HR 101

Ten HR Tech Solutions Every HR System Needs

Pat Brothwell

An HR System Employee Picks out Top HR Tech Solutions

More than 12.1 million employers in the U.S. spend over $5 trillion on payroll, training, and other employee programs annually. HR functions aren’t just something forward-thinking organizations invest time and resources in, but something every business needs to grow. Today’s organizations are turning to HR technology solutions to automate, strengthen, and streamline their HR, often in the form of HR systems, including Human Resource Management Systems (HRMS), Human Resource Information Systems (HRIS), and Human Capital Management (HCM).

The 2022 HRIS Software Report says the top reason businesses of all sizes purchase HR Solutions is that they want to gain greater functionality—today’s HR system customers are looking for one solution covering the full breadth of the HR cycle.

The global human resource management market is expanding, forecasted to grow 12.2% by 2028. HR Solutions needs to give consumers the full HR spectrum coverage they want to remain competitive. What human resource technologies are necessary to be a competitive HR system? This guide will provide 10 HR tech solutions every HR system needs, based on current HR needs, benefits, and trends.

HiringThing offers a private-label applicant tracking system so that HR Solutions can provide a proprietary, branded recruiting solution to their clients.

Recruiting

Recruiting is an evergreen challenge for most businesses since what job seekers look for is constantly evolving.

An applicant tracking system (ATS) is software used to streamline and automate recruiting and hiring. The majority of businesses—75% of recruiters and hiring professionals and 98.5% of Fortune 500 companies—use an ATS for their hiring and recruiting needs.

Organizations utilizing an ATS report quicker hires, better hires, and an improved hiring experience.

78% of companies using an ATS say it makes recruiting easier.
According to Capterra, 94% of ATS users say the software has positively impacted their hiring process.
86% of ATS users say the software has helped them hire faster, and 78% of ATS users say it’s improved the quality of their hires.

Every organization can benefit from ATS use, but a private label applicant tracking system can be presented to HR system customers as proprietary software and help you increase revenue, decrease customer churn, and grow your business. You can read more about what a private label applicant tracking system entails and how they can specifically strengthen HR systems below.

Onboarding

Studies show that nearly one-third of new hires grow dissatisfied and begin looking for new opportunities within their first six months. Strong onboarding improves employee satisfaction and engagement, yet Gallup finds only 12% of employees strongly agree they had a solid onboarding experience.

Onboarding software will streamline and automate onboarding, track and analyze employee goals and progression, and map out what onboarding will look like for both employee and employer.

Glassdoor found companies with great onboarding improved new-hire retention by 82%.
Research shows that automating onboarding increases the likelihood of employees hitting performance goals by 18%.
Onboarding tech allows your organization to provide a cohesive, organized experience to your employees, vital for employee experience.

Payroll

Payroll solutions help businesses keep track of employee wage and salary rates and automate paying their employees. Payroll software calculates compensations for prescribed pay periods and automatically transfers funds to employees. Competitive payroll software includes time tracking, tax management, reporting, and analytics functionality.

Employee wellbeing, loyalty, and motivation are all influenced by being paid accurately and on time. Research shows that 49% of employees will begin a new job search after only two paycheck errors (whether accuracy or timeliness). 63% of employees are living paycheck to paycheck—your customers must understand how crucial payroll accuracy is.

Benefits

56% of adults with employer-sponsored health benefits report that liking their coverage is a key factor in deciding whether to stay at their current job.
49% of employees will start looking for a new job within 12 months if they’re dissatisfied with benefits.
46% of employees say health insurance was either the deciding factor or a positive influence on choosing their current job.

Employees have always cared about the benefits they receive from employers, but the pandemic has highlighted just how significant benefits are to employees' wellbeing.

57% of senior leaders are assigning higher priority to care benefits.
63% of workplace leaders plan to increase their company's existing childcare benefits.

Benefits solutions make it easy for your customers to help their clients enroll and manage benefits ranging from health insurance to childcare to a 401k. These solutions will also track data for cost and compliance purposes.

Mental Health & Wellness

It’s no secret that life has been stressful lately. 39% of employees report experiencing poor mental health symptoms related to work, but most don’t feel comfortable bringing that up in the workplace. That shouldn’t be the case, especially since, from an employer's perspective, mental health and wellness initiatives can increase engagement and productivity and decrease absenteeism. 86% of employees experiencing depression, for example, report improved work performance after being treated. Employers are responding and starting to prioritize mental health initiatives.

Mental health and wellness solutions are trending upward. According to the 2022 Employee Wellness Industry Trends Report, 90% of employers report increasing their investment in mental health programs—76% are growing investment in stress management and resilient programs, while 71% are increasing investment in mindfulness and meditation programs.

Mental health and wellness SaaS tackles everything from mindfulness to meditation to therapy sessions or facilitated conversations.

Employee Engagement

As an HR Solution, you’re tasked with helping your customers solve some of their main people-based problems, and there’s a big engagement problem in the current American workforce.

Gallup found that only 36% of employees are actively engaged at work—the most successful workplaces have an average of 73% active engagement rate. Engaged employees are more innovative, productive, creative, and likely to become employer brand advocates. Additionally, Gallup found that companies that prioritize employee engagement see a 23% increase in profitability. That’s a strong value-add for your customers.

Employee engagement tech solutions collect and analyze employee feedback and engagement levels to ensure engagement (and retention) is managed and strengthened, training and progressions are clear and helps upper management understand how to better engage their employees in meaningful ways. Employee engagement solutions collect formal and informal feedback at regular intervals, standardizes the review process, and helps employers boost morale by implementing reward and recognition strategies.

Learning & Development (L&D)

Let your customers know that a lack of career development and growth opportunities is a top reason today’s employees leave their jobs.

McKinsey reports that 70% of employees believe better training would help them become more focused, prevent distractions, and be more excited about their jobs. They also say that most employees don’t ask for learning opportunities. That’s a stat to share with your customers—if they’re proactively giving their employees learning and training opportunities, they’re giving them what they want but often don’t feel confident requesting. It’s also worth noting that companies that spend at least $1,500 per employee on learning and development annually earn 24% more profit than those that don’t.

Additionally, learning and development solutions can help upskill workforces. Upskilling is enhancing or expanding an employee’s skill set to be a more productive worker. It is vital in today’s climate where technology, processes, and, as we’ve just seen—life—can change at a lightning-fast speed.

Learning and development tech solutions can help employers and management pinpoint skills gaps and opportunities to learn and help employers and employees discuss, manage, and chart professional progression. Competitive learning and development SaaS solutions often come with self-study modules or courses for employees.

Timekeeping & Attendance

Attendance tracking solutions help track working hours and attendance for both salaried and hourly employees. These tools allow users to oversee employee schedules, absence and leave management, overtime tracking, and track hours worked for hourly employees.

HR Analytics

The average HR team is sitting on top of a mountain of people-centric data regarding hiring, retention, engagement, satisfaction, wellness, employer branding, and other behaviors, but most organizations aren’t doing anything meaningful with this data.

HR analytic software helps organizations make data-driven decisions that affect the full breadth of their HR cycle. HR analytics can help organizations see what works and doesn’t, implement meaningful changes, and A/B test new solutions.

DEI Solutions

Employees overwhelmingly want to work at organizations that prioritize diversity, equity, and inclusion (DEI), and organizations are taking notice. According to LinkedIn, Chief Diversity Officer was the fastest-growing C-Suite role last year.

Tech innovators are noticing as well. The number of DEI tech startups has grown 80% from 2019, and the market has tripled to more than $313 million. DEI tech hasn’t reached the “must-have” for an HR tech stack yet, but we’re heading there, and forward-thinking HR systems who want to be ahead of the curve would be wise to invest in integrating DEI tech solutions into their offerings.

DEI SaaS solutions can help organizations make their recruiting, onboarding, engagement, L&D, attendance, benefits, and payroll more DEI-friendly. DEI SaaS solutions can also help educate employers and employees on DEI best practices and help companies monitor and diversify their workforces.

Ensure Seamless Integration

One last note on building your HR tech stack: a report by the HR Research Institute revealed only 16% of talent professionals report having well-integrated systems of HR tech. It’s important today that HR technologies integrate seamlessly to provide the best user experience. Keep integration in mind as you’re building out your stack of solutions.

HiringThing’s open API is designed to facilitate quick and efficient integration for all of our partners.

About HiringThing

HiringThing is a modern recruiting and employee onboarding platform as a service that creates seamless talent experiences. Our white label solutions and open API enable technology and service providers to offer hiring and onboarding to their clients. Approachable and adaptable, the HiringThing HR platform empowers anyone, anywhere to build their dream team.