How to choose the right HR tech for your business
Reward Consultancy | Reward Intelligence | Pay & Reward | Good data | Benefits audit | Analytics | Reward technology | Reward Strategy | Productivity | Reward
You don’t need me to tell you that HR tech is here to stay. Embracing its possibilities will empower your existing processes and streamline your working life, saving you time and hassle.
Whatever your problem, there’s a piece of software out there that purports to solve it – but how do you sort the wheat from the chaff and choose the right investment for your business?
Here’s 4 quick factors to consider before you make your selection.
Consider your objectives.
Do you want to fix a gap in what you do, enhance your employee proposition e.g. benefits, performance management? Are you wanting to save time and manual effort, and ultimately money? Are you trying to gain a more strategic view of your ‘people’ operation through analytics and insight? Or do you want to professionalise your HR function?
Conduct a technology audit.
Make a list of the systems that you currently use - even the Excel spreadsheets – including how you are using them. What are the demands being made on the HR function that you can’t address? Are your systems meeting the current and future needs of the business?
Do your research.
There will no doubt be a number of products on the market. Look at them all. Do they really do what you want? How easy are they to use? And how much do they cost? You will need to do a bit of digging to get the full picture – ask for a demonstration and to speak to some of the clients to get peer reviews.
Create a business case.
Establishing a business case is a time consuming process in itself but absolutely critical in order to gain executive team buy-in. Outline the business benefits and include return on investment figures i.e. how much will the technology cost (both initially to buy and the year on year license fees) and then look at the potential savings.
It’s our belief that Reward can really benefit from the power of technology. How many times have you done battle with a spreadsheet at annual pay review time; with a vlook-up that just won’t work no matter how many times you have played with the formatting? Whether it’s internal job evaluation, external market comparison, pay review allocation or performance management, technology can take away some of the pain. Making your processes faster and more effective will massively enhance the credibility of the HR department overall.
If you’d like more detail, we’re hosting a webinar on 'Building a business case for HR technology', where Innecto’s Justine Woolf will be joined by Phil Vickers, HR Director at Charles Tyrwhitt.
Register here to join the discussion.
We'll take you through a step by step guide, from experienced HR Tech practitioners on both sides of the table. During the webinar, Justine and Phil will cover how to approach your research, opinion gathering, financials, return on investment, and buy-in from senior stakeholders outside HR.
Everyone knows how important tech is for the future of our industry, and now you can learn from the experts how to build a business case to acquire it at your company.
If you’d like support or advice with digitising your reward, please get in touch on 020 3457 0894.