This is a three-part series over the next three weeks discussing the factors to consider when deciding to build integrations in-house or buy them
The global HR technology market is booming, and with a projected value of over $34 billion by 2025, the stakes have never been higher. But as the saying goes, with great power comes great responsibility.
From a valuation of $23.98 billion in 2022, it's set to soar to a whopping $39.90 billion by 2029, growing at a dynamic 7.5% CAGR.
Enter the realm of HR integrations, where organizations are grappling to find a sweet spot between customization and operational efficiency. Let’s shed light on this intricate maze and help you make an informed decision.
Every People Ops and IT team knows the drill: juggling between multiple systems, each with its unique data format. The more the systems, the more convoluted the web becomes. And the more time spent on manual data syncing, the less on strategic HR initiatives. It’s not just about time; it’s about missed opportunities and, often, errors that slip through the cracks.
The siren call of in-house development is hard to resist. Think about it: a system tailored to your company's unique needs, built by the very people who understand its intricacies. Your IT team, with their fingers on the pulse of your enterprise's tech heartbeat, seems the natural choice for such a mission-critical task.
But here’s the rub
As we embrace 2023, the tech panorama is shimmering with innovation. It's not merely about plugging a hole; it's about choosing a vessel that sails smoothly with the tides of change. Specialized platforms today aren't static; they're living entities, adapting and growing in tandem with industry shifts.
Let’s talk about some lesser-known reasons why buying an HR integration may be the way to go:
At its core, the build vs. buy debate boils down to a simple question: how much are you willing to risk? Dive deeper, and the merits multiply. Imagine a fortress of security, safeguarding your employee data. Envision a vigilant sentinel that offers real-time oversight, ensuring every data transaction occurs seamlessly.
Picture a system that doesn't just notify but preemptively alerts, mitigating potential hiccups before they escalate. This isn't a mere transaction; it's a commitment to tranquility. In the turbulent seas of HR tech, it's the anchor that offers stability and serenity.