How Strategic HR Technology is Transforming Enterprise-Level Operations
A recent study by Price-Waterhouse Coopers describes ongoing changes in the field of Human Resources (HR) technology as a "tectonic shift" in how companies manage people. Today's HR technology solutions are reducing costs, improving process efficiencies, and increasing candidate quality and employee retention. Integrated systems allow for end-to-end management of recruiting, onboarding, benefits administration, payroll, time tracking, and HR reporting via a single login. Companies of all sizes are finding clear advantages in leveraging new technologies to support competitive workforce strategies.
Integrated Recruiting Support
According to PWC, recruiting top talent and filling labor gaps remains among the top concerns for today's leading CEOs. Sixty-three percent of CEOs are concerned about the availability of key skills needed for growth. Whatever the makeup of your organization, changes in labor supply and demand are heating up. Skills and talent can provide a competitive edge. Effective automation can help increase workforce stability, productivity, and competitiveness. Today's integrated recruiting solutions can simplify the process of posting jobs, attracting candidates, screening applicants, managing the interview process, and successfully onboarding candidates.
Employee perceptions of benefits are a top contributor to overall employee satisfaction. Yet in today's complex environment, health cost increases are affecting overall employee compensation and can impact the productivity and well-being of your workforce. New technology not only promises to reduce cumbersome paperwork, but can provide real-time data visibility, tracking, accountability, and cost controls. Exposure to large liabilities can be minimized.
Time and Payroll
Staff time reporting and payroll management is essential for companies. It drives key functions such as scheduling, payroll, and compliance with tax requirements. Yet manually handling these processes is time-consuming and increases the risk of errors. Technology can simplify labor cost planning and controls, reduce administrative costs, and increase communication and productivity.
Self-Service Portals and Mobility Tools
Employee self-service portals allow individual staff members to update benefits information, contact data, and other personal information online. Multiple options can be used to reduce manual processes across the organization. There is a growing trend in the widespread use of employee mobility tools to support a global workforce, remote workers, and the increasing prevalence of mobile devices. Companies that have implemented these tools report a high level of satisfaction with their HR mobile experience.
Reporting and Analytics
Access to actionable data has always been a challenge for supervisors and managers. Yet human resources information is a critical input into major business planning activities from budget forecasting to year-end financial reporting. New technologies can make it easier to collect data, present and analyze information, and execute more effectively on business intelligence. By leveraging a customized and integrated HR system, managers are able to access standard templates, customized reports, and centrally managed employee records.