Pop quiz: When The Starr Conspiracy Intelligence Unit asked businesses of various sizes in 2015 if they planned on investing in human resources technology software within the next 12 months, which type of company topped the list?
If you guessed firms with 100 employees or less, you’re correct. Despite popular notions that such advancements are the realm of bigger companies, an increasing number of small businesses are discovering that they can save precious time and money by finding tech solutions that fit their needs. In fact, recent surveys report that the use of HR technology can do the following:
- Reduce time spent on HR administrative tasks by 40 to 50 percent.
- Save up to 40 percent in administrative costs.
- Increase business value by up to 6.5 percent.
So why do some small businesses still hesitate to adopt HR technology? Reasons tend to include budgetary concerns, lack of time to implement, and perceptions that it will be difficult to master. Instead of focusing on these fears, however, try concentrating on the possibilities. Small business executives report spending about 25 percent of their time doing employee-related paperwork, according to a survey by Accounting Today. Imagine freeing up those hours for other activities that would help the business grow.
Ready to explore options? The following can help with the decision-making process:
Clarify priorities. Making choices based on pressing needs tends to be a regular occurrence for most small business owners. Selecting from an array of potentially wonderful tech solutions is no different. Focus on what would benefit the company most. An applicant tracking system could be a wise investment for a business heavily involved in hiring new talent. Another firm might be more concerned with software that can manage regularly scheduled tasks such as payroll. Specifically pinpointing what you hope to accomplish with HR technology can put less strain on both your mind and your budget.
Obtain actual prices. Don’t immediately equate “technology” with “expensive.” Innovations such as cloud-based software are making options increasingly affordable for small businesses, so it pays to deal with real figures rather than assumptions. Also, take into account the number of man hours that will be saved by using the technology. You may find that the investment quickly pays for itself.
Seek help. Finally, remember that support exists for choosing the best HR tech for your needs, implementing it at your workplace, and answering questions as they arise. Find a company that makes you feel valued, perhaps one that specializes in solutions for small businesses. Establishing a relationship will not only ease the stress of current decisions, it will provide you with a trusted advisor to consult as your business grows.
Want more advice and resources for building your small business? Learn about the essential elements of a standout recruitment strategy.