August 2022 Newsletter

HCM and a People-First Employee Development Strategy

While the concept of a people-first employee strategy is nothing new—the Wharton School of Business called it “the single most important strategy to pursue” way back in 2010—the pandemic and the Great Resignation have brought Human Capital Management strategies and technologies roaring to the forefront.

HR leaders are under increased pressure to implement effective methods to attract, engage and retain employees in an unprecedented talent market. Today’s employees are looking for satisfaction, fulfillment, purpose, and growth opportunities—both personal and professional—from their work. This means going beyond even the most generous of benefits and extending serious attention to an employee development infrastructure that is continuous, convenient, educational, flexible, and trackable.

Certainly, a robust tech stack can help. A Learning Management System (LMS) delivers employee training and compliance management, digital performance management platforms enable robust feedback and goal management, mobile-friendly streaming platforms deliver training content anywhere any time, and HRM software helps broadly manage the employee lifecycle. But how do we collectively connect the dots (or bits) to create a future ready, people-first talent strategy?

Human Capital Management (HCM) bridges this gap, playing an important strategic role in operational management. HCM solutions turn traditional HR functions into opportunities to drive engagement, improve retention, enhance productivity, and increase business value by helping organizations strategically invest in and cultivate their most important business asset—their people.

Adopting strategic HCM solutions can transform the organization from a potential employer into an in-demand employer brand. 

Employee Training, Learning & Development

Today’s employees overwhelmingly want jobs that don’t just pay the bills, but also support their personal and career goals. In fact, nearly 7 out of 10 employees say they would stay with their employer through their career if the company focused on reskilling and upskilling them.

Aligning a people-first approach with strategic business objectives is HR’s biggest opportunity to adapt talent development programs to ensure the organization has a fully trained staff that’s ready to take on new challenges and seize growth opportunities, both for the employee and the organization. HCM solutions allow HR leaders to create a more targeted approach to workforce training with focused skills development, career pathing, and continuing education in critical growth areas. Learning Management Systems (LMS), on demand eLearning and mobile platforms help employers automate and deliver, track, and manage targeted training programs and compliance by skills need, by group, or by individual.

Employee Engagement and Performance Management

Research shows that employees who have clear goals are more engaged, feel more connected to the organization, and are more motivated and effective, especially when their goals are aligned with the business goals. Allowing employees to leverage their inherent strengths to do their best work results in greater success and an overall better sense of wellbeing and satisfaction.

HCM tech solutions can help organizations optimize employee growth by talent matching with best-fit roles within the organization based on skills inventory, projected workforce needs, and succession planning to make sure people get trained, mentored, and promoted into key roles in the organization. Along with streamlined goal setting, KPI alignment and performance management tools, HCM SaaS solutions can provide the 360° view required to ensure the company’s talent development strategy supports business objectives and long-term goals.

Fair, Efficient Strategies Matter, Even in Tech Solutions  

According to a recent Fosway survey, 42% of HR professionals say their systems are not fit for the modern workforce and another 20% aren’t sure. That means organizations are missing out on opportunities to attract, retain, cultivate, and manage a strong talent pipeline that will sustain the organization and support its goals into the future.

Applicant Management solutions can speed the hiring process by targeting the highest quality applicants and identifying the best candidates internally and externally. Employee training programs that facilitate targeted skills development, sector specific training, and regulatory compliance through mobile, on demand eLearning and hybrid platforms cultivate a future ready talent pipeline. Integrated digital performance management platforms reinforce a people-first strategy that meets diverse employee goals and expectations as well as those of the organization. Even compensation planning, pay equity and market analysis SaaS technology is available to make sure pay is fair, equitable, and competitive.

The common thread of these tools is the strength of a people-first HCM solutions strategy to make sure your organization, and its people, are prepared to meet the demands of today and tomorrow.