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HR Technology: Top of the Shopping List for Employers

Blog Contribution by: Jamie Hawkins, Chief Technology Advisor

Human Resources (HR) Technology has become a very hot topic. Companies must determine if they have the correct systems, such as benefit administration and payroll, in place to provide the appropriate data for the 2015 year-end mandated reporting to the IRS, forms 1094 and 1095-C. Each company now needs to be tracking information per employee per month back to January 1, 2015.  

As indicated in the article Smaller Companies on an HR Tech Buying Spree , some companies may need more than one system to obtain the information they need. As Jamie Hawkins, President and CEO of Benefit Technology Resources , (BTR) mentioned in her first quarterly update on March 25th,

HR technology is at the top of the shopping list for IT leaders this year, especially those in smaller firms. According to a 2015 report from marketing agency The Starr Conspiracy Intelligence Unit, 53 percent of companies with more than 1,000 employees plan to invest in human resources technology software this year, but that number jumps to 60 percent for smaller firms.

This burgeoning focus on HR technology - the human capital management market hit nearly $11 billion in 2014 and is expected to grow to more than $17 billion by 2019 - is being driven by innovations in cloud-based software, which are giving small companies access to enterprise-level HR software at a much lower price point. "The consumerization of HR technology is definitely benefitting smaller firms."

Having an end goal in mind, and thinking about how the technology will meet your needs in the future is an important part of the review process for any HR tool, Abbatiello said. "Think about your business objectives, and where the business is going as you look at your options," he said. "You want technology that is innovative, but it also needs to scale with your needs."

BTR is an industry leader when it comes to helping employers identify if their technology is compliant with ACA, if you would like an independent review; please reach out to your advisor. If you have questions, we can help. 

Posted June 17, 2015

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