Thrive in Today's Business World with HR Technology
By Trish Stromberg, Chief Marketing Officer, iSolved Human Capital Management
This is part of a special advertising section featuring forecasts on navigating changes and challenges.
To be successful in today's rapidly changing business world, a company's HR executive needs to learn how to adapt. Laws and regulations are shifting and technology is advancing quickly, leaving many companies grappling to stay current on the latest best practices and the changing landscape. It is critical that human resource professionals not only stay abreast of these changes, but also think -- and act -- a few steps ahead. As technology continues to emerge, HR professionals are tasked with assessing and harnessing the right tools that will help their organizations thrive within today's volatile business environment.
Human talent is undeniably the most important asset and strongest driver for businesses today, which is why properly managing this talent will have the greatest impact on a company's success and the future talent is filled with tech-savvy and job-hopping millennials.
In today's mobile age, employees expect information to be at their fingertips. Over the next five years, employees' patience for cumbersome HR processes will disappear. They will expect intuitive and instant access to their information so they can make changes quickly, anytime and anywhere. Whether it be their W4, enrolling in benefits or monitoring schedules, this mind-set is becoming more pervasive as millennials become the majority in the workforce and technology devices become more portable.
Millennials also have a reputation for jumping from company to company more frequently than previous generations. HR professionals will need to work to counter this behavior, since it's costly for companies to lose talent on such a frequent basis. Human resources will need access to consolidated information about each employee so as to help them excel and reach their full potential.
Human capital management tools that span the entire employee lifecycle will become more and more important. The correct tool should provide insight and help drive employee performance, engagement and satisfaction in a single solution. As these tools become more robust and more common in the industry, HR professionals will have access to detailed reports and deepened analytics on their workforce and workplace, providing better direction on actions that need to be taken to retain talent.
The next five years hold many unknowns for the human resource industry. HR professionals need to have the appropriate HCM tools already integrated in their organizations so they may stay ahead of the expected and unexpected changes to come. HCM platforms will not only be the tools of choice for employers, but will also help companies survive and thrive through change and growth.
HR professionals will need to comply with ACA and stay on top of FLSA, OSHA regulations, minimum wage and other federal and state regulations as they change. Empowering employees with their own information and allowing them to handle tasks themselves will be critical. And finding new, creative ways to retain talent will be an increasingly more important focus for HR teams as millennials continue to fill the workplace.
Human capital management platforms will be the most effective way to get ahead and stay ahead of challenges that come with change in the coming years.