A recently released report from The Hackett Group shed new light on the demands of HR departments over the year 2017, and the resources available to reach objectives. Could a workers comp insurance consultant help you reach your goals?
Big Ideas, Declining Budgets
According to the report, HR departments have big plans for improving company capabilities, but are doing so on sluggish or skinnier budgets, reducing the critical resources necessary to make desired changes. Of those polled, 39% of companies expect an increase in budget, 29% a decrease; with HR staffing expected to increase in 25% of surveyed companies, and decrease in 23%.
Report findings indicated HR departments are lagging on certain tasks critical to helping business without the necessary resources to accomplish these changes.
- 57% have major initiatives in place for adapting talent to changing company business needs.
- 25% have plans in place for addressing talent shortages.
- 29% are trying to train new leaders.
- 26% have high hopes of improving customer service goals.
- 47% have a digital transformation strategy.
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Though HR has recognized digital tools are becoming increasingly crucial to improving HR function, only 34% believe their companies have the resources necessary to dedicate for implementing digital tools. This leads many HR executives to call out their companies for not prioritizing this shift. Compounding the problem: This technology will greatly change HR practices, adding the need to build new skills and develop new roles/positions within HR departments.