HR Directors in 2023: An Overview
Biggest Challenges for HR Directors
We asked over 50 HR Directors from businesses with over 250 employees to reveal their biggest challenges. Two in five (41%) cited Insights & Data Analytics and Modernisation of HR Systems. 37% cited Recruitment & Talent Management and Managing Employee Wellbeing while 31% pointed to Remote/Hybrid Working.
Budgets Allocated to New HR Technologies in the Next Year
Budget is already being lined up to help businesses implement next generation HR systems. Almost half of HR directors (45%) said they have allocated between £100,000-£500,000, with the mean investment amount available each year sitting at £174,959.
In terms of where they expect to allocate that budget, the money is fairly evenly spread, with a bias towards Learning & Development (55%), Corporate Health & Wellbeing and Hybrid Working (both 51%).
The Impact of Technology on HR in the Last 10 Years
When it comes to technology, two thirds (67%) of HR directors believe it has had a major impact on HR over the past 10 years, and 31% cite a moderate impact.
Cloud technology & SaaS is seen as having the biggest impact on HR – cited by 53% of respondents. Multiple technologies are used by respondents in the following areas: Performance Management (65%), Core HRMS (55%), Payroll (53%), Improving Employee Engagement (53%), Time & Attendance (49%), Recruitment (49%), Onboarding (49%) and Improving Mental Health & Wellbeing (47%).
Looking for New Vendors/Suppliers in the Next Year
Most HR Directors (66%) are either likely (37%) or very likely (29%) to look for new HR technology vendors/suppliers in the next 12 months. Only 16% are either unlikely (12%) or very unlikely (4%) to seek out these suppliers, while one in five (18%) say they are neither likely nor unlikely to look for new HR technology.
Bringing HR Leaders & HR Technology Solutions Together
The statistics speak for themselves – HR & recruitment technology is set to experience significant investment from a wide range of businesses over the next year.
On the 3rd & 4th of May 2023, HR Technologies UK will gather the UK’s community of HR & recruitment decision makers and introduce them to a catalogue of exciting, innovative technology providers.