3 HCM Market Trends That Enable Total Workforce Management
November 7, 2016
It’s said that employees don’t work for companies—they work for leaders. Or more specifically, they work for people. Distilled down to its essence, that statement implies that employees are interested in a stimulating and culturally engaging work life. Gone are the days when one graduates from college and settles into a lifelong job at a single company, retiring at the end with a healthy pension.
Corporate culture is a key factor in attracting, engaging and retaining key talent in today’s employment market. Every employee’s first interaction with a company is via the HR office. That office is generally the place where corporate culture is the most visible and has the biggest impact in the lives of every employee.
Cultural elements are visible in every aspect of employee HR interactions, including the HR systems employees use to manage the larger details of their employment. There are 3 key trends in HCM (Human Capital Management) systems architecture that point to a more focused interaction and engagement between employer and employee:
Total Workforce Management
Historically, companies would only put their local FTEs into their HR systems. However, the nature of today’s workforce is such that there are temp employees, remote employees, international, traveling, contract labor, etc. All of these different labor types are left out of the primary systems that interact with the culture of the company. They have different workflows and different experiences interacting with the employer.
Successful corporate culture demands that all the different labor types be included in the same systems for continuity and cultural aspects.
HCM Systems are for Every Company
Typically HCM systems were put in place at larger companies as the result of a compliance need, or a solution to bring more efficiency to dealing with the details of a large employee group. As employers turn their engagement efforts to the employee, even small to mid-market sized companies are realizing that HCM systems are a foundational element of corporate culture and make a tangible difference in retention efforts.
Companies that employ comprehensive HCM systems are better positioned to attract—and once recruited, retain—critical top talent for their organization. In essence, a full-featured HCM can be used as a competitive tool.
Complete Employee Workforce Lifecycle Optimization
HR management platforms came about to manage the force of compliance. They were either based on a payroll and taxation model, or a benefits administration model, and their purpose was to make regulatory compliance easier for larger companies to manage.
Today’s comprehensive HCM systems engage with the employee in so many other important areas that the compliance aspect—although present and still very robust—is an afterthought for both the employee and the employer.
With the new prevalence of big data, companies now have the ability to gather and analyze more fine details about their employees—everything from performance management and compensation trends to benefits use and travel profiles. This gives the employer the ability to understand the needs of its workforce, and interact with them in a much more detailed way.
The New People Success Platform
HCM systems today are built for employee engagement with corporate culture. The best ones, like our People Success Platform, provide actionable insights to the employer regarding employee needs while at the same time empowering employees to manage all administrative facets of their employment within a single system. Whether it’s performance management, compensation, benefits, retirement, PTO, location specific details, or travel identities, it’s all available to any employee, new or old, part time or full time.
Employers must use every available tool to compete for top talent on a larger national scale. Our People Success Platform can tilt the playing field in favor of any business that seeks to attract the best talent, and understands that employees want to be engaged in their own work-life details.