Since the beginning of time, technological innovations have tended to be met with some skepticism. Today, with so much technology at our fingertips, both at home and at work, it’s natural to wonder which solutions are worth the investment. HR technology solutions, when thoughtfully selected with business needs and goals in mind, can improve efficiency, providing the extra time and insightful data needed for the strategic decision making that can transform an HR leader’s role. In fact, the first annual Paychex Pulse of HR Survey found that 75 percent of HR leaders at small and mid-sized companies (50-500 employees) feel HR technology has enabled them to secure a seat at the leadership table.
For HR leaders and their teams, technology solutions can drive efficiency and free-up valuable time currently being spent on administrative tasks or data entry. But on a more strategic level, technology can provide an objective and comprehensive view of the workforce, allowing HR leaders to see and suggest more informed, purposeful actions to executive leadership. Speaking of the workforce, in addition to helping HR leaders become more efficient and strategically engaged, technology also keeps employees engaged with mobile solutions and self-service HR capabilities. These solutions are particularly appealing to Millennials, who’ve come to consider integrated technology a given when they enter the workforce.
While the benefits of technology – including informative data analytics, improved efficiency, and recruitment advantages – are tempting, all technology is not created equal. Solutions that do not effectively meet business needs can burn both time and money. In fact, 44 percent of survey respondents are using several separate systems with some integration as opposed to a single integrated suite. That means they’re spending valuable time rekeying data into multiple systems; 30 percent say they spend as many as 15-29 hours per month.
The purchase of technology solutions should stem from an understanding of how these systems will help the company save time, save money, and ultimately contribute to achieving overall business goals. Your guidance in understanding your small business client’s needs and financial processes can help ensure that they don’t miss the technology boat or jump onboard with the wrong solution. Done right, technology can become a selling point for small and mid-sized businesses looking to attract and retain enterprise-caliber talent. It can also help HR leaders effectively evaluate ways to better manage people and save money, which is a win for HR leaders, a win for the C-suite, and a win for you as a well-integrated solution can provide the accurate information you need for taxes and other financial processes down the line.