What about your talent beyond Covid19?
Anticipating on the post Covid era, we have to accept that the world of work will be changed. In a few months from now, we will arrive in a new world where businesses had to rethink their business model and adapt their internal way of working. Also HR leaders and their workforce – the most important asset in an organization – will be triggered to adapt to the ‘new normal’.
It’s HR’s role to provide employers with the right talent at the right time through effective talent management while taking the new concerns and wishes of employees into account. This great responsibility is impossible using manual processes, outdated records, non-integrated systems, etc.
In other words, the pandemic has created an opportunity to review your talent management approach initiated by various trends. That triggers question such as:
- How to manage contingent workforces?
With 60% of the organizations already employing a mix of permanent & flexible workers (such as freelancers, consultants, students, …), HR leaders want to have a real-time view on the individual and team performance, mitigate compliance risks and lessen the administrative burden. But knowing that the majority of organizations are not able to register flex workers in their HR systems, this becomes a challenge.
- How to manage skills & knowledge gaps?
Before HR leaders can think about closing the gap, they need to have a clear view on how their current competency landscape looks like. Once they have these insights, HR can address the skills gap by hiring permanent workers, hiring contingent workers or train permanent workers. Training your workforce is a key element in this competitive world. Especially with the rapid technological developments and increasing digitalization. It’s important to keep your workforce top-notch and HR has an important role to play in this.
- How to manage succession?
When preparing the future, the skills gap analysis might be pivotal. But at the same time, every organization will have to create a growth and leadership plan for every employee linked to learning & development, performance management and a unified dashboard. Technology is a key enabler to tie these parts together.
- How to manage compensation?
With a very strong impact on the financial situation – but also on the employee satisfaction – businesses will need to develop a reward policy that protect both workers and organizations. In some cases, Covid19 may have forced reward professionals to go back to the drawing board to make real-time, business-critical decisions to safeguard the immediate health, safety and wellbeing of their workforce. A salary review process facilitated by salary grids, external/internal benchmarks and compta-ratios will enable all stakeholders involved (finance, line manager, HR, …) at any given time to find the right balance in line with the company strategy.
Technology is a key enabler of agility. Tools that allow HR leaders to execute a variety of complex talent management functions in a reasonable amount of time, and at a relatively low cost, are crucial to turning changes into opportunities.
In a world where digitalization is no longer a buzzword, but a real necessity to make it happen, there is also a correlation between talent and payroll. Payroll data touches so many elements of HR – from attracting, onboarding, developing, rewarding and retaining talent – that it’s become hard to separate the technology supporting both functions.
As part of its wider portfolio, SD Worx offers Talent Management solutions that integrate with HR, payroll and core HR. Based on your current technology footprint and/or your talent challenges, the SD Worx experts are perfectly positioned to answer your questions.
Read our eBook about talent management post Covid19.