Within the past 10 years, the emergence of digital technology has prompted a noticeable shift in the way employees approach the job market. Now, more than ever, working-age adults have immediate access to scores of digital labor platforms including LinkedIn, Career Builder and Indeed.
In every industry, top performers are using these platforms to find new opportunities that maximize their growth potential. According to a recent report by the Pew Research Center, over 50% of adults use digital platforms to research jobs and companies.
The fact is, talented professionals aren’t willing to endure years of toiling in hopes that their efforts will be rewarded and recognized “someday.” If you are an employer who is serious about employee retention and development, your company must integrate technology to modernize your HR department.
Integrated Cloud-Based Human Capital Management (HCM) Platforms
To meet your company’s HR objectives, your HR team requires the right tools and training to lead this effort. Integrated cloud-based HCM platforms offer an ideal solution to help your company meet its goals.
If your HR team isn’t currently using an integrated cloud-based HCM platform, your talent retention and development initiatives may be missing a few key ingredients. Integrated cloud-based HCM platforms can:
• Align your company’s HR initiatives with its overall business strategy.
• Provide real-time HR data to managers in different regions.
• Give employees on-demand access to training and development tools.
With all of these capabilities, it’s easy to understand why many companies have redesigned their HR programs to include integrated cloud-based HCM platforms. This technology offers real solutions in real-time.
How Can An Integrated Cloud-Based Platform Benefit Your Company?
Realizing the full benefits of an integrated cloud-based HCM platform requires your company to have an organizational structure and culture that is conducive to successful implementation. This means that your company must develop clear goals and strategies before any service is implemented.
After the foundational pieces are in place and the cloud-based HCM platform has been adopted, here are ways in which your company’s employee retention and development efforts can benefit from this modern technology.
1. Integrated cloud-based HCM platforms can be easily updated by your service provider.
HR technology is constantly evolving. If you want to attract and retain the most talented workforce, your company must stay abreast of the relevant updates.
Cloud-based HCM service providers can easily update your digital platform’s features and tools. The best part is the changes can be implemented without any disruptions to your services.
2. Your company’s administrative overhead can be significantly reduced.
Instead of spending a large portion of your HR budget on administrative overhead, wouldn’t it be nice to have additional money to spend on employee development? By adopting a cloud-based HCM platform, your company can save money in the following areas.
• Server Maintenance
• Software Licensing
• Upgrade Fees
3. This platform can eliminate the “silo effect” and foster collaboration with your company’s HR department.
The global economy is growing faster than ever. This exponential growth is being fueled by the collaboration of individuals in different parts of the world.
Many leaders realize that every component of their companies must be fully integrated. This includes the HR department.
Employees in your company must be working toward one shared vision. By collaborating with the HR department, your company can hire people whose career goals align with your company’s mission.
4. Your HR department can use the platform to analyze employee development and engagement.
Did you know that integrated cloud-based HCM platforms have the ability to monitor employee engagement? In addition, the platforms can predict whether or not an employee is likely to stay with your company.
These predictive analytics can help your HR team to proactively develop programs to retain top talent. It can also help your HR team determine reasons for your company’s high turnover rates.
In this competitive climate, your company can’t afford to waste money on outdated HR platforms. Integrated cloud-based technology provides the tools to help your company protect its greatest resources — talented professionals.