A new survey released today by Humaans, the employee management platform has found that investment in the HR technology stack will become increasingly business critical in 2023 to help People teams navigate the current economic climate.
HR & Talent teams have been hit hard by recent lay-offs, and the survey shows 59% of teams reported reductions over the last 18 months. It’s no wonder that 61% of HR Managers believe their HR team is understaffed today. In the current compression, 54% HR Managers believe that the role of the HR professional has grown more complex as they navigate an increasingly turbulent landscape, with smaller teams and fewer resources. The survey shows that 46% of HR Managers believe companies will continue to implement cost-cutting measures such as layoffs, hiring freeze, and budget cuts into the second half of 2023.
“Today, HR leaders play a meaningful, strategic role in helping organizations to navigate the downturn, and mitigate the risks and impact it may have on their people.” saysGiovanni Luperti, CEO and Co-Founder of Humaans, “But as the data shows, their teams are understaffed and it is increasingly clear that much of their tools aren’t fit for purpose. At the end of the day, the success of any company hinges on the success of its people, and a robust HR tech stack is a powerful component to enable that success.”
Investing in HR tech is top of mind for the respondents, 76% would like to invest in HR tech in 2023. As HR professionals continue to navigate the rapidly evolving world of work, with less budget and smaller teams, it’s increasingly important to equip teams with the tools they need to succeed. With 55% of HR Managers stating that they could save more time on HR tasks with the right tools, a robust HR tech stack is a key element in driving business growth.
With the shift to remote work amidst a changing regulatory landscape the role of the HR professional has become vital to risk management in recent years. Cybersecurity threats have become more commonplace, and HR leaders are increasingly concerned about the security of their company’s People data. But with 61% of HR Managers claiming that the data security of their HR technology could be improved, it’s clear their current HR tech stack is not fit for purpose.
Diversity and Belonging remain top of mind for HR leaders, although as the macro environment shifts and budgets get slashed, People teams need to do more with less. Even with 53% of respondents agreeing that diversity and belonging is a key business advantage in 2023, 28% of HR Managers lack the tools to track their company’s diversity metrics. Having a good HR Tech Stack can improve employee experience, and 46% have seen improvements at their company thanks to tech. It makes business sense to prioritize a positive workplace experience, and teams that are equipped with insights and analysis have the data to back it up.
The survey also found that:
Only half of HR Managers have tools that integrate with their core HR system, and 50% agree that they can drive value for their organization with the right set of integrations within the HR tech stack.Saving time and money: 56% believe that they can save time and budget through an efficient integration strategy.
Humaans helps globally distributed organizations like Pleo, Fidel API, Fonoa and Tarabut to transform their HR processes with a human-centric approach. Humaans offers flexibility and scalability to efficiently customize organizations’ HR tech stack, seamlessly integrates with other platforms and point solutions, such as Google Workplace, Slack, Okta, Greenhouse, DocuSign and more. Humaans also reduces onboarding time by an average of 55% and ongoing administrative work by 65%.
Humaans has raised $20 million in VC funding to date, with its recent Series A raised in October 2022. Investors include major HR and tech players such as Lachy Groom; Slack founder Stewart Butterfield; Shopify founder Tobias Lütke; Figma Founder Dylan Field; Linkedin ex-CEO Jeff Weiner; Stripe COO Claire Johnson; Y Combinator; Moonfire; Frontline Ventures and more.
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