HR digital strategy is more than just buying tech – Human Resource Executive®
In today’s world, we are surrounded by some of the most advanced technology ever created. From machine learning and artificial intelligence to robotics and data analytics, technology is permeating nearly every aspect of our lives. However, despite having these incredible tools at our fingertips, many organizations are squandering their potential by failing to develop a cohesive HR digital strategy. Instead, they are haphazardly buying pieces of technology and hoping they will miraculously work together. This approach is not only ineffective but also is a disservice to the technological advances we have made.
The global market for HR technology is expected to reach $38.17 billion by 2027, growing at a CAGR of 11.4% from 2020-27. This remarkable growth illustrates the increasing importance of HR technology in modern organizations. However, it’s not enough for organizations to merely acquire the latest technology. A comprehensive digital strategy is crucial for employers to fully leverage these tools and optimize their potential.
A robust HR digital strategy encompasses several areas: a mindset shift, activation of the organization for changes, deployment and implementation of solutions, sustainment of the strategy and a focus on continuous innovation. Through this process, leaders must identify the key areas of focus, such as talent acquisition, employee engagement, performance management, and learning and development—essentially, what the organization has decided it wants to be great at, versus what it’s just performing at. By carefully selecting the right combination of tools and systems, organizations can streamline their people journeys and processes, drive efficiency and, ultimately, enhance their competitive advantage.
Companies that have embraced a well-thought-out HR digital strategy have seen tangible results. For example, IBM’s Smarter Workforce initiative, which involved implementing data-driven HR technologies, resulted in a 25% decrease in time to fill open positions, a 50% reduction in employee attrition and a 67% improvement in employee engagement. These are just a few examples of the many benefits a well-executed HR digital strategy can bring to an organization.
However, merely throwing together an assortment of technologies is a recipe for disaster. A study in the Harvard Business Review found that 75% of digital transformation initiatives fail to deliver the expected results. This staggering figure highlights the need for a strategic approach when incorporating technology into HR processes.
Click here to read more insights from Jason Averbook.
To create a successful HR digital strategy, organizations should consider the following:
The choice before organizations is clear as the world is at a technological tipping point: Either embrace a comprehensive HR digital strategy or risk squandering the potential of the advanced technology that is readily available. By taking a strategic approach to HR technology, organizations can revolutionize their human resources processes, improve employee engagement and secure a competitive advantage in the rapidly changing business landscape.
Learn more about HR digital strategy at the HR Technology Conference, Oct. 10-13 in Las Vegas. Click here to register.
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© 2024. Human Resource Executive. All rights reserved.
This article was autogenerated from a news feed from CDO TIMES selected high quality news and research sources. There was no editorial review conducted beyond that by CDO TIMES staff. Need help with any of the topics in our articles? Schedule your free CDO TIMES Tech Navigator call today to stay ahead of the curve and gain insider advantages to propel your business!
The global market for HR technology is expected to reach $38.17 billion by 2027, growing at a CAGR of 11.4% from 2020-27. This remarkable growth illustrates the increasing importance of HR technology in modern organizations. However, it’s not enough for organizations to merely acquire the latest technology. A comprehensive digital strategy is crucial for employers to fully leverage these tools and optimize their potential.
A robust HR digital strategy encompasses several areas: a mindset shift, activation of the organization for changes, deployment and implementation of solutions, sustainment of the strategy and a focus on continuous innovation. Through this process, leaders must identify the key areas of focus, such as talent acquisition, employee engagement, performance management, and learning and development—essentially, what the organization has decided it wants to be great at, versus what it’s just performing at. By carefully selecting the right combination of tools and systems, organizations can streamline their people journeys and processes, drive efficiency and, ultimately, enhance their competitive advantage.
Companies that have embraced a well-thought-out HR digital strategy have seen tangible results. For example, IBM’s Smarter Workforce initiative, which involved implementing data-driven HR technologies, resulted in a 25% decrease in time to fill open positions, a 50% reduction in employee attrition and a 67% improvement in employee engagement. These are just a few examples of the many benefits a well-executed HR digital strategy can bring to an organization.
However, merely throwing together an assortment of technologies is a recipe for disaster. A study in the Harvard Business Review found that 75% of digital transformation initiatives fail to deliver the expected results. This staggering figure highlights the need for a strategic approach when incorporating technology into HR processes.
Click here to read more insights from Jason Averbook.
To create a successful HR digital strategy, organizations should consider the following:
The choice before organizations is clear as the world is at a technological tipping point: Either embrace a comprehensive HR digital strategy or risk squandering the potential of the advanced technology that is readily available. By taking a strategic approach to HR technology, organizations can revolutionize their human resources processes, improve employee engagement and secure a competitive advantage in the rapidly changing business landscape.
Learn more about HR digital strategy at the HR Technology Conference, Oct. 10-13 in Las Vegas. Click here to register.
No related posts.
© 2024. Human Resource Executive. All rights reserved.
This article was autogenerated from a news feed from CDO TIMES selected high quality news and research sources. There was no editorial review conducted beyond that by CDO TIMES staff. Need help with any of the topics in our articles? Schedule your free CDO TIMES Tech Navigator call today to stay ahead of the curve and gain insider advantages to propel your business!
