy. By automating manual tasks, technology can make processes more efficient and free up time for employees to complete tasks in other areas, thus increasing productivity.
In addition, HR software can enhance employee management and help companies navigate strategic planning by providing greater insight into their employees and workplaces through data and analytics.
This is all good, but it’s important for SMBs to carefully assess their specific needs and select the right HR solutions to meet them. Among the considerations: a user-friendly interface, scalability, customizability, customer support and flexibility.