Buying HR Technology
Our team has assessed thousands of buying processes - from point solutions to global full-suite rollouts at companies of all sizes and industries. We combined our experience with conversations we had with leaders from some of the top digital transformation firms in the HR Tech space and practitioners that have gone through this process - with failure and success. We found incredible consistency between all of the success stories and even more with the failures. While more than 80% of companies have undertaken digital transformation initiatives in the last five years, only 16% say these have successfully improved performance and equipped them to sustain changes in the long term
We have identified three key steps when buying HR technology: Planning & Building a Business Case, Evaluating & Selecting the Solution, and Implementation & Digital Transformation. All stages are essential to the success of the process regardless of company size, industry, or type of technology being assessed.
Today's blog focuses on Step 1: Planning & Building a Business Case.
Some common areas to think about when looking at the business impact of HR Initiatives:
- Hiring - Will this make us an employer of choice, give us a differentiator, or help improve the hiring process, so people want to be part of our organization? Does it improve the candidate experience leading up to hiring?
- Engagement - Engaged employees impact productivity scores, customer satisfaction ratings, and patient outcomes at healthcare facilities have less turnover
- DEIB (Diversity, Equity, Inclusion, Belonging) - How does this impact our current workforce to support our DEIB initiatives or a broader definition of unique backgrounds within our organizations? This impacts our organizations' hiring, retention, engagement, productivity, and innovation.
- Retention - Does this help us retain talent, reduce overhead, save on hiring costs, improve employee satisfaction, etc.?
- Decision Making - Does this enable our teams to make more informed decisions to be more strategic around their talent?
- Time - Will solving for this goal reduce time spent on tasks that can be automated?