The global business environment is experiencing unprecedented change, and the sudden transition from a full-time working office to remote working has changed almost all businesses and job styles. Hence, HR should develop new capabilities if they want to remain relevant.
If you are a software company selling HR Technology, it may sound like a more significant challenge. However, the idea of selling HR Tech solutions to the C-suite is not easy, but it is not very complicated also. The HR Tech software encompasses various categories, namely HR management suits, recruitment, online interview, workforce management, time & attendance management, performance management, administration benefits, core HR and much more. Once you know the needs and expectations of the C-suite (decision-maker), it's a relatively simple process. C-suite executives love numbers. Generating revenue and profits are the top priority for all leaders.
Heading in the market with a new Human Resource Management Software (HRMS), the C-Level executives will be remaining the key decision-makers of your product or service. This article will help you know what it takes to convince a C-suite that an HRMS will help them with excellent ROI and improves workforce & workplace management.
What C-suites are looking for from HR Tech
Efficient recruitment solutions
HR Tech can be applied throughout the recruitment journey of a candidate. Companies searching for industry-specific candidates can now access a large, diversified and pool of skilled talent who is a perfect fit for the position and the work culture. In addition, companies can now hire the right talent beyond their zip code. Applying artificial intelligence and data science algorithms will better picture the candidates’ skill sets and ability to work under pressure. Advanced technology can send automated/customized emails to job aspirants with information such as – interview schedule, test score, etc., reducing the turnaround time.
The need for succession planning comes into the picture due to retirement, promotion, resignation, or diversification of employees. Systems that integrate recruitment are geared towards better succession planning, which is a long-term strategic concern of the c-suite. According to a survey by Harvard business, 63% of private firms did not have an exigency plan for CEO succession, while 69% of firms with less than $50 million in annual revenues lacked a plan. Such complex situations can be handled by making short-term backup plans, such as having a suitable candidate who can take charge of matters without the CEO. He should be able to objectively evaluate the CEO’s effect and role on the organization. Remember, succession planning and talent management are closely related processes; therefore, there is a need to integrate succession planning with talent management and the hiring process.
For better solutions, a comprehensive hire-to-retire, HR Tech-driven succession planning culture must be rooted within the organization to uplift employee efficiency, encourage retention, ease risk & uncertainty and ensure cost-effectivity.
Predictive analytics comprises several statistical, also known as data mining techniques that study the historical data and its outcomes. These actions then try to derive a formula or algorithm that best mimics these historical findings. This algorithm then uses existing data to predict future outcomes.
How does HR apply predictive analysis? HR possesses a large quantity of people data, usually managed in the Human Resources Information System (HRIS). Applying predictive analytics to the data, HR can become a strategic planner that depends on data-driven and proven predictive models rather than gut feeling. Unfortunately, not all organizations are capable of designing a predictive model for HR. As per Deloitte’s People Analytics Maturity Model 2018, only 17% of businesses globally had accessible and utilized HR data.
Challenges of driving HR Tech decisions
Steps to attract C-suite to buy HR Tech software’s/solutions
“Great salespeople are relationship builders who provide value and help their customers win.”
- Jeffrey Gitomer, American Author, Professional Speaker, and Business Trainer.
Verified client reference
Many C-suite executives are risk-takers, but they do not want to be the early birds regarding Human Resource Management Software (HRMS). They will not adopt a product without studying about a product or knowing its track record of success. As a comparative study, it is always advisable to provide them with references of similar-sized companies or industry, with a relatively similar workforce or work culture.
Ensure a long-term vision and alignment
All C-suite officials are long-term visionaries. They are capable to chart an expectation plan for the company for 10 years or so. A potential HR Tech software/solution should have a roadmap that your C-suites can invest and support. As core strategic planners, they need to know how the HR Tech will help them attain their company vision supporting HR and employee benefits.
Highlight features that match C-suite expectations
Every C-suit executive comes from different background and mindset; therefore, their particular area may vary. For instance, some may be interested in data analytics, while others seek the finest user experience. Therefore, it is advisable to do extensive research and data analysis on what the decision-makers want from your HR Tech software or solution. Then, based on the research, one should plan a meeting that will showcase the decision-makers area of interest.
The bottom-line of investment for almost all the c-suite executives will remain cost-efficiency and getting value for solutions.
Create a proven growth plan
C-level executives find new ways to run a successful organization with fewer resources and deliver the best service to the organization and workforce. Simultaneously, the HR team seeks the finest talent in the industry to hire and retain for a successful endeavouring.
The need and requirements of every organization may vary. For example, having the best-in-class or all-inclusive HR Tech solution or software from daily operational excellence to showcasing some of the most effective talent acquisition tools. As an HR Tech sales executive, your role is to understand the needs and help the decision-makers buy your solution that will offer all the features they were looking for to run a successful organization. Overall, HR Tech is a booming industry with an increased budget, so software development companies are developing trending HR Tech solutions
, targeting leaders and C-suite executives have several opportunities to make a lasting impact.
Q. Are HR’s part of the C-suite?
A. The C-suite executives are the CEO, CFO, CIO, and/or COO, while HR is designated D-level or director.
Q. What are the things you must highlight to sell a HR Tech to a C-level executive?
A. 1. Verified client reference
2. Ensure a long-term vision and alignment
3. Highlight features that match C-suite expectations
4. Create a proven growth plan