As we hurtle towards the end of the Australian financial year, now’s the time that numbers are being crunched, performances measured and budgets dished out.
Revisiting the goals that were set this time last year and understanding the roadblocks to success can be a cleansing exercise, and a great way to pinpoint any much-needed efficiency improvements.
So, what must have features should your HR software have to help you in the new financial year and beyond?
Top Four HR Software Features for FY19
In days gone by, enterprises would typically have wed themselves to one giant software provider.
If something needed a tech-based approach, the behemoth they were licensed to use would have been responsible for finding a solution and usually on a global scale.
But we’re seeing what B2B customers look for in software change.
In a world where demand-driven services dominate our personal lives, we now seek the same ease, efficiency and convenience at work.
Your HR software must have the bandwidth in support and technical capacity to scale with your ambition. For large multinationals, this also means it needs to have the ability to support you on a global level with multiple language capabilities.
2. An Open API
Today, an effective tech stack may be made up of solutions delivered by multiple providers.
Organisations are increasingly looking for the flexibility to plug in the tools that work for them.
This is something we’re seeing with our HR and recruitment clients. They want us to integrate with the other platforms that they want to use, not just the solutions that we chose to partner with.
And this was a major driver for our decision to develop our public API platform, which allows third-party organisations to more efficiently integrate their software with ours. We provide access to all of our core functionalities and allow partner organisations to directly manage the connection of their service.
As demand for a tech stack that incorporates best of breed solutions grows, the industry will continue to shift towards delivering seamless interoperability between the apps that work for each individual organisation.
3. Powerful analytics
You will no doubt already collect fundamental analytics such as turnover, time to hire and engagement levels to measure the success of your HR processes.
To gain an edge in FY19 and beyond, your HR software should provide this data with ease and speed, so that you can use the insights to inform strategic decision making.
Let the powerful capabilities of technology gather, analyse and digest data for you securely and efficiently, so that you can spend the time previously wasted on manual measurement and analytics, being more human.
4. Advanced security
Employee data is as valuable as your customer and financial data. Neglecting it will potentially cost your business millions as data privacy regulations are tightened and cyber crime becomes more prevalent.
I suggest opting for tech solutions that offer the following security measures as a minimum:
- Role-based access control (RBAC) to allow only select personnel access to certain blocks of information and functionality
- Full data encryption
- HIPPA compliant cloud computing services
Hit the ground running in FY19
With the above features in mind, and as you consider your HR tech stack for FY19, you should also think about the solutions that will work well together.
We have a couple of guides that can help to inform those decisions and secure the internal support needed to get implementations off the ground:
- An HR tech checklist that outlines the key questions HR leaders should be asking as they evaluate tech platforms
- Our HR tech business case guide that offers advice on building a business case when it’s time to look for leadership buy-in.
New year, new tech stack. That’s what they say, right?