The New ‘Mantra’ of Competitive Advantage
The reins of power have shifted
Picture this – Byron Conway is the top salesperson in your organisation, an outstanding performer receiving several awards and plenty of recognition for his contributions. Then one fine day, out of the blue he submits his resignation and leaves for the competition. You offer everything possible to retain him � more money, more incentives, and even the sales manager job. Yet nothing you offer seems to change his mind. The bottom line is you have lost a key performer, and your competition gains one – with competitive intelligence!
Does this situation sound familiar? Do you wish you could have anticipated your employee’s resignation beforehand? Do you wish you could analyse and track potential and performance to make strategic decisions?
Do not despair, there is a solution that allows you to build a framework that details the competencies and skills of each of your resources, introduce workflow that reduces the administrative aspects of talent management and deliver intelligence that identifies the true potential of your employees and provide appropriate measures to motivate and retain them.
What market trends indicate
There are a significant number of studies that quantify the difficulty in attracting & retaining talent, specifically:
- Employee loyalty is on the decline
- Labour market growth is slowing
- Turnover rate is on the rise
- Unemployment rate is falling
- If this doesn’t sound bad enough, studies indicate that most C level executives spend up to 40% of their time devoted to the management of their Talent
- Most talent management is arranged on the fly rather than as a part of a planned company policy with ROI rarely analysed
- Most organisations have no systematic access to information related to HR functions
- Add to this the unique demands of generation X,Y & Z
The control of power seems to be slowly shifting in favour of employees. While earlier organisations decided the fate of their employees, today employees decide whom they wish to work for.
When employees decide your company’s fate
In today’s harsh business climate, merely introducing new and innovative product features is not sufficient to nourish your competitive edge. All across the globe organisations are finding turnover levels reaching their peak and the top talent slipping out of their grasp.
People practices are increasingly becoming the key differentiating factor between organisations. It is fast becoming the �litmus test’ of an organisation’s concern for its employees. Therefore, work-life balance and personal life integration is what motivates present day employees.
Today, across all verticals and industries, it is becoming increasingly difficult to attract and retain individuals who possess critical skill sets and talent. The job market has quickly undergone a metamorphosis into a sellers’ market with a shortage of skilled resources available.
HRIS: To help you Predict, Pre-empt and Pro-act
HRIS represents an unfulfilled opportunity to dramatically curb turnover rates. This may sound like a bold statement until you consider the significant benefits it provides. It is a holistic combination of Business Intelligence infused with modules of employee-specific data, resulting in a comprehensive HR system serviced by a workflow engine.
- Predict your employees’ work patterns and any impending crisis situation, like a resignation, beforehand
- Pre-empt and mitigate risks beforehand by having the know how and knowledge to comprehend issues that might turn into crisis situations later
- Pro-act by taking control of the situation and ensuring appropriate steps to retain precious resources
Advantages of HRIS
HRIS enable you to:
- Curb employee attrition by understanding �danger’ signals beforehand and pre-empting them
- Complete integration of payroll functionality
- Enhanced process efficiencies
- Improved performance management and accountability
- Optimal �job mapping’ to suit employee skill sets, leading to enhanced job satisfaction
- Updated and consolidated HR data
- Assess employee performance to know if employees are performing to their full potential
All in all, a HRIS uses several modules such as recruitment, remuneration review, performance management, talent management, training and support. Such a system is critical in today’s age of high turnover. By streamlining major HR functions, HRIS enhances efficiency levels dramatically while also ensuring employee engagement, performance and satisfaction, and that builds competitive advantage!