Advice from a unicorn founder on reevaluating HR Tech in 2024

According to Gartner data, technology ranked as a top investment priority for HR leaders last year, thanks to the potential for efficiencies through automation. Purchasing HR technology is a significant expense item for many companies.

In fact, according to research by Sapient Insights Group, costs associated with the HR function can amount to 70% to 80% of an organization’s budget. 2023-2024 HR System Survey Percentage of HR technology buyers in over 2,500 organizations worldwide. A significant portion of this result can be attributed to technology, with the Sapient report finding that professionals purchasing HR technology are increasingly committed to investing in HR technology as workforce dynamics change. is shown.

HR technology essentials

While each organization has its own priorities, certain checkpoints help provide clarity for most employers as they reconsider their HR technology. Jordi Romero is the founder and CEO of Factorial, a Barcelona-based HR software startup that is one of the fastest growing companies in the industry. Factorial was founded in 2016 to help business leaders automate HR processes in one central tool and has achieved unicorn status, reaching over 8,000 companies in over 65 countries. We provide services to.

Jordi Romero, Founder and CEO of Factorial
Jordi Romero, Founder and CEO of Factorial

When asked what HR leaders can do to reevaluate technology solutions in 2024, he said: HRE We believe this year will be the year to focus on data security, AI, and automation. He also expects the “continued battle between remote, on-site and hybrid work arrangements” to impact how HR technology buyers make purchases.

“As someone who has been in the HR industry for many years, my top tips for HR leaders re-evaluating HR technology software in 2024 would be to center around strategic considerations,” said Romero. Masu.

According to the founder, it identifies platforms that effectively leverage artificial intelligence and automation. He also suggests targeting solutions that support virtual collaboration and can address the challenges of distributed teams. Romero said technology buyers should prioritize integration features that work with existing systems, and prioritize data security and privacy features.

He also cautions HR leaders to keep future considerations in mind. “Scalability is critical,” Romero says. “As a business grows and changes with your organization, choose a platform that can adapt to your needs.”

The innovator also says that HR leaders should have strong relationships with vendors who are committed to supporting their customers, from implementation to ongoing service. Finally, positive workplace experiences are essential to an organization’s success, so prioritize solutions that contribute to employee happiness and engagement. According to Romero, this includes systems that are attractive to use. “A user-friendly interface is key to maximizing adoption and productivity, so focus on improving your team’s user experience.”

Need more advice on reevaluating your technology purchases? Learn the basics of HR technology vendor selection from Michael Kannisto, Scenario Director at think tank MindemicLab, at Virtual HR Tech 2024. Claim your free spot here.

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