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: Cloud Computing, Customer Experience, Customer Performance Management (CPM), Financial Performance Management (FPM), Governance, Risk & Compliance (GRC), HCM, HR, HRMS, Human Capital, Human Capital Management, Marketing, NA14, NetSuite, Operational Performance Management (OPM), Sales Performance Management (SPM), Social Media, TribeHR, Workforce Performance Management (WPM), Zach Nelson
Enterprise resource planning (ERP) is a software category that includes an array of business applications that includes human resources and finance. Workday is a vendor at the center of a new generation of ERP. My colleague Robert Kugel recently covered that company’s advances in finance using cloud computing to operate its platform. And I recently attended Workday’s technology analyst summit, where I got a deeper view of the technology under its applications and its efforts to perfect its processing potential. The company’s platform can support a broad range of applications, and it is advancing its efforts in analytics, collaboration and business planning. Today, however, only Workday itself is allowed to build applications on the platform, a situation that contrasts with many other ERP providers that make theirs available to third-party software developers and consultants.
Historically workforce management has been centered on tracking time and attendance, absences and leaves. Organizations view the time and attendance system as the top priority to integrate with the payroll system; in our payroll management benchmark research half (51%) of organizations called it very important. However, only one in five have integrated the two to streamline processes. So limited an administrative and operational focus does not contribute to improving worker productivity or manager efficiency. Moreover, such an approach can foster employee turnover and undermine worker satisfaction and loyalty. Our research analysis underscores that paying insufficient attention to the worker experience can degrade employees’ sense of accomplishment and in some situations also degrade the customer experience.
Topics: Business Analytics, Business Collaboration, Business Performance Management (BPM), Cloud Computing, Financial Performance Management (FPM), Governance, Risk & Compliance (GRC), HR, Human Capital, Operational Performance Management (OPM), Risk & Compliance (GRC), Workforce Management, Big Data, Human Capital Management
Ventana Research defines a human resources management system (HRMS) as the set of applications and associated processes that store and manage the employee information used by an organization’s human resources department. New technologies make it possible for the HRMS to perform better and be easier to use by HR professionals and members of the workforce. The range of evolving technologies impacting the development of the HRMS include business analytics, big data, cloud computing, mobile technology, business collaboration, social media and wearable computing. These advances enable organizations to streamline the processes that the HRMS supports and more efficiently take advantage of competencies that already exist in the workforce. The changes are so substantive for organizations and their HR departments that we have undertaken new research called Next-Generation Human Resources Management Systems.
Topics: Business Collaboration, Business Performance Management (BPM), Cloud Computing, HR, HRMS, Human Capital, Operational Performance Management (OPM), Social Media, Big Data, Human Capital Management
As organizations look to improve the competency and skills of their workers, learning management system (LMS) technology can help improve their efforts. Our latest benchmark research innext-generation learning management systems finds a range of progress in this regard. Our Performance Index analysis places organizations almost evenly between the two lowest (51%) and the two highest (49%) of four levels of performance. The results differ by size of company as measured by number of employees. For example, only 8 percent of small companies reach the highest Innovative level of performance, compared to 26 percent of very large companies, the largest percentage of any size. Analyzed by industry, the Finance, Insurance and Real Estate sector performs best: Two out of three (65%) are at the top two levels. We attribute this in part to the finance industry’s focus on processes and its need to comply with regulations and teach employees how to do so.
It is more important than ever for businesses to attract and retain the best talent, and managing compensation effectively is an essential tool for doing so. Obviously companies must pay well to compete, but managing salary, merit pay, variable pay and incentives for employees, tracking their hiring anniversaries and conducting accurate performance appraisals make total compensation management a complex process. All of this must be managed within budget and policy guidelines. As organizations grow and require more employees, the challenges multiply and the difficulty increases. Our benchmark research finds that inconsistent execution is the top impediment to effective compensation management for nearly half (47%) of organizations. Software designed for this purpose can help.
Topics: Business Performance Management (BPM), CFO, Compensation, Customer Performance Management (CPM), finance, Financial Performance Management (FPM), HCM, HR, Operational Performance Management (OPM), Sales Compensation, Sales Performance Management (SPM), Talent Management, TCM, Workforce Performance Management (WPM), Human Capital 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.
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, Business Analytics, Business Collaboration, Business Performance Management (BPM), Cloud Computing, Customer Performance Management (CPM), Financial Performance Management (FPM), HR, Human Capital Analytics, Human Capital Management, Information Applications (IA), Operational Performance Management (OPM), Oracle, Recruiting, Sales Performance Management (SPM), Social Media, Supply Chain Performance Management (SCPM), Talent Management, Workforce Management, Workforce Performance Management (WPM), Business Intelligence
Businesses need to simplify HR and compliance processes to save time and reduce risk. Talx, which helps employers address concerns in hiring, pay and compliance, has now assumed the name of its parent company and become Equifax Workforce Solutions [PDF]. HR and finance professionals should recognize the parent company’s brand from its work in the consumer credit industry. The company hopes these professionals will see that Equifax Workforce Solutions offers a better approach to governance, risk and compliance. According to our research, 79 percent of organizations want a better method to identify and manage risks faster.
Topics: CFO, Compensation, compliance, Equifax, eThority, finance, Financial Performance Management (FPM), Governance, Risk & Compliance (GRC), GRC, Hiring, HR, I9, Operational Performance Management (OPM), TALX, Workforce Performance Management (WPM), Workforce Solutions, Office of Finance
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: Business Collaboration, Business Performance Management (BPM), Cloud Computing, Hiring, HR, Human Capital Management, Operational Performance Management (OPM), Performance Management, Recruiting, Social Collaboration, TribeHR, Workforce Performance Management (WPM)