The amount of spend on HR technology is projected to rise 6% yearly, reaching $35 billion in 2028 according to Fortune Business Insights.
Leaders recognize evolving is the only way to remain competitive in attracting, hiring, and retaining talent. Hoping to mitigate this risk, leaders are investing millions in HR technology stoking the market to be red hot.
However, simply buying a new piece of HR tech is not enough.
To see the material impacts of these HR technologies more needs to be considered. Companies should focus first on their desired goals and outcomes. Clearly defining these is essential. Doing so will help from the RFP stage, to implementation, and beyond. The goals and outcomes are the lighthouse serving as a clear waypoint ensuring companies get the most out of their investments.
By taking the time to define your goals and desired outcomes, you'll be better equipped to evaluate potential HR tech investments and determine which ones are most likely to help your organization achieve a competitive advantage in the talent market. Remember, the key to success with HR technology is to align your investments with your business objectives and use them to support your ongoing efforts to attract, hire, and retain top talent.