A guide to optimize HR at your business for competitive advantage
The cards were stacked against human resources teams in 2019.
Unemployment was at a 50-year low, resulting in a crippling talent shortage. Far too many businesses were left with unfilled positions and overworked employees picking up the slack. A shrinking pool of available candidates meant that top employees were often poached by competitors, promising greener pastures and more money.
The outlook for 2020? Goldman Sachs predicts unemployment will drop even further to 3.2%. And at the same time, HR leaders are facing mounting internal pressure from executives to optimize HR with data to create a strategic workplace. The right digital strategy can allow HR leaders to make more meaningful business decisions, as well as future-proof their workforces by upskilling employees and better developing managers.
Since the outside forces are expected to remain the same, many HR leaders are tackling their workforce challenges from the inside out—and they’re doing so with automation technology.
To truly create human resources optimization for workplaces of the future, businesses are adopting automation technology to add powerful digital resources to their HR operations to improve not just efficiency, productivity, and performance, but the entire employee experience.
Here’s a look at how automation technology can help you solve two key objectives in the year ahead.
Attract and hire the best talent
In a tight labor market, there are two important factors to securing top talent: time and the candidate experience. The best candidates aren’t available for very long, which means recruiters and hiring managers need to work quickly to have a shot before they accept another role. At the same time, 78% of candidates feel their experience during the hiring process is indicative of how a company values its employees, according to a CareerBuilder report. While you need to make fast hiring decisions, how you treat candidates is equally as important.
Human resources optimization technology can improve the hiring process from both a time and experience perspective. Using OCR and natural language processing, the right solution can parse resumes and present only the top candidates to recruiters, significantly reducing their workload and bringing candidates in for interviews sooner. Automation technology can also help schedule interviews, generate documents, fill out forms, and more, keeping the process moving and the candidates engaged.
Create a standout employee experience
While much is (rightfully) said about the importance of the candidate experience, the employee experience is just as important. Your competitors can’t steal your best employees away if they’re happy. And to keep them happy, you must engage them, develop them, and offer them opportunities for meaningful work.
Managing programs for employee surveys, performance management, career development, and awards and recognition are just a few of the responsibilities of the HR department. These are often managed separately in different systems, making it difficult to get an overarching view of organizational health. Automation technology can act as an intelligent layer over all systems you use to manage these programs to help you make sense of your employee data.
While automation technology can help you find, hire, and retain top talent, from a broader perspective, it can help you become a data-driven HR organization. Maintaining accurate, complete HR data that can be viewed in real time is critical for any business. With automation technology, you can easily update, aggregate and report on data from disparate systems, whether it’s headcount, salaries, productivity, employee sentiment, or more. AI and machine learning can then help forecast results, flag potential risks, and make recommendations for high-level strategic decisions.
To succeed in 2020, organizations must have the right talent to drive their business strategy forward. HR has the difficult task of creating the best possible experience for candidates and employees, while struggling with a talent shortage within their own industry. Adding human resources optimization automation technology to their arsenal can make it possible to not only find and keep talent, but lay the right data foundation to optimize HR and future-proof their workforce.