In an oversaturated labor market, employers are finding it harder than ever to attract and retain top talent. A 2018 study by Willis Towers Watson revealed that health and well-being are one of the top three drivers of attraction and retention, signaling that employees seek companies that cultivate a fulfilling work environment. As a result, employee experience and well-being is now the crux of improving company culture and developing a magnetic competitive advantage.
In this competitive landscape, how are human resources (HR) professionals innovating how they execute holistic people strategies? With the help of new technologies, it turns out.
HR professionals are finding that technology improves how they—and their people—work. Efficient payroll portals, feedback management systems, and commuter benefit programs are just a few of the many tools transforming the workplace.
A recent survey found that 77% of chief human resources officers (CHROs) expected to see an improved employee experience over the next three years as a result of a digital transformation. Additionally, 70% stated that their use of technology has allowed them to set goals to foster a sense of community and build a healthy work culture. This indicates that the vast majority of HR executives are prepared to create a more digital and scalable way to keep and attract talent at their organization.
HR technologies are a business-critical investment
New technology has the potential to streamline HR operations and solve problems previously accepted as the status quo for employers. No longer do payroll managers have to manually disperse pay and stipends, nor do benefits professionals have to organize carpools within the cells of a spreadsheet. There are brand new suites of answers readily available to remove employers from these outdated workflows.
As companies modernize their people strategies, both HR professionals and employees are reaping the benefits of these updated processes. A new report from Information Services Group (ISG) found that adoption of technology can improve employee engagement and experience, provide access to best practices and innovation, and even reduce administrative costs incurred from increased turnover.
Turnover, in particular, has staggering costs for businesses. When an employee quits, an estimated 50%–250% of their salary is spent trying to find a replacement. This accounts for time spent recruiting, interviewing, onboarding, and eventually training a new hire.
By investing in new technologies that improve the employee experience and wellbeing, employers can reduce the risk of turnover, ultimately saving millions on costly replacement processes.
HR professionals need executive buy-in to adopt new tech
While HR professionals are eager to make the move toward a digital transformation, many report hitting internal roadblocks.
According to a report from The Hackett Group, 90% of HR executives believe that tech will transform how they operate, but less than half say they have adequate resources to bring about meaningful changes. Respondents cited decreasing budgets and insufficient amounts of staff as the top blockers in their attempts to acquire new tools for improving their people strategy.
Getting executive buy-in at all levels is an essential way to power scalable transitions. HR professionals need to convey to C-suite executives the ways that new technologies can help their company meet core goals around attraction, retention, and attrition. Once all stakeholders are on board, they’ll be able to work closely to develop solutions all while prioritizing their workforce.
As the push towards modernization continues to increase, executive leadership has already started to acknowledge the need to prioritize emerging Human Resource functions. During PwC’s 22nd Annual Global CEO Survey, 55% of CEOs admitted that their companies haven’t been able to innovate quickly and 52% cited concerns over rising people costs. This puts HR in a key position to drive impact through strategic support from leadership.
ISG recommends that HR professionals define realistic goals for cost-savings, make swift investment decisions, and find sustainable ways to merge technology into daily work. This way, efficiency stays top of mind when implementing new technologies across the company.
Find your next solution
Overall, the trend towards tech acquisition means that workplaces are prioritizing the labor of leaders in People Operations and the wellbeing of their workforce. Companies are continuing to prioritize retention, creating an employee experience that works for every individual at their organization. The next step in this movement is to stay ahead of the curve by finding the actual tools that make engagement goals achievable.
At Scoop, we work closely with HR professionals to implement a commuter solution using technology that drives impact across the business. When employers bring Scoop’s dynamic carpooling solution to their organization, they unlock the ability to build community, increase overall productivity and engagement, and reduce employee turnover.
Are you looking to remove the burden of the commute for your employees? Contact us at firstname.lastname@example.org