The Real Workforce Impact of HR Technology

From automating basic administrative tasks to attracting more talented employees, HR technology has a lot to offer small and midsize businesses.

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Technology’s outsized role in almost every aspect of modern-day life and business is evident everywhere you look, and its fundamental role has shifted. As Tom Hammond, Paychex vice president of corporate strategy and product management observes, “We’ve quickly moved from being a tech-enabled to a tech-dependent society. This monumental shift has accelerated over the last few years, and HR technology has followed suit.”

Technology’s penetration of the HR space has been a boon for small and midsize businesses (SMBs), and it holds even more promise going forward. “The rapid evolution of the HR tech space has made—and will continue to make—access to technology more affordable and less complex to deal with,” says Kim Billeter, EY Americas people advisory services leader. “Multiple platforms in the marketplace supporting the full lifecycle of employees are now available and accessible for small and midsize companies.”

HR tech capabilities in areas like talent acquisition, employee engagement, and performance management that not too long ago were the exclusive province of large organizations due to cost and scale constraints are now widely available to smaller organizations, she says.