Employers Plan Greater Investment in HR Tech: PwC Report

February 20, 202010:24 am747 views
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Organizations are planning to increase their investments in HR tech through 2022, according to a PwC global survey of 600 HR and HR information technology leaders. Attracting new talent, developing employees’ peak potential and improving the work experience through automation are the top goals for employees implementing new technologies, according to PwC.

“Employers are looking to invest in the strategic side of HR,” Dan Staley, HR technology leader with PwC, commented. “Fifty-six percent of those surveyed say they are going to increase investments in finding, attracting and retaining talent.”

See also: This is Where to Start the HR Tech Innovation

A decade ago, HR tech was lagging in adapting to new technologies, but today, HR cloud solutions are a $148 million market. About 74 percent of companies surveyed by PwC are planning to increase their spending in HR tech this year in order to address their main talent needs. Employers are expected to make investments in talent acquisition (49 percent), improved user experience for employees (48 percent) and skills mapping and career path tools (46 percent).

Technology in the HR space is used by every employee, which makes it a little bit different than other domains. In terms of the employee experience and developing talent, it really comes down to giving and getting feedback, reported Benefit News.

Diversity and inclusion is one area where improvements in HR tech can benefit employee recruitment and retention to make sure the organization isn’t being biased during the hiring process.

Staley cited that “The recruiting tools that are out there today are designed to remove the bias in interviewing. Employers can have AI involved in video-based interviewing, which takes into account how candidates answer the questions and render a score of what the fit is, in an effort to take out any human bias.”

Read also: 3 in 5 Business Leaders Found Hiring Candidates Using HR Tech Gives Greater ROI