Why are these statistics so significant? For one reason, the employment market is extremely tight right now. In order to recruit forward-thinking employees into your company's workforce and retain them, you need to appeal to the way they work.
The U.S. Department of Labor (DOL) issued a final ruling today for overtime pay when employees work more than 40 hours in a week. Employees who make less than $35,568 will be eligible for overtime effective January 1, 2020. This is expected to affect approximately 1.3 million American workers.
As an HR professional or manager, employee terminations are something that will need to be addressed, whether frequently or infrequently - and we all hope it end up being less frequent. However often it happens, the resulting turnover can end up being a very costly expense to organizations. A look inside the numbers illustrates how important retention really is.
The research* provided by The Aberdeen Group on successful approaches to managing a workforce has so far focused on automation of employee management tasks and integration of workforce management systems.
The final and least technical practice is for an organization to always be improving an its approaches and methods of managing their overall workforce. Such improvement is a long-term proposition that takes place gradually. It requires persistence and a commitment to merging modern HCM tools with a consistently advancing workplace culture. As both become more developed and in aligned with one another, an organization's workforce shifts from a practical cost to a strategic and competitive advantage that provide the business with a true edge in the marketplace.
This four-part series takes research* done by The Aberdeen Group on successful approaches to managing a workforce and presents it in graphical form. Businesses that practice all of these behaviors tend to function efficiently and reduce - or eliminate - the wasteful costs involved in managing people.
Integration is the second beneficial practice. Many organizations still manage time and attendance with one automated system, payroll with another, and human resources with no intelligent business system at all. The systems that are in place tend not to communicate well, which is unfortunate, since they all fulfill critical functions with regard to workforce management and coordination, and miscommunication just means more time and more cost spent on otherwise simple tasks. Implementing a unified Human Capital Management system can store all of your employee information in a single location and transform your workforce from an expense to a strategic asset. Here are just some of a unified system.
I was talking to a friend the other day about our September HR topic, which is all about the correct approach to employee terminations. I knew this person's job history was quite extensive and varied, and I asked if they would summarize it for me. Following is what I heard:
In this four-part series, we're sharing visualized research* on the impact of efficiently managing an organization's workforce by practicing three habits. The first habit, automation, can mean many things, from building a performance review workflow system to deploying electronic timecards to offering Employee Self Service tools that your employees can access wherever they are and whenever they need to. Implementing a unified Human Capital Management system can provide all of these benefits to your organization and transform your workforce from an expense to a strategic asset. Here are just some of the advantages of doing so.
What makes some organizations exceptionally efficient - and therefore cost effective - at managing their workforces while others struggle just to make sure employees show up? It's not luck, and it's not just the way things are. By embracing three key practices, almost any organization can begin transforming their workforce from a burden into a strategic benefit. Over the next four weeks, we'll share with you some research-based infographics* that highlight each of these three practices. Let's begin with an overview and the potential benefits.
If you are one of the few, select individuals who loves addressing and managing Workers' Compensation issues, then any HR department would be lucky to have you. It probably means you're extremely organized, exceptionally patient, and incredibly resourceful. You probably have the tact of an international diplomat and the steel-trap memory of an elephant.
For all the rest of us less naturally inclined towards this topic...well...we need some extra help.