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Best Practices for HR, Payroll, and Talent Management

Wednesday, October 29, 2008
Best Practices for HR, Payroll, and Talent Management
Oct. 24, 2008
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Leading companies that have successfully redefined HR as a strategic business partner have one thing in common. They have all deployed HR technology solutions that take a holistic approach to human capital management and deliver all the functionality they need to manage every aspect of the employee life cycle in one place. These businesses have discovered the three most critical things to look for in a holistic HR technology solution to gain a competitive advantage in managing HR, payroll, and talent development:

* A single solution with comprehensive HR, payroll, and talent management feature sets

* Business intelligence and analytics to evaluate workforce trends

* Web-based software-as-a-service (SaaS) delivery to free internal IT resources while having complete control and access to secure data

Comprehensive Solution

Taking your human capital management to the next level requires both strong core HR and payroll management, but also strategic HR functionality, delivered through an integrated solution supported by one single provider.

When you have all of your HR processes organized under one umbrella and sharing common data, everything changes in the way you manage HR. If you piecemeal your applications, automating some but not others or dividing them between vendors, you can't get the integration you really need to streamline processes and reap optimal benefits for your HR team and entire company.

Automating all of your processes with one holistic solution means you can access anything from payroll to performance reviews through one portal. Key data is shared mutually between processes. You eliminate manual data re-entry into separate systems or reconciliation of data that's out of sync.

Finding a vendor that can deliver the full suite of integrated HR, payroll, and talent management feature sets for the complete employee lifecycle is one of the best things you can do for your HR team, managers, executives, and employees. When you do, HR begins to function with the efficiency of a well-oiled machine-giving you the time you need to function more strategically.

Business Intelligence

If you've outsourced with a payroll service bureau or have HR data stored in multiple systems, you know how frustrating reporting can be. It can take days to generate reports and they generally come with an added cost. It's equally difficult to create accurate and rapid workforce analysis reports using manual processes on-site, and you often have to wait on IT resource availability.

But nothing is more important to your businesses leaders than the ability to get the business intelligence on your workforce they need quickly for strategic decision making. With a comprehensive, integrated solution, it's easy to perform workforce trend analysis, find opportunities for savings and improvements, and present results with strategic business impact.

You can use analysis tools to go beyond static reports and summary data to display real-time, multidimensional, graphical analysis on the topics that mean the most to your company's top-level management. For example, with integrated business intelligence, you can analyze spending in areas like recruitment or benefits costs, employee turnover based on supervisor or location, and employee compensation data as it relates to employee performance, to ensure salary increases are in line with business guidelines.

SaaS Delivery

For maximum results, efficiencies, and savings, the third thing to look for in an HR technology solution is software-as-a-service (SaaS) delivery.

With SaaS delivery, you ean get up and running on comprehensive human capital management functionality fast. The solution provider installs and configures the solution and manages the hardware, and then continues to handle all new version installations, federal and state tax updates, and hardware upgrades-so you're always taking advantage of the latest enhancements, with limited involvement or time required by your internal IT staff. You retain complete control of and access to your data-but with none of the drawbacks of managing traditional on-premise enterprise software.

Companies previously using traditional in-house methods or external payroll service bureaus for their HR functions cite a host of improvements in advancing to SaaS:

* Convenience and 24/7 Web-access from anywhere there is an Internet connection

* Expert system maintenance, management, and upgrades without dedicated in-house IT resources and complex training

* Self-service for HR staff, executives, managers and employees

* Greater flexibility and control in managing employee data and processes

* Instant, real-time data analysis and reports-anywhere, anytime

* Cost savings and measurable return on investment

* Ability to leverage the latest technologies without investing in additional hardware, infrastructure, or IT staff

With HR technology that incorporates all three components-an integrated solution that delivers end-to-end human capital management, sophisticated business intelligence tools for analysis of workforce metrics, and convenient SaaS delivery-HR executives can have the functionality, efficiency, and visibility into their human capital data they need to elevate the role of HR in the organization.

 

FULL STORY

 

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