The competition for top talent attraction and retention is fierce. As a result, companies have upped their game and implemented intuitive HR technology solutions to support today’s workforce. For the companies who have yet to adapt this technology, well, they might just get left behind and forced to deal with a limited talent pool.
In a report from Information Services Group (ISG) this year, strategic alignment, talent acquisition, refining business processes, cost reduction, and driving human capital management (HCM) technology improvements were the top five areas that HR professionals were looking to focus their improvement efforts. In order to achieve these goals, organizations are turning to a combination of solutions, including investments in new HR technology.
HR technology delivers an improved user and candidate experience while significantly speeding up the onboarding process. New talent in today’s workforce wants to be engaged with their benefits and rewards programs. HR technology can offer tools, such as gamification, to make benefit and rewards processes less of a chore. Applying consumer gaming elements to the HR function can serve as both motivation and reward for employees. HR teams can now transform once tedious or confusing processes like enrolling in retirement or annual in-service training into engaging puzzles, competitions or challenges. By putting employees at the heart of their benefits experience and empowering them with the ability to make changes and have access to their benefits from virtually anywhere, companies can engage employees from the moment the onboarding process begins. For new talent, an HR tech-enabled workplace, complete with mobile and social components, is seen as an expectation. For organizations, HR tech investment is quickly becoming a crucial component to strategic alignment with the business.
The 2014 Global Employees Benefits Watch study looked at the challenges and solutions for administering global benefits and found that less than 30% of companies were using some type of software to administer their benefits globally, while almost half (49%) used a mix of manual processes and software in each country. Given the challenges many of these companies face in administrating benefits and reporting globally, it is not surprising that the majority (66%) would prefer to use global software such as dedicated global benefits management (35%) or HR software (31%).
Global benefits management tools can help companies evolve their workforce and can quickly demonstrate their value to an increasingly global talent pool. Employees that are satisfied and engaged in the workforce are likely to have more longevity in a company. Employee retention can significantly reduce the costs of interviewing, training and constantly re-hiring. Moreover, cloud-based SaaS systems are more cost effective than on-premise software and also offer a good mobile and social user experience with easy access to a secure interface.
The workforce is constantly evolving and changing and young jobseekers today have developed a high appreciation for unique and interesting benefits packages and retention strategies. Companies that fail to adapt HR technology strategies may be forced to deal with a limited talent pool.
In keeping up with the times, companies need to look at HR technology to assist in maintaining employee loyalty, retention and satisfaction to attract the best of the best. After all, when faced with the choice between multiple jobs, a company that can offer the most engaging online, easy-to-access benefits portal with intriguing rewards will win out every time.