Employee retention and human resource management (HCM) are two very important parts of any business, big or small. Keeping workers happy and engaged can be a challenging task. Part of that, but not all, is balancing your employee benefits packages. To hold on to workers and keep things moving well, more and more companies are seeing the benefit to moving to a more holistic approach to dealing with human resources (HR) and compensation management systems.
HR Drive looked at the move behind such a shift in how companies work across HR platforms and with compensation management systems to work better and smarter, rather than harder. They found that part of the problems companies face is due to how they keep their employee files. For many, there is not one space where all of the information is kept. Instead, it is parceled out among a variety of departments and in different areas. Some can be stored in Excel sheets whole other are in a different array of file types.
To add to the confusion, many companies compartmentalize how they work to get and keep staff. One area will oversee hiring personnel and they keep those files. Another will have their own system for monitoring how well these workers do in their jobs while others have their own systems and software for compensation management solutions or for watching how often they are in and out of work for sicknesses and vacations and the like.
Companies that currently use systems that are either based on pure data or talent assessments are starting to make the switch to HCM systems that look at this from a more holistic place. One real benefit to making this switch is that by doing this, they are also forced to integrate all of the data they have on the people who work for them. Park of this process also means using better compensation management systems. According to Sierra-Cedar, organizations that use systems to pay closer attention to their talent rather than raw date to have a more effective and efficient workplace.
Some of the benefits to moving to a more holistic HCM system are:
Companies have better data to use while recruiting new staff. When a new person joins a business, the information that was gathered during the hiring process will be kept along with their performance reports and profile.
- Employee data is easier to access. When all of the information that a business has on its workforce is kept and maintained in one area, it becomes a lot easier to look it over for instant reports. In this way it also easier to assure compliance, to make sure all workers have the correct training and certifications. This kind of system also lets employers provide better and more timely feedback to create a more efficient work environment. When a more holistic HCM system is used, workers have better access to the tools, training and resources they need to have to do a better job.
- Companies can make sure their future needs are met. The needs businesses have today are always changing. This means the skills their workers needs are also not static. Knowing what you will need to and what you have already can help a lot. By being able to tell what workers have what training and what areas in which they excel can make it easier to keep everyone progressing and adapting to a changing technological environment.
- Scheduling becomes less of a chore with more holistic HCM and compensation management systems. When schedules are drawn up, it is important to make sure everyone who is working at their various positions has the proper training and certification to do what they need to do. If one worker needs to fill in for another, this can make all of the difference in the world.
There are a lot of areas where companies can cut costs without losing quality. Integrating HCM and integrating a more strategic and holistic approach can do a lot to keep a company moving in the right direction by keeping some of their overhead costs low.