For the third consecutive year, HR leaders have identified HR technology as their foremost investment priority, with nearly half planning to boost their budgets in 2024, according to a recent survey by Gartner, Inc.
The December 2023 survey of 113 HR leaders also highlighted learning and development (L&D), total rewards, and talent management as the other key investment areas for the coming year.
“CHROs must focus on driving profitable growth by prioritizing investments that support business growth and talent retention while pausing or stopping funding for low ROI activities,” said Hanne Nieberg, Director in the Gartner HR practice.
HR Investment Areas for 2024
HR Technology Forty-eight percent of HR leaders intend to increase their HR technology budgets in 2024. Despite the challenges in realizing immediate ROI, leaders view technology as crucial for improving business outcomes, enabling growth, and reducing costs.
Learning and Development Amid continuous business and technology changes, organizations are increasing L&D investments to address the growing demand for new and evolving skills. One-third of HR leaders plan to boost L&D spending in 2024 to meet these needs.
Total Rewards With increasing focus on pay transparency and employee well-being, total rewards remain a critical investment area. Upcoming legislation and persistent workplace disruptions underscore the need for robust compensation and well-being programs.
Talent Management Rising from the seventh to the fourth priority, talent management investments will focus on performance management, employee experience, and leadership development to enhance retention and performance in a complex environment.
For further insights, Gartner clients can refer to the full report on HR Investment Trends for 2024.
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