Q&A on HR Technology
By Stacey Pezold, Chief Operating Officer, Paycom
Q: What's the one HR technology solution today that is most transforming HR departments?
A: Truly transforming your business starts with a few key strategies and the right onboarding technology. Through this, you can enhance new-hire productivity, retention and engagement.
Research shows a great onboarding experience can reduce turnover by 157 percent and boost engagement by 54 percent. This is crucial, considering your company's greatest asset is your people. To attract and retain top talent, you'll need to engage them before Day One, through preboarding. With the right onboarding tool, new hires can fill out and submit required documents, complete training and familiarize themselves with your culture before they walk in the door, allowing them and their managers to be more effective in those crucial first days of employment.
While many components make up "onboarding technology," such as document management, benefits administration and learning management systems, no task can be accomplished as efficiently as when using self-service functionality. While our research shows that only 11.5 percent of HR professionals say their organizations do not use some sort of self-service application; the challenge is selecting the right technology and getting the best use of it; using it the right way is what truly transforms a business.
Employees entering their own information into self-service technology dramatically reduces the dependence on paper and emails; saves HR departments hours of time, allowing them to be more strategic; and reduces compliance risks.
This is not just what employees want; they expect it. Other tech features are nice to have and, in some instances, have to have, but if you have the kitchen sink and don't provide employees access to their information, you've not transformed your business. You may have grown, developed and gotten better, but you haven't transformed the way you do HR.
Q: Going forward, what areas should HR leaders be focusing their HR tech investments on to secure the best bang for the buck?
A: Being a chief learning officer, I admit I am partial to learning, but that's because I undoubtedly believe that you must invest in your people. Adobe has found that 81 percent of employees say the technology to do their jobs is the most important thing keeping them happy. Millennials will tell you they really want to work for an organization where they understand their purpose -- their "why" -- and to know that they have the opportunity to continually get better. And that comes from an organization that invests in their overall development and performance.
At the heart of things, today's largest generation in the workforce, millennials, want to stay with a company as long as they're provided the resources needed to support the organization's mission and to better themselves from a performance perspective. That begins and ends with learning.
Implementing learning through a learning management system is the easiest thing an organization can do to let employees know immediately that they care. From a productivity perspective, it's a double bonus -- a win for everybody. When the employee gets better, the company gets better, and when the company gets better, it can invest in its employees even more. Ultimately, training through an LMS attracts and retains talented employees, which can have a big positive impact on the bottom line.
Q: In implementing new HR technology solutions, what are the specific best practices HR leaders should be taking to ensure that those implementations go smoothly and successfully?
A: Changing technology is an opportune time not only to convert your data, but also to re-evaluate your existing business practices and culture. Ask yourself, "What is a better process for this?" Find out how the most forward-thinking and dynamic companies do it, and then up your game. You want to ensure you are not only bringing your organization into modern times, but also propelling it into the future, so partner with a company dedicated to getting you there.
Implementation is a blended process. Trust the process and hold key members within your group and provider accountable. Also, be sure you work with a provider that has a solid plan for success, so you know what the journey of implementation looks like and where you are at any point in that journey. This will provide you with a good benchmark as to whether you and your team are on track.