The early days of my career were spent in HR and payroll systems inside brokerage houses and investment banks. The first CHRO I reported to thought the best way to develop a plan for automating payroll management was for me to run the function’s day-to-day operations. I had no previous experience in payroll but it was a good call, as the trenches of any operations area typically reveal a cornucopia of automation opportunities. Then again, it was a different time; back then the words strategy, decision support and employee experience were rarely heard in a payroll department.
Topics: Human Capital Management, HRMS, Workforce Management, Digital Technology, Work and Resource Management, Machine Learning and Cognitive Computing, Payroll Optimization, Artificial intelligence, Total Compensation Management, RPA, employee experience, Chatbots, Personalization, Predictive HCM
Recent advances in workforce management (WFM) software are rewriting the way organizations tackle hourly workforce management and related administrative challenges. This is largely due to improvements in the design of business processes and a focus on enabling more hassle-free user experiences. The result is fundamental changes in how workers account for their time and request PTO, as well as how they access information on payroll, benefits and other company policies. These advances are also enabling managers to more readily consider workers’ as well as the organization’s needs when they forecast and schedule shifts. Scheduling that minimizes worker burnout from too many double shifts, for example, only makes management sense and should be a common interest.
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: Human Capital Management, Learning Management, HRMS, Workforce Management, Digital Technology, Work and Resource Management, Machine Learning and Cognitive Computing, Payroll Optimization, Total Compensation Management, employee experience
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: Big Data, Data Science, Mobile, Human Capital Management, Machine Learning, Learning Management, Analytics, Cloud Computing, Collaboration, Internet of Things, HRMS, Workforce Management, Payroll Optimization, Customer Digital Technology
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.
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.