HR software continues to be of critical importance for employers to effectively manage their workforce, and a new study by global consulting firm Towers Watson uncovered HR departments have started to make smarter investments in their human resources solutions.
According to the 2014 HR Service Delivery and Technology Survey by Towers Watson, one-third of the 1,048 companies surveyed said they would be investing more HR dollars into the HR systems, with 29 percent saying they will specifically invest in a new core HRMS. Using a modern, innovative human resource system is essential for companies to remain competitive, because it ensures businesses invest in their employees and have the right support in place for decision-making. The Towers Watson survey suggested more employers are starting to understand this important aspect of the workplace, and are looking to strategize their human resources to improve their business overall.
Shifting Perspectives Starting to Increase
Towers Watson's survey found the biggest factors in the boost of investment in HR solutions are time, money and talent - all of which employers are increasingly focusing on. The survey discovered 33 percent of businesses are now using employee engagement information to help them better manage the workforce and improve the company's financial outcomes. The employee engagement survey part of the Towers Watson study was new this year, according to the consulting firm, but has become an essential aspect in how companies gather measurable insights on their business and make changes. The information is often used to prioritize the business's strategies and needs, as well as showcase how well its HR solutions are setting managers up for success.
According to Benefits Pro, the survey noted HR portals and mobile solutions are gaining ground. Sixty percent of companies said they had HR portals this year, which is a rise from only 53 percent saying the same in 2013. Of those without an HR portal, half said they are looking into investing in one. Mobile is also being increasingly embraced by companies, as the survey found 46 percent had mobile HR transactions compared to only 36 percent last year.
In addition, the survey found employers are focusing their future initiatives on HR needs and functions to better support the company. These include manager self-service tools, which the survey saw had a spike in adoption this year, Benefits Pro reported.