Uniting the back office, bringing Finance and HR together, and moving it on one system to the cloud can reduce costs, improve employee engagement and create the right foundation for growth. Oracle HCM Cloud goes beyond traditional HR tasks with strategies that balance people, process and technology to improve workforce efficiency, effectiveness and productivity.
Companies nowadays are looking for solutions that meet most or all of the following objectives:
Addressing Strategic Business Challenges
HR Transformations are much more business focused — building the HR solutions and capabilities needed to help the company in its efforts to achieve its most critical goals. Here are some of the biggest people-related challenges companies are facing — and how HR can help.
In the past, companies could take their time getting established in new territories. But nowadays, the time frames for market entry are measured in weeks and months, not years. Yet many companies still approach each new country start-up as if they were doing it for the first time. What they need from HR is a set of standardized HR processes, practices, and systems that can help new market operations get up and running quickly. The package must be easily customisable to quickly accommodate the local language, culture, business practices, and legal requirements.
Mergers and acquisitions continue to be a popular path to growth. To accelerate the integration effort and help reduce cost and risk, HR needs to create a reusable set of methods and tools that can jump-start the process. Treating each merger integration as a one-off event just doesn’t make sense.
Global markets require global workforces and leaders with global experience. Companies must have ready access to the right talent, wherever it happens to reside. To support this explosion of global activity, HR must strive to make foreign hiring, deployment, relocation, and offshore work as seamless and efficient as possible. This will require new systems and processes, as well as dedicated teams with the specialised skills to handle all the details of global mobility, from visa requirements to labour laws to personal taxation and more.
Improved visibility to information can put HR in a better position to help evaluate HR programmes and policies across the enterprise — not just in terms of cost, but also in terms of effectiveness and risk. This capability is particularly important for an increasingly global workforce, where employees and managers move between countries and work across geographic borders.
In developed countries, ageing populations and declining birthrates are creating a severe talent shortage that is expected to last for decades. HR can and should play a leading role in helping companies plan for these short- and long-term trends — with particular attention on critical workforce segments. HR must help shape business strategies by understanding workforce trends, identifying potential resource gaps, and cultivating new sources of labor.
Organisational resistance is the number one reason improvement projects fail. HR, with its deep knowledge of the workforce and organisational behaviour, is well-positioned to play a key role in helping the company manage change effectively.
As critical talent becomes increasingly scarce, companies will need to become more effective at hiring, developing, rewarding, and retaining workers. Existing practices simply won’t be good enough. Instead, HR must help the company find ways to make itself more attractive to top talent. Even more important, it must find ways to boost the capabilities of the existing workforce, foster loyalty and help people grow.