5 HR Technology Solutions You Shouldn’t Be Without
Introduction
Faced with limited funds and a plethora of much-hyped HR solutions, more and more companies are struggling to decide how best to spend their IT budgets.
Analysis
1. Talent Management
What is it: Web-based performance appraisal software that matches employee goals with business priorities, such as increased sales and better customer service.
Why you need it: Talent management software helps companies automate the hard work of HR by keeping track of whether employees have met their goals, identifying skills gaps, managing competitive salaries and retaining top talent. By performing these tasks on a regular basis, companies can strengthen their work force and ensure high levels of employee satisfaction, especially during these tough times. "If you look at the current economic environment, companies need to better manage their existing labor assets," said George Ozenne, a principal with consulting firm Mercer's HR effectiveness practice. Talent management software can help enormously.
2. Compensation Management
What is it: A system that streamlines and optimizes the salary-planning process based on factors such as salary history, corporate objectives and job aspirations.
Why you need it: These days, there may not be a whole lot of bonus pay to go around, but that's all the more reason to ensure that the right employees are being rewarded for excellent work. "Employees aren't going anywhere today but as soon as the economy gets better, they're going to look back and think about how they were treated," warns Ozenne. What's more, ensuring fair compensation can keep employees motivated and morale high. In fact, studies reveal that nearly two-thirds of senior executives cite pay-for-performance as the top tool for achieving positive financial results at their companies.
3. Self-Service Portals
What is it: A solution that allows employees to access and update personal and professional information via a Web browser.
Why you need it: By allowing employees to access, maintain and modify information, from a change in mailing address to payroll preferences, a company can both boost employee satisfaction and free up HR professionals from time-consuming, paper-based transactions.
4. HR Analytics
What is it: A module that grants HR professionals up-to-the-minute insight into productivity levels across an organization.
Why you need it: HR analytics eliminate the guesswork that often accompanies determining retention rates, employee productivity levels, the drivers of employee turnover, and compensation competitiveness.
5. Recruitment
What is it: Software that helps HR professionals stay on top of talent, organize and match client data with candidate data, source hard-to-find candidates, electronically arrange interviews, and flag internal skills gaps.
Why you need it: OK, so in these tough economic times, companies aren't exactly relying on recruiting software to hire fresh talent. But at some point, the economy will improve, and companies will begin replenishing their diminished work forces. That's all the more reason to stay abreast of new developments in recruiting software and keep existing systems up-to-date.
