What is the HCM process? Human Capital Management (HCM) is an umbrella term that covers talent acquisition, talent management, and talent optimization. The dynamics of the work-worker-workplace trinity demands that we relook at people processes, go back to basics, and explore what Human Capital Management is in today’s context. Today’s workforce is changing, and it’s time to think strategically about how to handle those changes. The simple fact is, to stay competitive, mitigate compliance, and drive business growth, you must make your people more effective, more productive, and more engaged throughout the employee lifecycle.
Today’s Workforce by the Numbers
Your people are your organization’s most valuable and strategic asset. Being able to engage your workforce starts with understanding all the factors that go into individual and business performance throughout your organization.
- 66% American workers today are not engaged in work
- 1 in 3 are millennials (adults ages 20 to 36), who comprise the largest share of the workforce
- 9 million older Americans are working. In May 2016, 18.8 % of Americans 65 and older reported being employed part time or full time, compared with 12.8% in 2000.
- 20 to 25% U.S. workforce works remotely at least part of the time
Only 9% of organizations believe they have a good understanding of the talent factors that drive performance. Workforce management shines a light on that hard-to-quantify space between tracking employee work and understanding overall business performance. Workforce Planning is the process of analyzing, forecasting, and planning workforce supply and demand, assessing gaps, and determining target talent management interventions to ensure that an organization has the right people – with the right skills in the right places at the right time – to fulfill its mandate and strategic objectives. You need to think about the employees from:
- Thru management process
- Keep them engaged
- Help with their development it will retain your employees
- Keep them until retirement and help them through that process
A Unified HCM and Workforce Management System Empowers Your Organization
They will be able to link relevant employee data together easily and make informed, timely decisions that engage employees and drive business performance. Your HR leaders will be able to work “smarter” to…
- Drive performance and engagement
- Optimize resources
- Develop and retain talent
- Mitigate risk
- Manage compliance
- Process payroll accurately and efficiently
Today, success in financial services begins with thinking more strategically about managing, engaging, and retaining your entire workforce — both hourly and salaried — and leveraging the right technology to actively execute that kind of holistic HCM strategy.
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