Going Beyond Integrated Human Capital Management
Technology’s Impact on HCM in the Modern Workplace
In recent years there has been a rapid shift in HCM technologies, as market consolidation gathered up disparate talent management tools and elevated them to cloud-based integrated HCM suites. As reported by Deloitte in HR Technology Disruptions for 2017, starting in 2015, the HCM tech space received a significant injection of investor capital, 60% of which was directed specifically toward funding new integrated systems. As every aspect of the workplace has been altered by technologies from expectations of mobile access to the rise of artificial intelligence and virtual reality, the way companies approach human capital management has changed, fostering demand for systems designed to support the modern workforce.
People Management Replaces Talent Management
In a mobile, increasingly global workplace, maximizing talent looks very different than it did a decade ago, when fewer employees worked virtually, employers could more easily attract and retain needed talent, and employee engagement and workplace productivity were much harder to measure. Since the 90’s companies have moved from working to automate and later, integrate, HR systems and processes to looking to an HCM solution to provide data that helps measure their success in managing their people. Long-term growth opportunity lies with the ability to measure the impact of corporate culture and environment on engagement, and to identify and equip future leadership. HCM integration today is not about self-service online benefits enrollment, or the integration of payroll with performance reviews and resulting compensation changes. It’s about re-engineering the workplace to support the ways of a modern workforce; designing tools to help teams set and measure goals, delivering valued coaching to virtual team members; making it easy for employees at all levels to deliver feedback, and enabling individual learning.
Attaining Integrated People Management
Before a company can turn its attention to the higher value goals of people management, there is no question that talent management systems and processes have to be in place and operating effectively. At the end of the day, employees not only appreciate, but in today’s world, expect a smooth onboarding experience, seamless benefits enrollment and a timely, accurate W-2. And, key stakeholders will value needed nuts and bolts reporting on the company’s investment in human capital. Most organizations have reached this state.
So what comes next? Human Resources Today recently looked at the top 4 HR technology trends in 2017. Tools to support more frequent, mobile reviews, surveys to build the data needed for predictive analytics in the workplace, integration of social media in the recruiting process, and integrated digital learning all made the list, demonstrating how organizations have moved beyond relying on technology for tactical execution of HR functions.
In the next 5-10 years, the most successful companies will be those who have learned how to harness consumer technologies to transform the employee experience. Forbes contributor, Jeanne Meister, examines how HR leaders at global organizations are already moving in this direction. Technology is acting as the driver of the new employee experience as front-runners leverage agile development tactics to expedite the recruitment process or to facilitate the development of new intelligent digital learning platforms. Chatbots, used by marketers to engage buyers, may soon be used to develop digital co-workers as automation takes a greater role in the workplace.
Technology will also be essential to manage the blended workforce as fewer employees fit the traditional FTE model. An integrated HCM will need to do more than simply accommodate workers of various classifications, it will have to offer an employee experience from onboarding to performance management and training for a variety of workers, freelancers, contract employees, part-time employees, and other types of contingent workers.
Technologies to Support the Modern Workplace
As your organization makes plans to take the next steps forward in HCM, tools that can manage both talent and space will be essential to supporting the modern workforce. In addition to robust payroll, tax and benefits systems, today’s mobile, flexible work environment requires tools to track time and attendance of virtual employees as well as hoteling and mobile workforce management. Crafting the employee experience is about more than just establishing a corporate culture that embraces the new way to work, it requires an investment in the technology that makes takes culture beyond theory to daily practice. Asure Software is a leader in delivering HR technologies that build companies of the future.