The rise of the millennials, in addition to pervasive technological disruptions, rapidly evolving business environment and exponentially higher customer expectations are factors that are impacting and influencing business everywhere. Organisations are facing an urgent need to re-invent and re-orient themselves to these changes, leading to a new world of work – global spread, greater collaboration, knowledge driven.
“75% of the global workforce will be millennials by 2025”
Millennials: Definition- Those who enter the workforce in this century.
Millennials: Key Characteristics- Gadget freaks, of entrepreneurial spirits, always connected citizens of the world. They are people full of contradictions- seeking meaningful, challenging work along with instant gratification; rapid career advancement, along with work-life balance.
“87% of HR leaders state employee engagement as the No.1 challenge”
Human Resources, a sector that has traditionally been associated with back-office, administrative services, with a focus on people management, has not been immune to these disruptions. In fact, as firms adjust to the new world order, a new way of work is emerging, where HR has had to change the way it functions:
- Be Agile – to access skills and people on demand, adjust to changing business environment, and align with business
- Be Innovative- to adopt technology for greater reach, derive deeper insights for employee engagement models, customizations
- Be Flexible- to leverage social media for internal/external branding
- Be Progressive- to develop leadership talent with an eye on the future
- Be Collaborative- Integrating hitherto siloed teams, drive engagement and culture
Underlying all these functions is technology that is disrupting the status quo & opening up new possibilities for HR and business.Key findings from a global HR survey indicates the following-
- 88% of respondents will spend the same or more on HR technology – HR portal, implement SaaS, etc.
- 40% are looking to change their HR structure
- 61% are using or are planning to use mobile technology
- 30% will replace their core HR systems in 2015 – an all-time high
Technology is permeating across the HR value chain with the aim of simplifying work, 24/7 access, faster turnaround time, ease of use – leading to higher efficiencies & productivity.The degree of automation varies across HR functions- highest adoption is seen in transactional areas of payroll and time & attendance management with the additional feature of self-service. This shifts the control to the employee and the manager – enabling quicker resolution of requests and freeing up HR team to focus more strategic objectives. Technology is steadily penetrating into areas of recruitment – which includes requisition management, talent sourcing, candidate management and on-boarding of new employees; in addition to workforce planning and analytics, organizational scorecards, benefits management, career planning and competency management, skills mapping and succession planning.Use of Social, Mobile, Analytics and Cloud (SMAC) technologies by HR is empowering both people and organisations-
- Social Media: HR using social media tools and technologies for outreach and engagement with both internal and external communities. Promoting opportunities by tapping into employee professional and personal networks, establishing employment brand, develop engaging content, marketing pitches and enabling online learning programs.
- Mobility: HR organizations using mobile technology for anytime anywhere access to employees, in addition to ensuring superior employee experiences. Fastest growing mobile enabled HR processes include record keeping and payroll, workforce scheduling, recruitment, performance management, learning & development, and on-boarding.
- Analytics: Key HR uses of analytics is around strategic workforce planning- which includes current and future supply of talent and skills, predictive analytics- which can anticipate and prevent high performer turnovers in addition to ensuring effective and productive hires, and measure employee engagement and satisfaction levels.
- Cloud: Adoption of cloud to integrate HR, attendance records, payroll, compensation, rewards and overall workforce administration is a growing trend. Lower maintenance, faster upgrades, uniform user experience and greater agility are key benefits achieved.
“65% of firms indicate improved E-SAT due to use of technology”
Technology in HR is driving organization wide collaboration, engagement and communication, thus providing an enriching employee experience, positively impacting employee and manager satisfaction scores. To know more, download our free report -Technology in HR- Taking Collaboration to the Next Level from here