5 Steps to Buying the Right HR Technology Posted on January 18, 2023 (June 1, 2023) by Neil Morgan Are you considering investing in the right HR Technology for your business? It can be a daunting decision, but with the right guidance, you can be sure to make the best choice for your business. This guide provides you with all the information you need to make an informed decision when choosing HR Technology. From understanding the different HR technology types to figuring out which features are essential for your business, this guide will equip you with the right knowledge and resources to make the best decision possible. Identifying Your Needs and Goals Certainty about what you want can help you to make a better decision. Whether you’re trying to replace an old system or are looking to implement a new one for the first time, you should understand your company’s needs and goals before shopping for HR Technology. If you’re choosing a new system, you’ll need to decide on an approach that works best for you. Evaluate Your Current System A common misstep in buying technology is not evaluating the full capabilities of your current software. Truly figure out what it can and can’t do that you desperately need to do your job better. You will also want to consider what technology your employees are currently using. While you may just want something better, be sure that you have pinpointed your pain points. Conducting Market Research Once you know what you want and why the next step is to conduct market research; the more you research, the better your chances of finding the right solution. Consider your employees and their needs, budget, and company culture to find the right technology for you. You should also consider your company’s goals and vision, as well as its size and structure. Once you’ve done your research and have a good idea of what the market has to offer, it will be easier to find the right solution. Determining Budget & Resources HR Technology costs can vary depending on the type of solution that you choose. For instance, building an Excel-based process is essentially free, but it is often manual, error-prone, and not secure. Adding modules to your existing HRIS can be cost effective but often lack in core features. Purpose-built Software as a Service (SaaS) solutions are feature-rich, but costs can range from reasonable to prohibitive. When determining your budget, you should consider other associated costs such as installation and training. Making the Purchase Once you’ve determined which HR Technology is right for you and you’ve conducted thorough research, it’s time to make the purchase. When choosing HR Technology, you will want to ensure you get the best deal. And the best way to do that is to shop around. Make sure you are comparing apples to apples, so to speak, by looking at comparable solutions. It would be best if you also considered any special offers or discounts that vendors may be running. Once you’ve found the right solution, all that’s left to do is sit back and enjoy your new technology! Now that you know what to consider when purchasing HR Technology, it’s time to start! SimplyMerit® is a real-time HR Compensation Management solution that engages leaders and empowers managers to optimize their Merit budgets, Bonus pools, and Equity grants. Learn more about SimplyMerit here. About the Author: Neil Morgan Neil Morgan is the Managing Director of MorganHR, Inc., a leading Human Resources consulting company and software provider. A technology proponent who is also passionate about process simplification, Neil led the creation of SimplyMerit to help leaders take control of and optimize their annual merit, bonus, and equity processes. SimplyMerit now forms the backbone of MorganHR’s Compensation Management solutions.