CloudPay’s February Digest: Insights from Our Partner Network
Like many other areas of enterprise administration, human resources is experiencing a shift. As companies replace their paper-based HR processes with faster, more efficient digital alternatives, HR is becoming more important to the strategic, cross-functional objectives of many global companies.
The evolution to a digital-first HR landscape presents an exciting opportunity for those companies to revolutionize how they manage their talent, understand their expenses, and execute on their business goals. Several of CloudPay’s valued strategic partners are committed to helping customers transform their HR strategies – including Fairsail, Workday, and SuccessFactors.
In this February edition of the CloudPay Partner Digest, we’re sharing insights from our cloud HR partners on how organizations can leverage digital HR tools to see greater success with their enterprise objectives. Enjoy this roundup of insights from the CloudPay Partner Network.
Fairsail on meeting the challenges of a multi-generational workforce
The perceived challenges of recruiting, managing, and motivating ‘Millennials’ – broadly categorized as those born between the early 1980s and late 1990s – have received a wealth of attention in HR over the last few years, for good reason. Since many Millennials entered the job market during the Great Recession, their perspectives and work experiences have been heavily shaped by the economic challenges (and troubling employment trends) of the last decade.
But every other generation has been affected by those challenges too. So while crafting the right management style for Millennials may get the most press, the more immediate challenge is meeting the needs, wants, and preferences of a multi-generational workforce.
In their new '17 to 70' report, Fairsail shares insights on the complexities, obstacles, and opportunities of working with today’s talent pool. For the first time, five distinct generations of workers – Traditionalists, Baby Boomers, Generation X, Millennials, and Generation Z – are in the same job market at the same time. While generalizing based on age can be unwise, it’s fair to say that each generational group brings unique aptitudes, expectations, and worldviews into the workplace.
The issues that this creates are so pressing, they’re impacting organizations’ administrative strategies and hiring plans to incorporate better digital tools and more comprehensive HR data assessments: 29.2 percent of Fairsail’s survey takers have already hired data analysts or people scientists to help them gain clarity on their workforce, and 66.4 percent would consider factoring blended data and/or People Analytics into their HR plans.
Workday on more mindful spend management
The Great Recession had an impact well beyond creating new management, recruiting, and talent acquisition challenges for global companies. For one, it has also changed businesses’ relationships with their overhead costs, business transactions, and non-essential expenses.
For example, the early 2000s, handling employee expenses and reimbursements was a time consuming (and heavily manual) day-to-day concern. Yet given that it was largely a paper-based process – and given how flush many businesses were when it came to financing employee travel and related costs – such expenses were rarely subjected to deep analysis or scrutiny.
Today, however, is a different story. Companies are more focused than ever on assessing spending across all functional areas, with an eye for driving ROI, increasing efficiency, and lowering overhead. As the HR and Finance functions embrace more automation, datafication and technology, this analysis lends itself to more ‘spend management.’
According to Robert Kugel of Ventana Research, who was recently interviewed for an insightful Workday piece on the topic, spend management “is a growing strategic priority within the CFO’s agenda, and is essential for driving profitable and sustainable growth.” With global business travel expected to reach $1.6 trillion by 2020, companies are wise to find effective ways to assess and manage these (and other) costs now, rather than later.
SuccessFactors on achieving business execution excellence
Thanks to the availability of more useful, applicable data and business intelligence tools than ever, we’ve entered a very strategic era of business at large. Whether they’re redefining their management strategies, spend strategies, or business strategies, today’s global HR, Sales, and Finance stakeholders are masters at making plans and setting goals.
But what about meeting them? Strategizing may be key to the success of today’s multinational companies, but outcomes are the endgame. Global organizations often struggle with the transition from “strategizing” to “executing” on their objectives. While technology can help organizations monitor, manage, and analyze their progress toward strategic goals, it’s up to their personnel to make the outcomes happen.
A recent post from SuccessFactors provides smart advice to help companies improve ‘people performance’ to better meet business plans and strategies. Key to achieving execution excellence: Ensuring that all employees understand their priorities, are engaged with the work, and understand how their participation supports enterprise success. As the article points out, that starts with communication.
You need to get the message out to everyone–all across the board, from top-to-bottom. Without guidance, individuals do things they think are important, often resulting in uncoordinated, even conflicting decisions and actions. Goal alignment to the strategic plan ensures that each person within your organization can see the direction for the business and know how their job fits in with the “Big Picture”. Without the benefit of a logical approach, strategy execution suffers or fails because employees won't know what steps to take and when to take them.
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.