isolved, a leader in HCM technology, has unveiled the findings from its Business Owner Imperative: AI, EX & HR Optimization Survey. The survey provides a comprehensive look into how business owners are tackling HR challenges, enhancing employee experience (EX) initiatives, and utilizing AI to keep their workforce engaged and productive.
- Increased Business Complexity:
- 52% of business owners find it increasingly difficult to own a business in the past five years.
- 37% attribute this complexity to employee relations challenges.
- Revenue Loss Due to Staffing Issues:
- 57% of business owners have lost business or customers due to understaffing or skill deficiencies.
- This issue is linked to a lack of focus on employee experience initiatives.
- Top Concerns in Workforce Management:
- Managing compensation costs.
- Retaining top talent.
- Recruiting top talent.
- Discrepancy in Employee Expectations:
- 76% of HR leaders do not see employee expectations as out of control, while 55% of business owners feel that employee expectations have escalated.
- Strategic Role of HR:
- 92% of business owners believe HR can balance employer and employee needs effectively.
- Importance of leveraging data-driven insights and collaboration between business owners and HR leaders.
- Key Survey Findings:
- 87% of business owners have increased concerns over employee wellness in the past year.
- 59% plan to reduce non-employee spending, and 51% plan to cut full-time headcount in the next year.
- 84% of business owners believe most employees live paycheck to paycheck, with 92% willing to offer financial wellness benefits.
- 91% see HR teams as a strategic part of their business.
- 80% view AI as an opportunity and are providing training on its use.
The survey underscores the challenges business owners face in balancing HR responsibilities with the evolving expectations of their workforce. Effective collaboration with HR leaders and strategic management of employee experience are essential for fostering a motivated and productive workforce. Embracing data-driven insights and AI can help businesses navigate these challenges and achieve long-term success.
