Achieving workforce excellence via human capital management (page 4 of 4)

Over time the organization might extend the reach of the recruitment system to contingent workers, further improving the cost and cycle time of the hiring process (Automate component). In addition, the legal and regulatory landscape for recruiting will continue to evolve, requiring further investments (Comply component). Firms committed to effective HCM strategy execution need to strive for this continuous closed-loop measurement and feedback system that will help define and prioritize ongoing HR investments.

How Oracle HCM Applications Enable Improved Compliance

Performance of basic data management and compliance activities must be flawless and cost-effective in order to avoid excess costs, regulatory penalties, litigation, or unwelcome public attention. An integrated, core HCM application can help ensure the accuracy and consistency of many processes in the Comply phase, including the following:
• Robust, configurable employee and organizational data management, compensation and benefits administration
• Fast and accurate rules-based global HR and payroll processing capability:
• Global HCM customer presence:
• Keep your employees informed -- document and track critical business processes, determine workflow, and develop and deploy applicable training to ensure compliance
• A single version of the truth for all workforce information

How Oracle HCM Applications Enable Increased Automation

Once the HR basics are covered, organizations are looking to dramatically reduce the cost and cycle time of HR processes. One key element is to move HR transactions as close to the original source of data as possible via employee and manager self-service. User friendliness of the application is critical to ensure user acceptance, as is configurable workflow for routing, notification and approval. An HRMS that delivers these elements as part of an integrated suite of enterprise functionality has the ability to extend the reach of the system to all workers and managers in the organization, thus achieving cost and cycle time reduction objectives.
• Comprehensive self-service transactions for workers to view and update their data, and directly participate in core HR processes such as benefits enrollment and time entry:
• Manager self-service that enables supervisors to view subordinate data, initiate work events (e.g., transfers, promotions), plan compensation, and assess worker performance:
• Configurable workflow that automatically routes transactions and information for review and approval
• Operational metrics to view process inefficiencies (i.e., approval bottlenecks), so processes can be continuously

How Oracle HCM Applications Enable Improved Measurement

Firms that lack a comprehensive framework for measuring HR will find it difficult to determine the success or failure of workforce investments. A vast majority of companies struggle with a haphazard set of reporting and analytical tools that has developed over time and no longer meets their needs. We believe organizations can achieve information-driven HCM by first taking a role-based approach in determining the specific information needs of stakeholders, and then deploying the minimum number of tools required to meet those requirements. A core HCM application that is integrated into a business suite provides a comprehensive, information-driven framework for HCM measurement:
• All workforce information in one place - a single global data model, single global instance
• Users view summarized data through a standard browser and drill down to more detailed information for standard reports
• Key performance indicators delivered for HR management and line managers to facilitate analysis and action
• HR Analysts can do 'slice & dice' sophisticated analysis as needed

How Oracle HCM Applications Enable Increased Alignment

Organizations worldwide are seeking to improve business performance by better aligning individual workers with business goals and objectives. HR can play a major role in facilitating alignment activities, if the HR systems and processes can support a closed-loop approach to measuring the impact of programs on the workforce, and making adjustments on a continuous basis. Firms with an integrated talent management suite as part of their core HRMS will spend less time integrating and reconciling multiple information sources, as the information flows between functions are built-in:
• Evaluate and select the right workers for your business
• Assess worker performance and determine development needs based on skill and competency requirements
• Deliver blended learning to address competency gaps for current and future positions
• Determine succession plans and career development paths for workers -
• Develop, deploy and monitor reward programs, including merit, bonus, commission, incentive, and equity plans