Leveraging Technology for Effective Human Capital Management Strategies
Human Capital Management (HCM) continues to occupy center stage for many organizations as the business world in general grapples with a widespread shortfall on the employee engagement front. In recent posts we’ve looked at using talent development as a tool for improved HCM, as well as addressing the disconnects between corporate culture and organizational values. Next, a look at how technology can transform every facet of HCM.
Recruiting and onboarding
It goes without saying that the internet has transformed the processes or recruiting and hiring, but the role of tech here goes far beyond locating new candidates via LinkedIn or employment-focused websites. Applicant tracking systems (ATS) can streamline and automate many of the functions associated with recruiting and hiring, from scheduling interviews faster and more efficiently to managing the vast amounts of data associated with multiple candidates applying for multiple positions.
The value of ATS continues after the hire, bringing efficiencies to onboarding processes by assigning appropriate materials, tracking task completion and flagging missed milestones to help identify looming problems early on.
Employee performance and engagement
Among the most frequently cited causes of the current employee engagement crisis are the absence of training and a general lack of feedback and recognition. There are many technology-driven learning and development platforms that can streamline upskilling or reskilling, and also take the chore of tracking progress off the collective plate of HR managers.
Performance management software enables continuous feedback on performance, tracking of individual and team goals, and even employee recognition systems.
Remote and hybrid work
Perhaps the most transformative technological change of the past years has been the pandemic-fueled rise of Zoom, MS Teams and other remote connectivity platforms, and the many collaboration tools that accompany them. The option to work remotely or on a hybrid basis is a major plus for many employees and candidates alike and has greatly expanded the geographical pool of possible candidates to fill open positions.
More than enabling working from home, wherever home may be, remote connectivity continues to change job functions. For one example, in many situations salespeople and clients or prospects often find it easier to connect via Zoom or Teams rather than in person, saving everyone time. Clients appreciate the convenience, and salespeople waste less time sitting in traffic (although somehow traffic doesn’t seem any lighter).
Data-driven decision making
The rise of artificial intelligence (AI) brings new possibilities to nearly every area of operations. In HCM, data such as employee demographics, engagement levels and performance metrics can be gathered and analyzed faster and on a larger scale than ever before.
AI can also go beyond analyzing what’s already taken place. Many companies are using predictive modeling to project future workforce needs and to address the talent management issues that are central to HCM. All these data-driven insights can not only make an organization more agile, but can reduce bias in decision-making and optimize the allocation of resources.
Documentation and compliance
The HR department is the keeper of the keys when it comes to the documentation any organization needs to remain in compliance and out of legal hot water. HCM solutions can not only make sure all the necessary boxes are checked, but can assist with raising employee awareness of important company regulations and can track employees’ working locations while still maintaining their privacy. Other vital functions include tracking overtime and PTO, and automating pay transparency to make sure fair practices are observed.
The list of technological possibilities for HCM goes on, of course, ranging from everyday nuts-and-bolts items like payroll to the long-term strategizing vital to any organization’s future. Organizations that embrace and deploy these technologies are better positioned not only for greater employee engagement but for a more competitive foothold in the marketplace.