With every innovation spurt comes a fresh call for Human Capital Management to stand up and secure its place at the strategic table.
Human capital management is an approach to human resources and employee-related functions that recognizes people as assets (human capital) whose current value can be measured and whose future value can be enhanced through investment.
Digital transformation into human capital manages human talent in a quantifiable way with clear expectations for success, and supportive training and coaching.
How will digital transformation change the world of HR?
Boosts Collaboration and Engagement
Enrich the lives of employees with rich consumer-grade experiences. Integrated online applications, self-service employee portals, and collaboration tools such as blogs, chats, and workplace social networks enable a real-time connection between managers and employees and gives HR the tools to creatively encourage and motivate the workforce.
A study by Oracle earlier this year in Western Europe reveals that the more an organization does to get engagement right, the greater the chance that employees will feel productive and the less likely they’ll look for work elsewhere.
Leverages data, dashboards, and progressive reporting techniques to offer HR and managers usable insights in order to make constructive choices about talent or other workforce needs. For example, recruiters with aggressive talent acquisition goals can have real-time insight into talent pipeline activity.
Eliminates disparate systems and ensures that processes are responding to global and local needs with the latest capabilities. But also offers the flexibility for businesses to address local needs around data, security protection, business rules, and compliance specific to their region.
Improving finance performance
Lower software licence fees and, in particular, lower implementation and maintenance costs make Cloud-based solutions more cost effective than any of the alternatives.
Information to deliver strategy
Access to information for their own business units enables HR managers to discuss succession plans and talent requirements with each other. It also helps them plan the mobility of individual employees between different parts of the business.
Creating competitive advantage
HR and business managers could have rapid access via their smartphones to data on all company employees. That, in turn, means the company can respond quickly to changing business needs – and so keep ahead of competitors. Today, if I want information about a Chinese colleague, for example, it will take me less than one minute to get his profile.