In the rush of developing technology and pursuing strategic goals, it can be easy to forget that the heart of multinational organizations is the employees who power them. From big data to advanced analytics to integrated HCM and global payroll, the greatest advancements in our space seem concentrated on enabling better understanding and management of people.
In this month’s partner digest, we take a look at how new thinking and technology are helping to shape the workforce of the future. From cloud-based solutions enabling better service delivery models to automation and robotics leading to more optimized processes, there’s no denying the impact of technology on the way we work. As the new year approaches, it’s important to consider ways and reasons to embrace new solutions for the benefit of everyone.
OneSource Virtual on Improving Workforce Administration
It’s difficult to overstate the impact of cloud technology on core business functions like global payroll and human resource management. From expanded services and better performance to greater value for companies and employees, cloud-based HCM systems and integrated payroll services have transformed the way organizations operate—a shift that will continue in the new year.
A recent blog from OneSource Virtual challenges companies to leverage the power of the cloud to reassess their HR service delivery model, or workforce administration. The organizational structure, resource loads, and job descriptions that worked for companies before they implemented a cloud-based solution should be examined and updated, as they could prevent organizations from realizing the full benefit of the new solution.
“By trading old tools and processes for an updated and integrated HR service delivery model, you have the power to help your organization decrease risk and cost, increase accuracy and efficiency, and improve the employee experience. Leveraging the cloud to do all those things requires, first and foremost, a comprehensive understanding of how HR administration, payroll and benefits administration is actually delivered across a global organization.”
OSV suggests using a comprehensive survey and interview process to gain an accurate view of your current workforce administration and identify opportunities for improvement. By assessing the tools used by HR, Payroll, and Benefits across your global footprint, as well as how teams’ time is spent and any barriers to optimization, organizations can take proactive steps to improve service delivery into the future.
Deloitte on the Next Wave of Workforce Adaptation
The evolution of work and the workforce as we’ve known it is a fascinating, ongoing discussion and discovery. Mobility and recruitment, compensation and compliance, management and opportunity—the requisite changes in how, where, and why we work are impacting both organizations and individuals in sometimes complicated ways.
A new article from Deloitte contends that the desire to understand these changes could be keeping organizations from taking the important step of experimenting with new ways of delivering work. While current trends present exciting opportunities to create new jobs and better leverage talent, it’s important for companies to realize that the most likely future workforce includes an optimized blend of human capital and automation, in what Deloitte calls “artful augmentation.”
By examining existing roles, processes, and needs alongside developing technology, forward-thinking organizations can make calculated investments in professional development and workforce augmentation that will prepare them for future growth and change. Central to that preparation is the adoption and integration of technology-driven solutions for core functions, such as global payroll and HCM.
“As the workforce grows and responsibilities shift, operations are key: Successful leaders will need to facilitate collaboration across business functions. Centralizing effective tools and solutions not only eases the implementation of new processes, but it encourages free exchange of—and experimentation with—skills and innovative practices. As demands for different teams and departments change, operations hold the broader structure of the organization, and its talent, together.”
EY on the Importance of Global Talent Alignment
Another important consideration of workforce planning, talent alignment across global markets is easy to overlook. For years, globalization initiatives were run from head offices in primary locations, with only select headcount added locally as needed. The pace of business, technology, and possibility today, however, is requiring a different approach.
A recent report from EY asks global organizations to consider if they have the right people working in the right locations. Teaming with LinkedIn to look at data for multinationals across regions and industries, EY analyzed productivity, overall profit, and revenue growth against the headcount and roles available in each location. The findings strongly support aligning talent to match the opportunity and goals for each market.
“It shouldn’t be surprising that firms who can best align talent and market opportunity outperform the rest. You would expect a company developing products for a particular market to perform better if its product portfolio was better aligned to that market—and if commercial teams were able to be more agile to respond to changing customer needs, whether that meant relocating key staff or hiring locally.”
Aligning an existing workforce and planning for future expansion according to market opportunity and company goals may be much easier said than done. In addition to needing comprehensive global solutions for payroll, HCM, accounting, and other functions, companies looking to align talent may need to consider relocation programs, immigration assistance, and other specific supports. The upside is that it appears the investment would pay off.
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, a leader in global payroll.