In addition to keeping an organization in compliance and managing people, HR leaders are expected to keep up with the latest workforce trends and new advances in technology to drive organizational efficiency and people productivity.
Adopting new Human Capital Management (HCM) technology doesn’t just lead to a more efficient and productive workforce, it also empowers HR departments to focus less on administrative tasks and more on tackling strategic initiatives. These benefits alone explain why cloud-based HR software will account for 50% or more of total HR technology spending in 2017.[i]
With a constantly evolving workforce and a crowded HCM space, it can be difficult for HR leaders to understand exactly what they need to be investing in to help their organization and people grow. Here are the top tools HR leaders are investing in today:
Candidates have become the decision makers, putting tremendous amount of pressure on employers to make a great first impression. As a result, organizations are investing 59% more on their employer brand.[ii] As part of the investment towards the employer brand, HR leaders are leveraging recruiting technology to assist with creating a better overall candidate experience, even for candidates they don’t hire.
The right recruiting software can simplify candidate management, empower managers to find the right talent, and keep applicants engaged throughout the process. In fact, automating recruiting processes can reduce the time it takes to fill a position by 20%, giving HR leaders more time to concentrate on the strategic aspects of onboarding such as culture and training.[iii]
Social Engagement Tools
The newer generations, Millennials and Generation Z, have entered the workforce and firmly believe that culture fit is one of the most important factors to look for before accepting a job offer.
Social engagement tools engage the modern workforce. New social platforms that empower your people to collaborate and engage with each other through badging, reward points, polls, and surveys boosts overall morale and help cultivate that great company culture everyone dreams about. Organizations with a formalized employee engagement program tend to have 26% higher annual revenue growth.[iv]
73% of employees consider themselves to be mobile workers. To accommodate this new virtual workforce, mobile technology is on the rise.[v] A recent study reported that 90% of mobile device users’ time is spent in native apps, but fewer than 20% of organizations provide their people with access to mobile HR apps.[vi] Mobile apps are no longer considered a luxury, as they are now a necessity for workforce productivity.
Waiting an entire year to receive feedback on a project completed 8 months ago isn’t effective for today’s fast-paced and diverse workforce. 45% of HR leaders agree, and do not believe that annual performance reviews are an accurate appraisal for an employee’s work.[vii]
Agile Performance is replacing outdated annual performance reviews by transforming managers into coaches, and coworkers into teammates. To boost engagement, coaches and teammates now actively participate in the review process by regularly rating and providing comments on team members’ actions and work in real-time.
On average, it takes about 52 days and $4,000 to fill an open position. Replacing talent is costly and time consuming, but it doesn’t have to be if you have the ability to plan for the future.[viii]
Predictive Analytics is about leveraging insight to help you make better informed decisions. This advanced technology looks at previous trends and then computes the data to predict what will happen in the future to provide HR leaders with the insights they need to hire the best talent, recognize engagement levels, and understand where to invest in the development of their people.
HCM technology is the foundation for cultivating a strategic workforce that can take your organization to the next level while improving your bottom line. Get ahead of your competition and stay up-to-date with how you can invest in the development and growth of your people.
[i] Cameron, Yvette. “Market Guide for Human Capital Management Suite Applications.”Technology Research, Gartner, Inc., 23 Dec. 2014, www.gartner.com/doc/2950821/market-guide-human-capital-management
[ii] "Global Recruiting Trends 2016." LinkedIn Talent Solutions. 2016. www.business.linkedin.com/content/dam/business/talentsolutions/global/en_us/c/pdfs/GRT16_GlobalRecruiting_100815.pdf
[iii] Cocca, Noel. “Why Every Recruiter Needs An Applicant Tracking System.” Recruiting News and Views @ RecruitingDaily, 22 Aug. 2014, recruitingdaily.com/applicant-tracking-system-selection/
[iv] Moon, Omer Minkara & Michael. “Employee Engagement: Paving the Way to Happy Customers.” Employee Engagement: Paving the Way to Happy Customers, deliberatepractice.com.au/wp-content/uploads/2015/09/customer-employee-engagement.pdf
[v] “Blog • Demco Software.” Demco Software, 2017, www.boopsie.com/rise-of-mobile-workforce/
[vi] “2017 Global Human Capital Trends | Deloitte US.” Deloitte United States, 19 Sept. 2017, www2.deloitte.com/us/en/pages/human-capital/articles/introduction-human-capital-trends.html
[vii] Mosley, Eric. “Crowdsource Your Performance Reviews.” Harvard Business Review, 23 July 2014, hbr.org/2012/06/crowdsource-your-performance-r?awid=4805783366835372835-3271
[viii] “Talent Acquisition Factbook 2015.” Bersin by Deloitte: Research and Advisory Services in Enterprise Learning & Talent Management, 2015, marketing.bersin.com/talent-acquisition-factbook-2015.html.