As the 2020s brought in a whirlwind of changes, several specifics stood out in terms of talent, tactics and technology for business of all sizes throughout all industries. isolved surveyed 500 Human Resources leaders to learn about their department’s biggest challenges and opportunities, to reveal the current state of people management.
Highlighting the survey data from these business leaders, their responses paint a picture of what today’s top HR challenges are, as well as what opportunities lie ahead.
People are your business’s most important asset.
56 percent of HR leaders say retaining talent has become more difficult over the last year, while just 9 percent say it has become less difficult. Although Employee Experience (EX) has been in the spotlight, there is still work to be done in this area to prevent employees from moving on to outside opportunities. According to our research, 75 percent of HR leaders rate their organization’s current EX as good or outstanding, and 83 percent are making it a priority in the year ahead. EX has become a broader company initiative, which shows the power employees have and justifies them as one of the most important assets.
Strategic Human Capital Management increases company success.
A comprehensive HCM strategy can push your company a step ahead. Internal or external, new tactics may be needed. 40 percent of leaders noted that HR compliance and efficiency analysis are most likely to be outsourced, with another 21 percent citing compensation analytics and wage banding. Analytics are a great way to understand your employees. The survey asked leaders why they aren’t leveraging analytics and a whopping 49 percent responded they simply haven’t invested in people analytics. Strengthening a tactic like this, especially outsourcing for a full-body approach, is a surefire move towards success. And knowing peer outlooks on tactics ensures organizations can be leaders in the next wave of disruption, not laggards.
Enabling strategic HR through technology maximization.
Prior to the pandemic, HR departments were often at the bottom of the list when it came to priority for digital transformation projects. In fact, when asked in our 2022 survey “What is holding back your HR department from being digitally mature?” 54 percent replied that it isn’t a priority. However, when asked if they believe their organization is digitally mature, 71 percent said yes. So, we’ve learned there has at least been an uptick in invested time and resources into a digital-first approach over the last two years. Why is maximizing technology important? According to those surveyed, the top reasons for adding or increasing their digital footprint are inability to manage the entire employee journey and worry about experiencing security issues (both 18 percent.)
Forward-thinking HR leaders recognize that technology can have a direct, positive impact on HR and payroll management and compliance. So where do you sit in your tech journey?
Want to learn more? isolved is partnering with the PA Chamber of Business and Industry for an upcoming podcast. Make sure to tune in and stay ahead of the HR and payroll game.
Interested to read the full report or learn more about isolved? Contact the isolved Regional HCM Consultant, Brad Rinehart at brinehart@isolvedhcm.com or 215-798-6363.