Workforce management is a key topic of expertise for Ventana Research. We define workforce management as the set of activities and processes organizations use to manage their hourly and salaried workforce for maximum productivity. It involves not only scheduling, tracking and paying for time worked but also aligning that work to the tasks and objectives of the organization. Workforce management is a critical component of every company’s operations, human resources and overall human capital management processes, as I recently pointed out. It helps organizations manage their workforces efficiently in such areas as scheduling, time and attendance, absence tracking and clocking work time, and ensures compliance with regulations and efficient payroll processing. Thus effective support of workers, managers, management and the operations and administration of the total workforce is at the heart of workforce management.
Human capital management (HCM) offers a prime opportunity for organizations and their human resource professionals to make employee-related processes effective in engaging and retaining the workforce. Manual administrative processes often hampered HR in focusing on the workplace experience and employee satisfaction. Modern HCM applications can help them manage members of the workforce as critical assets and make continuous investment in people-related processes, deriving insights on issue such as health and benefits through analytics applied to HR information. This year we will examine attitudes and changes in how organizations approach HCM through a new research endeavor using our latest research product. We will further deepen the knowledge across six essential aspects of HCM as discussed below and outlined in our HCM agenda for 2017.
Topics: Human Capital Management, Office of Finance, Learning Management, HRMS, total compensation management, Workforce Management, Work and Resource Management, ERP and Continuous Accounting, Payroll Optimization
It’s widely agreed that customer experience is now the most important dynamic for business. Any organization that wants to retain loyal and even vocal customers should do everything possible to ensure and maintain customer satisfaction. Software companies, especially those that promise to provide CRM and effective interactions across any channel at any time, should be good examples of embracing the methods they prescribe for using their products. But do they?
Topics: Social Media, Customer Experience, HCM, Human Capital, Human Capital Management, Marketing, #NA14, NetSuite, #NSW16, Operational Performance Management (OPM), Zach Nelson, Cloud Computing, Governance, Risk & Compliance (GRC), Customer Performance Management (CPM), Financial Performance Management (FPM), HR, HRMS, Sales Performance Management (SPM), TribeHR, Workforce Performance Management (WPM)
Through a federal rule referred to as “Overtime Rule” and part of Title 29 regulations was issued on May 18th, 2016 by the Department of Labor (DOL), the Obama administration now mandates that unless they meet criteria for exemption, employees paid less than $47,476 ($22.825 per hour) are entitled to overtime pay when they work more than 40 hours per week. The rule change, which goes into effective on December 1, 2016, is intended to apply to executive, administrative and professional employees; it has exemptions for teachers, lawyers and other specific jobs and industries.
Topics: Governance, Human Capital, Human Capital Management, Operational Performance Management (OPM), Overtime Rule, Part 541, POTUS, Wage and Labor, Business Analytics, Cloud Computing, Governance, Risk & Compliance (GRC), Uncategorized, Contingent Labor, Customer Performance Management (CPM), Department of Labor, Final Rule, Financial Performance Management (FPM), FLSA, President Obama, Sales Performance Management (SPM), Supply Chain Performance Management (SCPM), Workforce Management, Workforce Performance Management (WPM), Workforce Planning
Managing investments in people and their performance is critical to every organization. It also is complicated. To support the various aspects of human capital management (HCM), organizations often use a variety of technology including systems for human resource management, talent management, workforce management and payroll management. Often these separate systems use their own information and are not well connected to each other. Today they are deployed both on-premises and in cloud computing environments, which further complicates integration. This situation disrupts processes and challenges HR departments and leaders to invest time and resources to correct it.
Topics: HCM, Human Capital, Human Capital Management, Operational Performance Management (OPM), Business Performance Management (BPM), Customer Performance Management (CPM), Financial Performance Management (FPM), HRMS, Supply Chain Performance Management (SCPM), Talent Management, Workforce Management
To help companies improve the efficiency and effectiveness of their payroll management processes, we have assembled our 2015 Value Index for Payroll Management. It evaluates vendors of payroll management software to provide a guide for selecting the right application to suit specific needs. The executive summary is available for download, and this analysis provides a snapshot of the findings. Ventana Research defines payroll management as all activities associated with paying employees correctly and efficiently. This set of processes crosses the human resources and finance functions; deployed properly it provides employees with access to their payroll information as well as improving payroll management effectiveness.
In the near future, technology will be something we wear or attach comfortably to our bodies. Wearable computers have been evolving for some time, and while that might seem futuristic to the uninformed, in the technology industry it is rapidly becoming real. This trend is important for businesses to note, as our business technology innovation research shows that it is very important to more than half (56%) of organizations to find methods to use technology innovation to support both business processes and their people. Mobile technology is the third-most important innovative technology, after analytics and collaboration, and innovators will use all three together. Many organizations focus on acquiring and retaining the best possible workforce, which after all is their most valuable asset.
Topics: Big Data, Social Media, HCM, Human Capital Management, Operational Performance Management (OPM), Wearable Computing, Business Analytics, Business Collaboration, Cloud Computing, Operational Intelligence, Business Intelligence (BI), Business Performance Management (BPM), Customer Performance Management (CPM), Information Applications (IA), Information Management (IM), Sales Performance Management (SPM), Supply Chain Performance Management (SCPM), Talent Management, Workforce Performance Management (WPM)
At Oracle’s first-ever HCM World conference, the technology company demonstrated its commitment to human resources customers, explaining its strategy for Modern HR in the Cloud, which is focused on meeting the needs of employees in a large, dispersed workforce. The conference was insightful both intellectually and practically in its discussions of how workforces are changing. Oracle also showed its commitment by having both President Mark Hurd and CEO Larry Ellison present keynotes. This was the first time both have addressed a conference other than the flagship Oracle OpenWorld. It is worth watching the replays of their talks, which reveal the company’s motivation and investment in human capital management (HCM). In developing its HCM products Oracle has in mind multigenerational workforces that require software that is adaptable to people, competencies and new technologies such as mobile devices and social collaboration and recognizes the imperative to access workforce information and analytics immediately. The rebranded Oracle HCM Cloud Service has gained significant momentum, as my colleague Stephan Millard pointed out in his recent analysis of Oracle’s HCM portfolio. Taking a global approach it supports users in 196 countries, 34 languages and multiple currencies and operates entirely in a cloud environment.
Topics: Big Data, Social Media, Human Capital Analytics, Human Capital Management, Operational Performance Management (OPM), Recruiting, Business Analytics, Business Collaboration, Cloud Computing, Oracle, Business Intelligence (BI), Business Performance Management (BPM), Customer Performance Management (CPM), Financial Performance Management (FPM), HR, Information Applications (IA), Sales Performance Management (SPM), Supply Chain Performance Management (SCPM), Talent Management, Workforce Management, Workforce Performance Management (WPM)
IBM held its 20th annual IBM Connect conference (previously known as Lotusphere) as part of its IBM Social Business efforts at the end of January. The conference focuses on business and social collaboration technology, which our business technology innovation research found to be the second-ranked priority for business innovation. At the conference IBM made a series of significant announcements, including a new version of its social collaboration suite, IBM Connections, and the ability to use the software on a cloud computing platform.
Topics: Social Media, Human Capital Management, Kenexa, Learning, Performance, Recruiting, Smarter Analytics, Smarter Workforce, Social Business, Social Collaboration, Business Analytics, Business Collaboration, Business Mobility, Cloud Computing, Governance, Risk & Compliance (GRC), IBM, Compensation, Financial Performance Management (FPM), Workforce Performance Management (WPM)
TribeHR has brought to market an HR application suite that uses social collaboration to empower workers and managers to perform tasks that might once have been done mostly by HR professionals, or not done at all. The software-as-a-service-based TribeHR application helps businesses with fewer than 500 employees with recruiting, applicant tracking, onboarding, performance and goal setting, and time and vacation management – but with a twist. By using social collaboration as a foundation for its functionality, TribeHR takes advantage of knowledge sharing, the most valuable approach our human capital management benchmark research found for engaging the workforce.
Topics: Performance Management, Applicant Tracking, Human Capital Management, human resources, Operational Performance Management (OPM), Recruiting, Social Collaboration, Business Collaboration, Cloud Computing, Business Performance Management (BPM), Hiring, HR, TribeHR, Workforce Performance Management (WPM)