HR Tech Helps SMBs Bounce Back Faster

With unemployment at historic lows, competition for the best talent has never been hotter.

Businesses of all sizes are scrambling to find their footing in an environment radically changed by the Covid pandemic, the rapid growth of remote work, and other trends. The companies rebounding fastest are those committed to integrating key workforce issues into their overall business strategy, and the right HR technology is critical to doing that successfully.

With pockets deep enough to invest in the latest HR technology, large enterprises have a leg up in this area. Workforce activity at big companies is up as much as 23 percent over pre-pandemic levels, according to a study by the HR Research Institute. However, small and midsize businesses (SMBs) continue to struggle, with 45 percent only partially automating critical HR, payroll, talent, and timekeeping processes.

"Money is the obvious and primary reason SMBS typically lag larger organizations when it comes to HR tech," says Ed Barry, national managing director of the HR technology practice at consulting firm Gallagher. That said, most HR tech solutions are available to any size employer, and there are multiple ways for SMBS to access just the functionalities that best meet their needs and provide the greatest return on their investment.

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