We are living in a world which is undergoing immense transformation every second. Mostly, technology is providing ease and speed to make choices for consumers, be it B2B or B2C. Smartphone technology and apps like Instagram and Vine are making personal expression fluid, and almost instantly, users feel transformed into celebrities in their own social circle. This personalization is giving wings to people’s confidence and providing them with a distinct individuality which can be instantly shared on global platforms. Flipkart & Amazon have changed human lifestyle and consumerism in a BIG way. This power of purchase is morphing the expectations workforce have from their employers. This is a metamorphosis that requires a new force of strategy for talent retention.
Talent Management is taking the workplace and HR strategies by storm. The reason is simple. Companies have begun to realize and recognize employees as their only appreciating assets. CxOs are weighing investment decisions in their employees and relying on measuring ROI on human capital. This investment and its returns have no business being random; hence predictive analysis is becoming a mantra enterprises are fast adopting. Human resources data is becoming a valuable form of human capital investment. Process efficiency and cost reductions are increasing in demand making it imperative to keep attrition in check.
CxOs are also under pressure for adopting newer technology and adapting to an agile, growing market that demands swift precision. Cloud technology, digital intelligence, big data, social, wearables and mobility are leading the world towards a new era, that of IoT (Internet of Things). The 6th Annual Digital IQ survey 2014 by PwC suggests that companies that adopt the 5 IQ digital behaviours are more likely to be top performers in revenue growth, profitability and innovation.
Not only do companies need to transcend to digital practices, but they also must keep their data secure. There is an immediacy to analyze and create actionable results on their employee data. To top this, CxOs must keep innovation as top priority in order to face disruptive market challenges and competition. Essentially, human capital has come to be an extremely valuable resource that needs to thrive with best possible practices, so a CEO can optimize and leverage human potential for an uninterrupted business growth.
The onus definitely lies on the HR team to understand core objectives of employee lifecycle management of their workforce for better hiring and transforming current talent in their organization. The 2014 Global Assessment Trends Report by CEB identifies that an increasing number of HR professionals believe it is critical to integrate data on competencies and skills into talent management systems (75%, up from 65% in 2013).
An organization existing without an automated data management engine will be insufficiently equipped to survive the complexities, accuracy & fast pace of change. Without the right tools to facilitate and nurture talent, employees will be,
- Disconnected with work goals and business objectives
- Be ill informed regarding their performance and appraisals
- Feel demoralized without transparency in rewards and recognition
- Working as silos even as individual employees
- Find little time for strategic thinking and innovation
- Not feel a part of the technologically advanced and driven workforce, to name a few.
While small and mid-sized companies are experiencing sporadic growth and change, it is likely they may overlook the needs and nurturing of their employees. Talent hiring and retention decisions can be made ad hoc, hence skipping vital talent focus. Here HR can turn over a new leaf by going strategic. In-house talent can to be nurtured, and incoming talent can be hired and placed with precision. High growth companies will mature once they can map their talent and align it with the organization’s vision for business transformation. A must in this case is an end-to-end human capital management solution, that provides talent and assessment metrics, along with a precise and accurate employee data bank.
PeopleWorks has been supporting their clients with people management and talent transformation. PeopleWorks has stepped up performance and efficiency levels for their clients by 43%. Our clients have experienced lower attrition, and a transformation that started with HR teams, has permeated to talent and business support in the organization. Human Resources is no longer relegated to admin cubicles, but has become a strategic and omnipresent arm for their C Suite leaders. And PeopleWorks has successfully brought in the anytime, anywhere concept of working, so teams no longer work as silos, but as partners. This lifts up employee morale, and hence workforce is recognized and believes itself to be “talent”, and not mere employees. This is a huge shift for any business as they transform themselves.
PeopleWorks is a unique and scalable solution that automates human capital data, so that efficiency is higher and processes are smoother. And the buck doesn’t stop there. With 80+ reports that are generated at a single click, CxOs and team leads can get their employee data anytime, anywhere for predictive analysis on their human capital intelligence.
The PeopleWorks solution includes smart and self serviced data entry for employees, including their Attendance, Leave and Travel & Expenses uploads from any location through their UI friendly portal. As the application is cloud based, our clients’ data is secure and easily accessible as per requisite access. To harness the best from talent, and anticipate their training needs, PeopleWorks has developed Competence Assessment and Performance Management System modules. They help generate critical information on talent career support and training. IdeaWorks is another module encouraging talent to upload individual ideas in a transparent manner, so it gets fair encouragement across the management and business excellence groups.
PeopleWorks accelerates organizational growth by enabling strategic talent transformation. This HCM solution has multiple benefits and more interesting aspects to just mundane data management. Find out more here. To request a demo, click here.