Your business relies on talent for success. More importantly than that, keeping this talent engaged, happy, and contributing can be even more challenging, especially in this period of near-full employment.
We recently joined WorkforceGO! to present a webcast on the importance of and steps to recruiting, retaining, and engaging your workforce, looking into challenges, opportunities, and best practices in making engagement work. The webcast, led by Chris Goheen, the President at Workforce GO and Stephanie Smith, Business Development leader at Wipfli.
Trends to Watch in HCM in 2017, 2018, and Beyond
Disruption is here, and disruption is happening. With new market pressures appearing every day, the strategy set forth yesterday may need to shift or pivot in order to keep up with differing employee needs and preferences, different technological challenges, and the ever-present war for talent and skills gap that exists in the marketplace today.
Challenges in Working with a Modern Workforce
In this form of disruption comes a change in need and a change in action. At present:
- Current State of the Workforce: There are currently four generations of employees in the workplace, each of whom have different concerns ranging from “how am I going to pay off this student loan debt,” to “will I have enough to retire comfortably?” This creates pressures and a need to diversify benefits offerings tailored to the individual, as opposed to the company as a whole.
- The Pending Demographic Shift: As Boomers begin to retire and Generation Z moves in, the needs, preferences, and expectations will undergo another shift.
- Leadership Sourcing and Development: With the last two comes another challenge, preparing the next generation to take the reins. How will a Gen X replace a Boomer, what will this mean to the change in leadership, and how can you prepare these people?
- Building Culture: Successful company cultures find success when they walk the line between company and religion. It’s important that people are proud to work for your company, and are happy to abide by its rules.
- Designing an Organization for the Future: Can a change to the organizational structure help you achieve strategic objectives?
- Finding Productivity: How can you find and extrude the most productivity from your employees?
The Rise of People Analytics
Technology may come to be the answer to the aforementioned HCM challenges, helping leaders in benefits, payroll, and more to predict the changing needs of both the company and its people in order to move growth and culture forward. Goheen notes that these evolving challenges can be addressed by something called “People Analytics.”
People analytics is the driver behind not only engagement, but the empowerment of employees in evolving their leadership, becoming more happy, and growing the company.
HR’s Seat at the Table
The table is getting big, and HR’s seat is getting closer to the head. As the skills gap and talent war persists, it’s becoming the strategic role of HR professionals to build a community and environment in which people are happy and empowered, because if one thing holds true, it’s this: Monolithic entities don’t innovate, individuals within these entities make this happen.
This is why HR now has a role more important than ever, as they have to find and keep the people who make the innovations.
Making Your Job Easier with Integration
With all the challenges that lie ahead for the HR department, it’s vital that HR actually focus on the people—not the paperwork. This is why Workforce GO! makes it easy to automate many of the laborious processes that surround modern HR departments—hiring, payroll, timesheets, project management, and more—by providing bi-directional integration with Sage Intacct.
Ready to learn more? Watch the entire recording here to learn more about the trends that persist in the HCM organization, and how built-on-Sage Intacct Workforce GO! makes it easy to pick and choose what you need and improve multiple functions.