Blog

Top 5 HR Technology Trends to Consider

Written by Luke Corby, CCP

September 23, 2016

Top 5 HR Technology Trends to Consider Hero

The world of HR – and the compensation branch in particular – is characterized by constant change. Each year, new trends, shifting priorities and technological advancements emerge, driving HR and compensation professionals to always stay on their feet to respond. And 2016 has been no exception – we’re just wrapping up the third quarter and we’ve already seen plenty of transformative changes and new trends on the compensation front.

What are the biggest HR technology trends to emerge this year thus far? Here are the top five that we’ve noticed from working directly with our clients:

Expanding Compensation Capabilities

The compensation function has come a long way since the days of relying on spreadsheets, but this year has seen a full blossoming of what compensation technology can really do. More than just searching for market data, users can now use software to manage market prices by different markets, create salary structures, access in-depth reporting and analytics, and view all of this information a mobile device – all pieces that help to build and maintain a robust compensation strategy.

Accessible Data for Decision Support

The compensation function is the center of all talent management initiatives that intersect pay. A central database of information about the market helps to drive attraction, retention, and engagement decisions. The same database, which also houses information about current internal pay practices can address operational and regulatory decisions, making this information valuable to all aspects of the business.

Greater Focus on Job Descriptions

The job description is a crucial aspect of any company’s hiring strategy, and it is also essential to an effective compensation plan. By understanding the duties associated with the job, the required skills and necessary expertise, it will become easier to match your jobs and determine the best compensation rates. Too many organizations rely on outdated descriptions that no longer reflect the true nature of the job. Fortunately, more are recognizing the need to revamp their job descriptions and are mapping them out to define the ideal candidate and salary. Ultimately this leads to greater employee engagement, retention and morale.

Technology Breaks Down Age Barriers

The growing functionality of compensation technology has leveled the playing field for younger compensation professionals. With quicker access to data and the ability to aggregate it and drive insights through software, more junior-level staff can perform compensation tasks that traditionally required a great deal of experience.

Doing Compensation Internally

It used to be the norm for organizations to hire external consultants to help shape their compensation strategy, if not outsource the whole thing. The presence of new technology and intuitive tools have made it much easier for companies to build a robust compensation plan on their own that truly matches their organizational needs. While consultants are still necessary in some cases, companies can use technology to save significant time on everything from survey management to modeling pay ranges and building job descriptions.

At the end of the day, compensation is an art and a science. It requires a blend of data, the expertise to make informed decisions, and the tools to help facilitate those decisions. And as the space continues to evolve, the market is flooded with new tools to transform how compensation is done. But not all of these tools are equal.

CompAnalyst is built upon the expertise of Salary.com’s extensive experience and passion for creating the industry’s most impactful compensation tools. Made by compensation professionals for compensation professionals, our solutions can help anyone get the data and analytics they need to make smarter decisions, whether they’re new to compensation or have been in the industry for 30 years.

As the compensation industry continues to change, we’re ready to respond to these shifts and give our users the power to address whatever trends and changes are in store for the future.

Embracing Fair Pay in the War for Talent

Download our white paper to further understand how organizations across the country are using market data, internal analytics, and strategic communication to establish an equitable pay structure.

Copy and paste this HTML to share this article on your site:

Insights You Need to Get It Right

The latest research, expert advice, and compensation best practices all in one place.
Ask This Question Before Transitioning Your Team to Long-Term Remote Work
Ask This Question Before Transitioning Your Team to Long-Term Remote Work Blog
As companies plan their return, some find there may be benefits to maintaining WFH.

Read More

2021 Trends: Compensation & Workforce Transformation
2021 Trends: Compensation & Workforce Transformation Guide
We're seeing a renewed sense of optimism and workforce innovation in 2021.

Read More

DE&I Panel Discussion: Moving the Conversation Forward
DE&I Panel Discussion: Moving the Conversation Forward Webinar
In this panel discussion we will cover what the issue is when improving DE&I.

Read More

Differences Between HR-Reported and Crowd-Sourced Compensation Data
Differences Between HR-Reported and Crowd-Sourced Compensation Data White paper
To make decisions about the value of a job, you need data from a range of sources.

Read More

CompAnalyst Market Data: Smart Matches, Fast Prices, and New Insights
CompAnalyst Market Data: Smart Matches, Fast Prices, and New Insights Product Sheet
The CompAnalyst Market Data platform is easier to use than ever before.

Read More

It's Easy to Get Started

Transform compensation at your organization and get pay right — see how with a personalized demo.