Over the last two years, investments in digital technologies such as artificial intelligence (AI) by nearly every major provider of HCM systems and tools have transformed the HR technology landscape. Many of the investments have gone into developing distinctive product capabilities, particularly capabilities that rely on machine learning technology.
Topics: digital technology, Machine Learning and Cognitive Computing, Human Capital Management, HRMS, Learning Management, Payroll Optimization, Total Compensation Management, Work and Resource Management, Workforce Management, employee experience
Employee engagement has been a dominant theme in both human capital management (HCM) and the systems to manage it in recent years; lately (though not necessarily appropriately) it is a topic often equated with the notion of the employee experience. On a related point, Gallup’s annual employee engagement survey has consistently found the majority of today’s workforce to be disengaged, defined as “not enthusiastic or passionate about their work.” Interest in the degree to which HCM technology can improve employee engagement (or mitigate disengagement) now rivals the attention given to such perennial chief human resources officer (CHRO) concerns as attracting and retaining top talent and retooling the workforce.
Topics: Analytics, Business Intelligence, Cloud Computing, Collaboration, data science, Big Data, Machine Learning, Workforce Optimization, digital technology, Human Capital Management, HRMS, Learning Management, Workforce Management
I’m thrilled to announce to my HCM vendor and practitioner network as well as the ever-expanding Ventana Research community that I’m now directing Ventana’s HCM practice. I will be working closely with our CEO and Chief Research Officer Mark Smith, who is a fellow HCM enthusiast and thought leader.
Topics: Analytics, Cloud Computing, Collaboration, data science, Internet of Things, Mobile, Big Data, Machine Learning, Customer Digital Technology, Human Capital Management, HRMS, Learning Management, Payroll Optimization, Workforce Management
Compensation and the processes and systems to support it are at the center of success in every organization, as I have noted recently. In our view, an investment in total compensation management software is a strategic step toward advancing human capital management. Our benchmark research on this topic found some progress in attitudes about modernizing compensation practices. Almost three-fourths (72%) of organizations said that it is important or very important to have a total compensation management system rather than a piecemeal approach. Moreover, nearly half (49%) told us they are confident or very confident that their organization currently manages its compensation processes effectively.
Compensation management is essential for any organization that values engaging and retaining its employees. It is a fundamental component of a range of personnel-related activities – recruiting and hiring, assessing performance, and career and succession planning. Determining and providing appropriate compensation, which may involve base pay, merit pay, variable pay and incentives or bonuses, is equally important for all members of the workforce – full- or part-time employees, contingent or on-demand workers and contractors. Incentives are an important part of compensation. Business areas such as call centers, sales forces and field service frequently tie incentive compensation to performance objectives. Whatever the particulars, the effectiveness of compensation directly relates to the core challenge faced by human resources departments: keeping employees productive, satisfied and motivated.