CHARLOTTE, N.C., Feb. 9, 2021 /PRNewswire/ -- Fifty-three percent of human resources leaders indicate their budgets have increased in 2021 with another 51 percent planning to switch to a new human capital management (HCM) solution in the next 12 months, according to new research from isolved, a Leader in SoftwareReviews Data Quadrant for HCM.
In its new research report, "Transforming Employee Experience: A SWOT Analysis of 500 Human Resources Departments," isolved surveyed HR managers, directors, VPs and chief people/HR officers to learn the strengths, weaknesses, opportunities and threats facing their departments after a year marked by extreme changes to the workforce due to the global COVID-19 pandemic.
At the core of an HR team's ability to serve distributed teams is their technology stack. Of their top reasons for switching HCM systems, security issues, undergoing a digital transformation project and service issues were ranked the highest. Equally telling are the top opportunities HR leaders noted. Consolidating multiple HCM systems, employee engagement and being able to recruit from anywhere due to remote workplaces were ranked among HR leaders' biggest opportunities for this year (all tied at 20 percent).
"There isn't an HR leader around who doesn't want access to the latest tools and technologies to serve employees in the way they expect based on their consumer experiences," said Amy Mosher, chief people officer at isolved. "The pandemic exposed so many gaps in a company's digital readiness and the survey data shows that organizations are now prioritizing investments in employee experience to close them. One way to improve that experience is by reducing the number of technology tools in place in favor of a single system of truth for both the HR admin and the employee."
On average, the majority of HR leaders (55 percent) use 1-5 different HCM software systems and nearly a third (29 percent) of HR leaders use 5-10 different systems. Companies with 501 employees or more are the most likely to use over 10 solutions to manage HR. Despite the disparate technology, there are other threats to contend with like how employees will respond to further COVID-19 measures. The majority of organizations (44 percent) will mandate that employees get the COVID-19 vaccine in order to return to work. Other key findings include:
"To negate these challenges, HR leaders need to get to the root of understanding what employees need – moving away from wellness apps and shorter zoom meetings – and toward enhanced flexibility, technology, training and transparency to support and build trust among the workforce," said Mosher.
Get full access to all the survey data by downloading, "Transforming Employee Experience: A SWOT Analysis of 500 Human Resources Departments."
isolved is an employee experience leader, providing intuitive, people-first HCM technology. Our solutions are delivered directly or through our partner network to more than five million employees and 145,000 employers — who use them every day to boost performance, increase productivity, and accelerate results while reducing risk. Our HCM platform, isolved People Cloud, seamlessly connects and manages the employee journey across talent management, HR & payroll, workforce management and engagement management functions. No matter the industry, we help high-growth organizations employ, enable and empower their workforce by transforming employee experience for a better today and a better tomorrow. For more information, visit www.isolvedhcm.com.
Amberly DresslerDirector of Brand and Contentadressler@isolvedhcm.com704.313.1735
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