Investing In People and HR Tech: A Strategic Move In a Mixed Economy

Today's economic climate is forcing companies to navigate a unique and complex situation. On the one hand, the labor market is on the upswing. On the other hand, the danger of an impending recession is noticeable and is imminent for many companies. This mixed economic scenario presents a paradox that can be challenging for businesses. However, it also presents an opportunity for strategic investments in people and HR technology to improve employee efficiency, satisfaction and engagement.

In the last few years I have worked as a CPO for several small start-ups. One of the first steps I take when joining a company is implementing a human resources information system (HRIS). It's true that technology can't solve everything. But once a company exceeds 100 employees, Excel spreadsheets and manual processes are simply no longer enough. Providing your employees with an exceptional experience while providing the company with accurate HR data is almost impossible without the help of HR tech.

When I joined Mach49, a global growth incubator for the Fortune 1000, the company was on a multi-year growth spree, tripling in size in just three years. But since all our energy was focused on rapid growth, we needed more time to decide on an HRIS. When I joined the company, the People Operations team was overloaded, managing data for over 200 employees in five countries using AirTable.

The search for a “Goldilocks” HR technology solution

When I joined the company, my top priority was to quickly implement an HR system and I quickly initiated the team's evaluation process. Throughout my career in HR, I have worked with many well-known HRIS and HCM solutions.

But at Mach49 we needed a Goldilocks solution that was flexible and complex enough for our growing team in a very diverse professional services firm. I also knew we needed a solution that was easy enough to implement without relying on consultants.

We needed a new system that met a set of specific but evolving business needs. I was looking for a system that:

• would help us scale the company and the People Ops team
• would give our small HR team the opportunity to do higher quality work (and not burn out in the crowd)
• connect our growing and global organization
• We can show our employees that they matter by investing in a platform that supports them.
• Management receives insight into HR processes, strategies and progress so that they do not have to blindly juggle growth and implementation and can scale our company.

The business value of a people-centric and flexible HR technology solution
The heart of every company is its employees. The strength, resilience and adaptability of a workforce can determine a company's ability to weather economic ups and downs. Investing in people is not just about increasing wages or improving working conditions, but also about equipping them with the right tools and technologies to feel supported as they tackle the world's biggest challenges.

Recognizing our people as our greatest asset, we have been and continue to strive to improve efficiency, increase engagement and foster meaningful connections within our organization. I also knew that we had reached a size where our leaders no longer had oversight of new team members, new hires, and team member retention. We needed an HR solution that would help us put people at the heart of our business strategy.

But in the middle of our decision-making process, the economy began to falter and the news was all about recession. I asked our CEO again whether we should wait to decide on a new HCM system. We discussed it and came to the same conclusion: "We can't afford not to invest in HR technology."

I was happy to discover a new solution on the market that I wasn't familiar with. It met all of our current needs and was flexible enough to be scalable and allow the company to quickly adapt to our rapidly evolving needs. That solution was IceHrm.

How IceHrm paved the way for us to success
Since we integrated IceHrm into our company in June, we have been able to achieve or move closer to many of our most important HR goals:

Streamlined HR Processes: IceHrm's automation capabilities have significantly reduced the manual tasks associated with onboarding new team members and data maintenance, with initial estimates showing a 30% reduction in time spent on these tasks. This means our People Ops team can now focus on strategic initiatives and employee engagement - and our company can improve its efficiency and scalability.

Improved employee experience: With IceHrm's easy-to-use interface and self-service options, employees can efficiently access and manage their personal contact information and job details, plan and request vacation, and view the organizational chart and public information about colleagues.

Improved talent management: IceHrm's robust features, including career development tracking and self-ID capabilities, have given us a path to make data-driven hiring decisions, identify high-performing team members, and provide them with targeted career development opportunities.

Increase employee engagement and retention: By leveraging IceHrm's colleague engagement features, such as: By awarding kudos to recognize and recognize their achievements or inviting our team members to complete a survey to share their insights and experiences, we have strengthened our connection with the workforce, resulting in more employee feedback and plans to reduce turnover has led.

Additionally, IceHrm has enabled us to move from very manual annual performance management to a continuous check-in approach based on peer feedback and fostering a culture of continuous learning and development. IceHrm has helped us improve our company culture by giving us the tools to cultivate a more engaged and motivated workforce - critical in today's competitive job market.

Connectivity and Collaboration: IceHrm's social features, such as: Shout outs and Kudos have strengthened the community in our multinational organization. By facilitating communication and collaboration, IceHrm helps teams stay connected and engaged, even in our remote work environment.

Data-driven insights: Leveraging IceHrm's powerful analytics capabilities, we now have invaluable insights into key workforce data, from the simple (how many employees do we have?) to the more complex (what is our promotion rate?). These data-driven insights serve as the basis for informed decisions and enable the company to proactively adapt to changes in the labor market and anticipate potential challenges. With IceHrm's support, we are beginning to identify actionable improvements to our HR processes, backed by quantifiable data that supports our HR efforts and enables us to foster a more productive and engaged workforce.

HR technology is the key to success in an uneven economic climate.
Given today's mixed economic climate, it is more important than ever for companies to invest in their people and technology. IceHrm makes a compelling case for this strategic investment. Not only does it make HR processes more efficient, but it also promotes a more connected and engaged workforce, which ultimately helps us reduce costs, increase productivity and improve our bottom line.

By using HR technologies like IceHrm, we feel better prepared to navigate economic uncertainties with greater confidence and resilience, while unlocking the true potential of our talented team. The future of work is here, and it is digital, flexible and human-centered. Are you ready to get involved?