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Trends in Managing Today’s and Tomorrow’s Workforce

5/20/19 4:06 PM

Talent is scarce and labor costs have been rising. With global expansion and Baby Boomers beginning to exit the workforce, HR leaders need new ways to attract top talent to their organizations.

At the same time, there are significant skills gaps due to changing technologies, business strategies, or operating models that are making the war for talent even more competitive. In a recent CEO survey conducted by PwC, over half of CEOs said they are planning to hire more people in the next year but are not confident that HR is up to the task ahead. Fifty-six percent of respondents said they felt the finance function was well prepared to address the talent shortage, but only 34 percent felt that HR was well prepared and 9 percent said they are not prepared at all.1

One way HR can become more prepared is through enhanced hiring tools and sophisticated analytics that can help identify trends and skills gaps to provide insight that will help organizations as a whole adapt their talent strategies. Analytics tools allow HR leaders to create data driven strategies to make smarter decisions about whom to hire, how much to pay, the best time to hire, who are best-fit employees, who is performing well or not, and other insights into the “people part” of the business.

Engaging and Enabling Employees

enhancing employee engagement group of employees

Employee engagement is no longer just an intangible concept put forth by HR —it’s a strategy that organizations are developing, complete with PR, marketing, and social media promotion of their organizations to attract and retain the best talent. To facilitate engagement, many have positioned their organizations as “best places to work,” created a culture that makes employees feel they have opportunities to grow and evolve in their careers, given employees flexibility to achieve work/life balance, and further empowered and engaged employees and managers through technology.

Studies show that organizations with an engaged workforce often have higher profitability and a stronger brand than those that don’t. For example, according to Gallup’s 2013 State of the U.S. Workplace report, organizations with a high ratio of engaged employees to actively disengaged employees in 2010–2011 experienced 147 percent higher earnings per share compared with their competition in 2011–2012.2

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Managing Compliance

Of utmost importance today is managing an unpredictable compliance environment. Compliance requirements for U.S. organizations have been changing at a rapid pace in recent years, particularly with regard to how employees are classified and paid, how benefits are administered, and the number of hours employees work.

Therefore, in addition to partnering with the CFO on allocation of resources and delivering on company strategy, the CHRO and other HR leaders must also become partners with their organization’s compliance, auditing, and legal functions. Otherwise, it’s a sure bet that a weak compliance program will become a serious liability.

The Role of Date and Technology

Technology has already played a significant role in shaping the HR function to become more efficient. Now is the time to leverage this technology further for HR to become more effective.

For example, web-based and mobile apps enable many employees to manage their own HR services, including benefits, payroll, and performance evaluations. These tools allow HR to perform basic functions better and more efficiently, freeing staff to deliver more strategic services and add value to the overall organizational priorities. Mobile and web-based self-service also helps HR engage the workforce. Employees like the freedom of checking their schedules from anywhere, requesting time off, or swapping a shift with a co-worker. And it frees managers from their desks so they can coach their reports or work on other more strategic initiatives.

The importance of HCM technology in driving overall successful organizational outcomes cannot be overstated. The fact is, HR leaders at top-performing organizations are already implementing HCM technology in managing their complex workforces.

onemint hcm trends

2. Gallup, How Employee Engagement Drives Growth (2013), https://www.gallup.com/workplace/236927/employee-engagement-drives-growth.aspx

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