87% of organisations indicate that it is critical to align rewards strategy with business strategy, yet only 56% are doing so
According to recent research, Oracle has highlighted that the best performing companies have talent management technologies in place, leading to significant benefits to their businesses. Studies show that talent acquisition and management is the number one concern among CEOs across a wide range of industries, with senior executives being particularly concerned about shortages of key skills within their workforce, retention rates and employment disengagement.
Arun Khehar, Vice President – Head Applications Business Unit, Middle East & Africa, Oracle, explained: “In today’s knowledge economy, employees are the engines of success and talent has the single biggest impact on a company’s growth trajectory. Even though talent is a top priority for CEOs, most businesses have very little information about their people. Today, jobs require collaboration (79%), conducting analysis (72%), and working away from the office (50%).
“Executives are starting to demand insights into the workforce they have in place and they’re asking for metrics to help them design a workforce around the business strategy. With workforce modelling, Oracle provides “What If” modelling so that businesses can visually play out different scenarios within their organisations. Moreover, Oracle Workforce Predictions provides forward-looking insight into workforce trends and performance, helping businesses to take action early by aligning human capital with organisational needs.”
Research also shows that line managers are nearly a third more successful at recruiting, performance management, and retention than HR. Managers have more responsibility for talent management than they did in the past. This is due to declining head counts in HR departments as well as the recognition that they are often more successful at many aspects of talent management – such as recruiting, performance management, and retention.
“Finding the right people is always challenging, but with Oracle’s social sourcing, businesses can choose from a small pool of high-quality applicants based on referrals from trusted advisors. For current employees, Oracle offers talent review to help companies assess skill gaps, leadership potential, and any misalignment between people and their current positions. In addition, integration between Workforce Compensation and Talent Management allows managers to align monetary and non-monetary rewards with performance results,” added Krishnan.
Standard Life; the pensions, insurance, savings and investments company that manages assets of over £157.6 billion across the world; chose to employ Oracle HR technology. The company needed to transform HR service delivery to improve management visibility and employee accountability for knowledge, skills and accomplishments.
Standard Life decided to use Oracle HCM Cloud which features Global HR Cloud and the Talent Mgmt Cloud. The results were clear, as the technology produced a fresh start for HR and employees. The HCM cloud enhanced workforce accountability with real-time business intelligence at all levels of the organization. The systems also increased employee involvement with a portal for all employment activities.
Oracle has over 5,000 HCM customers in the cloud and processes over 20 billion HR transactions a year.