HR Realities 2024 part 2: HR Budgets and Investment
Part two of Fosway Group’s HR Realities Research 2024, brought to you in partnership with UNLEASH, the leader in HR tech events and media. Continuing with our new Realities research release format, HR Realities 2024 takes the form of six easily accessible infographics and part two tackles the critical issues of budget and investment. From the infographic itself: Learning, skills, strategic workforce planning, analytics and workforce intelligence are top of mind in HR teams’ investment in 2025. Reading between the lines, there is clearly a fresh impetus behind enabling agile organisations, based on the people skills and capabilities that power success in the future.
HR Budgets and Investment
In an almost identical pattern to 2023, economic headwinds continue to bite with 75% of HR professionals reporting that the economy had put their HR budgets under pressure, and there seems to be little immediate prospect of that situation changing. The need to do more with less or the same appears to have become entrenched in today’s HR team and that is sending out ripples of disruption.
We are seeing a similar story to last year with regards to the HR ecosystem, reflected in the fact that less than a third of HR professionals think their HR systems are fit for the modern workforce – a statistic which will impact critical areas of the people experience such as feedback and recognition. But, bearing in mind that employee experience and productivity are two of the top drivers for adopting AI in HR, it’s clear many HR leaders are putting their faith in a technology no longer in its nascent phase.
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HR teams are entering a new era where they are going to be significantly transformed by AI. Effectively they are in a race to a new world of Intelligent HR. It’s clear that in the coming years’ HR success is going to rest on five foundations: workforce intelligence, future of work, powering human success, HR automation and organisational influencing. Some have already started that journey, some still figuring out where to start. But regardless of where you are. There is no escape. And for everyone – it’s going to be an exciting ride.
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