In this first month of 2017, global payroll professionals and HR industry leaders have been preparing themselves for what will certainly be a dynamic year.
The regulatory and statutory changes that will stem from new U.S. presidential leadership and shifting membership in the European Union are just the beginning. Broadly, multinational organizations are grappling with many changing forces in their people-focused operational functions: Just as the rise of automation is changing company’s workforce needs, demographic shifts and the expansion of the so-called “gig economy” are changing what workers expect from their employers.
Rising to the challenge of so many changes will require innovation, education, and smart organizational planning. CloudPay is committed to helping stakeholders at multinational companies to understand and adapt to the many headwinds sweeping through their ‘people operations,’ as is our entire network of strategic partners.
Over the course of 2017, we’ll be using our blog to share a curated selection of thought-provoking content and useful resources from some of the leading HR technology providers, consulting firms, and service organizations in our industry-leading partner network. Enjoy our first monthly digest below, then click here to meet our entire network* of vendor allies.
Ramco on Achieving Excellence in Talent Management
An organization’s people turn its business goals into outcomes – making HR’s effectiveness in talent management vital to the company’s success. But identifying, developing, and retaining the right people is no easy feat, no matter how inviting or engaging the organization’s corporate culture may be.
This recent blog post from Ramco, which helps companies manage their human capital needs through its global HR and talent management solution, offers ten smart ways organizations can realize more effective and efficient processes in talent management.
While many of the ‘usual suspect’ suggestions – such as increasing mentorship and training opportunities – made Ramco’s list, the piece also shares unique ideas around emerging concepts like job enrichment, job enlargement, and organizational connectedness. In addition, the post introduces the idea of the “differentiated workforce strategy,” which likens an organization’s top talent to the assets in an investor’s portfolio:
In an investment portfolio, peole make different amounts of investments in different areas depending on the likely returns that the investments would give after assessing the risk associated with the same. In a similar manner, an organization needs to spend relatively higher amounts of resources (money, time, etc.) on employees who could contribute a relatively higher amount of value to the organization. Other factors also need to be considered while applying differentiated workforce strategy, as well, like the flight risk of the employee and the availability of employees with similar skills in the job market.
OSV on Broadening Your Outsourcing Focus Across Functional Areas
We at CloudPay frequently discuss the important of interdepartmental integration, but it can never be overstated: Cross-functional alignment is vital to the success of every multinational company. Even as organizations continue to consolidate many functions into shared service environments, and to invest in outsourcing or automating various aspects of administration (including global payroll), interdepartmental collaboration is crucial to establishing a strong sense of convergence across the enterprise.
The business outsourcing landscape is adapting to organizations’ growing need for convergence. As this blog item from OneSource Virtual (OSV) emphasizes, the outsourcing industry itself is shifting away from its traditional focus on meeting “specific areas of a business' functional needs” to a new approach focused on using systems and services to redefine the underlying processes beneath that organization’s business needs.
With its own ‘Business Process as a Service’ (or BPaaS) delivery model, OSV compels customers to ask an important question as they pursue outsourcing: “What is the impact to the entire organization, not just an individual department?"
When you stop looking at outsourcing as a solution for a single service and broaden the focus to encompass that system’s entire capability, you're able to meet a greater number of businesses objectives and target inefficiencies and pain points that may not be directly related to an individual business area.
Workday on How a Changing Workforce is Reshaping Business
Ever heard of the ‘silver tsunami’? (Don’t worry, we hadn’t either.) Apparently, it’s the new term being used to describe the growing wave of Baby Boomers vacating the workforce: According to government estimates, 10,000 American workers are retiring daily. As a result, younger workers of the millennial generation are forecasted to make up more than 50 percent of the U.S. workforce by the year 2020.
According to an insightful new piece from Workday, the stakeholders responsible for managing the ‘human side’ of a business need to consider need to consider how to transform HR, workplace culture, and corporate structure to meet the expectations of a new generation of workers.
One expert sourced in the article predicts we will soon see a large push for “new leadership models, new development strategies, and a much more significant focus on building leadership skills among younger employees.” That need models may even extend into higher education:
Institutional leaders are grappling with how to make sure that the newest generation of workers have the skills that companies want—bridging the gap from education to occupation. “This shift is impacting higher education learning models and how institutions equip graduates with the skills they need—beyond the traditional classroom— to succeed in the workplace,” says Liz Dietz, vice president of student strategy and product management at Workday.
*CloudPay welcomes new technology providers into our Partner Network on an ongoing basis. Contact us to find out whether your software providers partner with us, or to learn if your organization is a smart fit for a potential strategic alliance with CloudPay.