From the dot com era to the mobile boom, technology has always been of peak interest for companies looking to improve their practices. And, although the anxiety is understandable, the fear of change in the technology you keep around the office won’t help your team, it’ll hurt the company.
Waiting too much longer to jump on the HR tech investment bandwagon will cost you. Are you willing to let your team perform under their true abilities? We’re betting the answer is no.
Investing in HR Technology
Your teams, recruitment or otherwise, thrive on the technology provided to them at work. The recruitment team specifically needs tools such as the ATS, CRM, aggregators and the like. It eases the burden of administrative duties and turns them into automated processes so recruiters can focus on the core responsibility of their position - human interaction.
With 93% of CEOs agreeing they need to change their talent acquisition and retention strategies, it’s a safe assumption that they’ll look to investing in technology to help. Unfortunately, 61% of those same CEOs don’t even know where to start on the road towards better talent acquisition strategies or tools.
Jump on the Bandwagon: Instead of stressing about the cost, make the case of the return on investment. If you can show that you will save $100,000 in recruitment costs over the course of three years, then a $13,000 platform annually will make sense to the executive suite. Look to talent competitors or other companies in your industry to find some trends or common applications that fit the costs and size of your organization.
Let’s say you’ve purchased the end-to-end system or the onboarding module you’ve asked for. You’re happy with the results, in fact, you haven’t seen your recruitment department function this well in several years. The organization has just invested their money into products that are part of the HR tech world, the bandwagon, and that’s a good thing. Geoffrey Moore, author and consultant, said:
“Without big data analytics, companies are blind and deaf, wandering out onto the web like deer on a freeway.”
Don’t let your company wander financially. The budget you save can be placed into more pressing matters that can help the company grow in other areas and departments. Select tools that allow you to find financial leaks, like recruitment bottlenecks, ineffective ad spend and quality of hire measurement.
Improve Health and Wealth
The functionality and the success of the company in the modern business world heavily depend on how well the technology works for you and how easy it is to use. Investing in a platform that removes unnecessary weight from your recruitment team’s shoulders gives you the ability to expand the health and the wealth of your company. Steve Boese (@SteveBoese), HR Technology Conference Co-Chair, explained the benefits of investing in HR Tech from a functional and financial level:
“More investment creates more competition which leads to better products and more customer choices. And while sometimes it seems like in HR tech that the bigger, more established players have gobbled up via acquisition many of the new entrants, I can assure you that judging from the number of HR tech startup demos I have been doing there is no shortage of new ideas and innovation in the space. This is a great time to be a customer of HR Tech, even if the market can be a little tricky to navigate.”
With the right platforms you can find the best employees for your organization so you no longer spend extraneous budget on poor performance or ill-informed hiring practices.
Despite any fear you may have in growing your recruitment department technologically, it would behoove you and your team to take part in the phenomena. Whether that means you purchase a new system to replace the old one or invest in the technology as a novice. Your team depends on technology to help you make better hiring decisions and retain employees longer. You want to save time and money, they want to be able to focus on their core responsibilities; it’s time you add HR Technology to their tool belt.