Are you getting the most from your investment in Human Capital technology?
Given the proliferation of solutions, most small- to-mid-tier companies are overwhelmed by the choices. Should you buy an all-in-one system? Do you purchase individual solutions and integrate them? How do you decide in the first place if the investment is justified?
In our work with companies of all sizes, we find nearly every management team wrestles with these issues. To avoid a costly mistake, here are 5 tips for maximizing your investment:
Don't overbuy. Many software providers are all-too-happy to sell you a system that does everything. Often, it's more horsepower than you need. Firms often fall into this trap by going with a big brand solution. While a well-known platform can meet the needs of an organization with over 500 employees and multiple locations, a slimmer system can provide similar benefits at a much lower price tag.
Don't shy away from integrating systems. All-in-one systems rarely do everything well. Often, critical pieces of the functionality are subpar. We frequently recommend integrating software from several vendors. Most have integration capabilities built into their platform, along with a ready list of systems integrators.
Factor growth into your purchase. The opposite of buying too much software is buying software that can't accommodate growth. Projecting software needs is always tricky. However, a common mistake is trying to save money upfront by getting a system that can't evolve with you.
Commit to (ongoing) systems training. Many companies get provide initial training for a new system, but then training typically falls off. Without monthly or quarterly training, systems usage and efficiency drop, often dramatically. Regular training, including training for systems upgrades and enhancements, should be part of your overall plan.
Don't go it alone. One way to get the most from your HR technology is to work with a tech-savvy insurance broker. Brokers with in-house technology advisors can help you make smarter technology decisions. By working with an outside team of experts, you can avoid tying up resources and concentrate on what you do best.
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