Power Your Workplace With The Top HR Technology Stats Of 2024!

As businesses embark on the journey of adopting and exploring HR technologies in 2024, it is critical to note that the landscape is ever evolving, with a plethora of trends and advancements heading their way. After all, managing the workforce is a constant challenge – but with generative AI, skill development training and workplace flexibility coming to the fore, HR technology is becoming increasingly sophisticated!

In this article, we will explore the most significant statistics in HR Technology that every HR leader and professional needs to know in 2024. So, are you ready for an exciting ride to the HR’s cabin, only this time you’re not in trouble! #JustKiddingDearHR
 

Power Your Workplace With The Top HR Technology Stats Of 2024!

 

• 76% of recruiters believe that artificial intelligence will play a fundamental role in the coming years. This stat shows that a majority of HR professionals will embrace AI to enhance efficiency and accuracy, allowing them to streamline candidate selection, reduce bias and ultimately make more informed hiring decisions. - Source: Zippia

• 43% of HR leaders report not having a future work strategy. This shocking stat shows that there is an absence of a future work strategy among HR leaders, which may hinder organizational agility and responsiveness, as well as potentially impeding future adaptability in an evolving business landscape. - Source: Forbes

• 37% of human resources managers are confident in their ability to tackle necessary changes and use technologies such as artificial intelligence. This figure shows that very few HR managers are confident in adapting to necessary changes and utilizing advanced technologies, which may hinder organizational agility and innovation in a competitive industry. - Source: Zippia

• 67% of human resources managers agree that the sector is experiencing a digital transformation, although only 40% have a road map to approach this new phase. While most HR managers are embracing the digital transformation in the human resources sector, less than half are positioning their businesses to thrive in the evolving landscape. - Source: Zippia

• 89% of C-Suite executives and 83% of HR leaders say HR technologies enable them to be more flexible and responsive to the constantly shifting world of work. This stats shows that leveraging HR technology can empower organizations to enhance their agility and responsiveness, enabling C-Suite executives and HR leaders to navigate the dynamic, modern workplace. - Source: HiringThing

• 60% of HR departments are expected to invest in predictive analytics, 53% in process automation and 47% in artificial intelligence by 2025. This shows that embracing predictive analytics, process automation and artificial intelligence in HR operations is a priority, as it can enhance efficiency, streamline decision-making processes and foster innovation. - Source: Zippia

• 75% of recruiters use applicant tracking software to find potential employees, while 79% use social media. This shows that enhancing recruitment efficiency is a persistent challenge and recruiters are turning to applicant tracking systems and social media to streamline talent acquisition and reach a broader pool of candidates. - Source: Zippia

• 80% of businesses make use of HR software. While it may sound obvious, given how HR software streamlines workforce management, collaboration and overall organizational productivity, some businesses still do not leverage HR software. - Source: Forbes

• 80% of HR professionals believe investing in HR technologies has improved their business. The adoption of HR tech boosts operational efficiency, employee engagement and the overall employee experience. - Source: Zippia

• 36% of HR professionals say they don’t have adequate technology. This highlights that insufficient technology among HR professionals is real and it can impede operations by hindering data-driven decision-making and employee engagement. - Source: Forbes

• 86% of HR professionals agree that applicant tracking systems (ATS) have improved their hiring process. The widespread reliance among HR professionals on applicant tracking systems underscores how an ATS can streamline recruitment workflows for increased efficiency and better candidate selection. - Source: Zipdo

• 4.1% was the estimated growth in the HR software industry in 2023. The growth in the HR software industry signifies that businesses are leveraging HR software for improved efficiency and streamlined processes. - Source: Forbes

• 30 billion dollars is the expected valuation of the global HR technology market by 2025. This stat validates the burgeoning growth of the global HR technology market, signifying its potential in shaping organizational efficiency and strategic workforce management in the modern workplace. - Source: Zipdo

• 14.01% compound annual growth rate is expected for Artificial intelligence (AI) in the HR technology market from 2021 to 2025. This outlines the increasing integration of artificial intelligence in HR technology as it enhances operational efficiency, streamlines talent management processes and fosters data-driven decision-making. - Source: Zipdo

• 53% of organizations now use technology to streamline their employee training initiatives. The adoption of technology for employee training is driven by the fact that it enhances operational efficiency, accelerates skill development and fosters a more adaptable workforce, contributing to overall organizational agility and competitiveness of the business. - Source: Zipdo

• 25% of people will dedicate at least an hour of their daily work routine to the Metaverse by 2026, as researchers predict swift and widespread adoption of the Metaverse in HR. The predicted integration of the Metaverse in HR is poised to enhance collaboration, foster virtual team dynamics and revolutionize communication channels, thereby enhancing the overall workplace efficiency. - Source: Engagedly

• 28% of HR professionals believe that the most valuable investment in HR technology is analytics software. This showcases that by leveraging analytics software, HR professionals can make data-driven decisions to enhance the efficiency of the workforce through strategic talent management. - Source: Zipdo

• 22% annual growth rate was observed for cloud-based HR solutions. The widespread adoption of cloud-based HR solutions has streamlined HR processes, bringing improved scalability and responsiveness to the dynamic needs of HR teams. - Source: Zipdo

• 51% of businesses say recruitment and employee retention have improved with the use of HR technology tools. This shows that enhanced utilization of HR tech tools has resulted in heightened recruitment efficiency and increased employee retention rates for businesses. - Source: Zipdo

• 5 years is the time taken, on average, for organizations to replace their HR technology solutions. This shows that businesses are regularly updating their HR technology stacks as it enhances organizational efficiency and helps in adapting swiftly to the evolving trends and demands of the HR industry. - Source: Zipdo

• 20% of HR executives believe that automation will have a significant impact on jobs. The increasing belief among HR executives in the transformative impact of automation suggests a growing recognition of its potential to enhance operations, streamline workforce management and foster a more responsive business environment. - Source: Zipdo

 

It’s A Wrap – Not Really!

HR technologies are rapidly growing as industries evolve and demand a transformation in the way businesses operate. With the increasing reliance on technology by HR professionals, companies must be able to streamline their processes, automate tedious tasks and provide a better employee experience. Hence, as we move into 2024, it is important for HR professionals to stay up to date with the latest HR Technology statistics to make informed decisions.


As we wrap up our HR tech adventure, remember this isn't a final goodbye. Stay tuned as we will keep adding more mind-blowing HR technology stats of 2024 – the next installment is just around the corner!