The overall spending on HR technology is several thousand dollars per employee per year, making it a very attractive market for investment in digital HR Tech products and services.
According to the latest SierraCedar report, the average large company has 11 core HR systems. It's worth considering a few aspects before building another one:
1. Clarify the core problems your product is going to solve and prioritize them. Having too many features to offer at once may make the operation of the product incomprehensible to potential users/buyers and lead to a lack of interest.
2. Conduct in-depth research on your potential users' behavior and prepare a user story based on it. A user story is a general explanation of a software feature written from the perspective of the end-user or customer. Its purpose is to articulate how a piece of software will deliver a particular value back to them.
3. Take into account HR trends while designing your product. Trends often reflect cultural and behavioral changes that are closely related to users' needs and their way of using the product. For example, in 2020, there were over 3 billion smartphone users worldwide. If you don't make your product mobile-friendly, you will decrease your audience.
4. If you plan to build the next HR software, talk with business leaders about what is seen by them as a strategic business solution. Your product shouldn't be just another tool because the market is already broad and competitive. It should also fit the existing infrastructure in the company.
5. Ensure there is a Product Owner on the team who has control over the purpose of the developing product, the design, and implementation. There are hundreds of decisions to make during software development, and you need people who stay involved and are committed to this process from beginning to end.
At LeanCode, our priority is to help you develop great digital products. We have vast experience in the HR Tech industry, of which you can take advantage. We can guide you through the entire product development process, from validating the idea to delivering the final software.