A recent survey finds that HR spending is on the rise for the first time since 2011. A new report by professional services company, Tower Watson, shows that companies are investing more money in human resource (HR) this year than they have since 2011. According to the survey the top three areas that companies are spending money are on talent management, HR data and analytics, and integrated talent management and compensation.
Towers Watson found that HR technology spending continues to be strong, in spite of cost reductions in other parts of organizations. They believe this reflects an understanding that technology is a large and increasingly important driver of HR effectiveness and efficiency. It is no surprise then, that more and more progressive companies are turning to innovative and game changing HR technology like SkillsMapper that engages employees in the HR management process and provides companies insight into the skills and knowledge of their workforce in order to gain a competitive advantage within the market place.
SkillsMapper employs analytics and helps organizations use employee-driven data to build virtual skills inventories that provide managers and Human Resource a snapshot of an organization’s current state. This invaluable insight into enterprise competency helps HR, Learning and Business leadership identify gaps, effect succession planning, better determine bench strength, target learning and guide more effective staffing requirements. Overall, it is a powerful solution for companies looking to strengthen the skills and experience of their workforce, increase engagement and retention, align training with organizational goals, and ultimately improve their organization’s bottom line.
As Tower Watson points out, successful HR leaders prioritize opportunities to make their organizations more agile and flexible by addressing technology, structure and process challenges. The key to making the right choices is to prioritize strategic needs and match them with the right service delivery solutions.
Over one thousand HR professionals from 45 countries participated in the survey. The respondents were from different industries, like financial services, technology, retail, manufacturing and professional services. To learn more visit http://www.towerswatson.com/en/Insights/IC-Types/Survey-Research-Results/2014/06/2014-hr-service-delivery-and-technology-survey.