Delivering on the Promise of Robust, Efficient and Affordable HCM
By Dave Rhodes, CEO, WORKTERRA
This is a special advertising section featuring white papers on trends that are currently shaping the HR profession.
In a world of increasingly complex financial models, ever-more confusing regulatory demands and a multigenerational, highly mobile workforce, the future of human capital management is wide open.
Consider these stark realities that will most certainly have an impact on how you plan for and navigate your company's HCM strategies going forward:
* A demographic reality: Generation Y has surpassed Generation X as the largest population of employees in the workforce. More than 1 in 3 U.S. workers are now between the ages of 18 and 34, according to the Pew Research Center.
* A regulatory reality: More than half of large employers said in a national survey at the end of 2014 that they were unprepared to fully comply with the regulatory requirements of the Affordable Care Act, according to ADP.
* A financial model reality: An estimated two-thirds of U.S. employers expected to make changes to their health plans to help cut costs and comply with the ACA, according to research by Mercer.
Despite all of that, HCM still largely requires companies to knit together a system from various separate pieces of technology and services. The cycle often goes something like this: You start with one platform or solution, and you're probably paying for features and capacity you don't need. Soon, you find yourself needing to buy add-ons and third-party software just to make your system work the way you wanted it to in the first place -- maybe even to work the way you expected it to work in the first place.
It doesn't need to be that way.
Imagine a world in which the promises of cloud computing were faithfully brought to bear on not only the most fundamental challenges of HCM, but also on the most complex tasks that any company's benefits and talent strategies might face.
Now imagine a world in which that union of cloud computing and HCM technology was delivered by a company that understood HCM inside and out. Imagine if that company were dedicated to seeking out and obliterating any challenge that might face any company that wants to more effectively, more efficiently and more affordably execute on its benefits and talent management strategies.
WORKTERRA sees a world in which any company that wants a SaaS-delivered, affordable and complete HCM solution can have one. We know it won't happen overnight. But it's close -- very close.
Make HCM Work for Everyone
So far, HCM technology has left users dissatisfied for three key reasons. One probably applies to you:
1. You feel disenfranchised and disappointed by the legacy or safe-bet vendor you chose.
2. You're disappointed by a younger-generation HCM solution, one that doesn't have the industry expertise or technological prowess necessary for the system to handle complex situations.
3. You're sick of the time sinks, lack of integration and inability to handle intricate rules or modeling, or poor user experiences.
What's needed to end the complexity, remove the tedium and reduce the time needed for benefits administration and talent management? If you look closely, you'll see all of that is possible with an HCM vendor that offers:
1. Truly flexible technology;
2. Credibility and stability;
3. A product that does what it promises;
4. A belief in the power of "yes."
Just as in any industry, the transformative leaders in HCM have always been forward-thinking, smart and innovative. Somewhere along the way, however, the wheels started to get loose on the tracks. Or at least the train started slowing down. Then along came cloud-based computing and innovation reappeared.
Today, it's time to change the game again. HCM needs to feed the growing SMB market, and cloud-based technology lets HCM do just that.
Human capital management needs to meet the needs of a multigenerational workforce, who demands consumer-like experiences from their work-life software. HCM needs to be affordable and fully featured, not only for companies with 1,000 employees, but also for those with as few as 50 employees. Cloud technology and the right HCM technology and services company can make that happen.
Buyers need a company that's about more than sizzle, about more than doing a hit-and-run job or about simply trying to copy what's hot on the market. Buyers need an HCM partner they can trust to be looking ahead and not settling for what they're offering customers today.
Finally, game-changing HCM absolutely demands a company that's in it for the long term, not for the deals they're making today or for this quarter or this fiscal year.