Is your Human Resource Management System Unlocking the True Value of your Workforce?

1. Is your Human Resource Management System Unlocking the True Value of your Workforce? As an HR leader, what keeps you up at night? Is it ensuring your talent strategy aligns with company goals and drives bottom line success? Is it streamlining core processes to eliminate waste and increase staff productivity? Or is it investing in the right technology? Most likely it’s the daunting combination of the aforementioned three factors. Every organization is clockwork of various departments operated and maintained by the human resource of the company. In his book “Good to Great: Why Some Companies Make the Leap and Others Don’t,” Jim Collins says that the best companies "Get the right people on the bus, the right people in the right seats, and the wrong people off the bus." Collins says great companies have a corporate culture that finds and promotes disciplined people to think and act in a disciplined manner. Collins states "If you have the wrong people, it doesn’t matter whether you discover the right direction; you still won’t have a great company. Great vision without great people is irrelevant." This further stresses the need for effective staffing, developing and retaining talent. Read more about Application Management Services. Filling talent pipelines has always been HR’s domain, but it has become more complicated than ever. HR leaders face tremendous pressure to develop and execute new workforce and talent strategies. According to Economist Intelligence Unit, CEO Perspectives: “How HR can take on a bigger role in driving growth, 2012,” 53% of CEOs and CFOs say insufficient talent could financially harm the organization over the next 12 months. Besides, managing a global workforce further adds challenges such as multiple languages, currencies and local regulations. That’s a lot to keep track of. Unfortunately, numerous HR organizations are countering the aforementioned challenges with technologies that are not able to address the increasing complex nature of HR in the global business scenario. Many of these challenges are rooted in technology. Without the right HRMS system, it is impossible for HR leaders to collect, access, analyze, and act on the right information. Organizations worldwide are turning to various solutions in the industry that provide both the global foundation and the workforce insight for superior talent and HR management. These solutions have the capability to hire talent in consonance with the organizations’ key competency requirements – beginning with sourcing talent from all possible sources, including social sourcing, to managing the recruitment cycle in an efficient manner throughout to a quick and effective onboarding process. Both hiring managers and candidates have the best possible experience during the course of the process. Organizations also get metrics for recruitment and hiring managers to help with constant improvement of the process. Best-of-breed solutions for talent management, reporting, and analytics can be deployed in multiple ways to suit a company’s unique needs. Offerings such as Workforce Development can help assure that skilled and trained employees are utilized to their best capability, by presenting them development and succession options. Effective goal setting and performance management in tune with compensation management ensures that employee’s career goals are symbiotic with the organization’s growth path. It makes certain that employees grow along with the organization. Indeed when the workforce is engaged, productivity and employee retention rates rise and customers are more satisfied, resulting in improved financial performance and shareholder value.