How to navigate the changing HR technology landscape
By: Mady Peterson
To help you successfully navigate 2018, we put together a CHRO trends report to cover the five most important trends for every CHRO in the coming year — and tips for leaders who are ready to take action.
Over the next couple months, we’ll dive into each trend in our new CHRO trends blog series.
TREND #4: HR TECHNOLOGY DISRUPTION
Since the end of the last recession, HR technology has entered a period of substantial growth that is off the charts historically — even surpassing the dot-com boom of the late 1990s and early 2000s.
According to research from CB Insights, investors pumped $3 billion into HR technology in 2015 and 2016, with 2017 looking to be another $1 billion-plus year.
This growth was precipitated by the influx of point solutions, particularly in employee engagement and talent acquisition. While growth continues, a new round of changes will take place: technology integrations, company partnerships, and market and product consolidation.
CHROs critically depend on technology, but HR technology purchasing has become more challenging.
“2018 will see the full emergence of the integrated engagement platform, which will combine features and benefits from closely related technology categories, such as well-being, recognition, learning, and engagement measurement. Expect new leaders to emerge at the platform level as vendors expand beyond their traditional categories. To prepare for this major trend, take time to research the similarities and differences between the critical categories that will comprise the integrated engagement platform. Companies will be best served with an integrated approach to engagement.” — Bret Starr, Founder and CEO, The Starr Conspiracy
In 2018, CHROs need to navigate this changing HR technology landscape. As changemakers, CHROs must stay on top of market trends, so they can make bold decisions about technology that drive the organization forward.
Here’s what you can do in 2018:
1. Know the market and follow the trends
2. Enhance company strategies with new and existing technologies
3. Build meaningful integrations between HR and other business technology
Despite the pandemic, Gallup reports a sharp drop in the percentage of employees who strongly agree that their employer cares about their overall wellbeing. Check out this guide on how to reduce employee attrition with a well-being program.