Jul 25, 2013
Getting Down to Business With HR
Posted by Irfan Ahmad Digital Information World Author Pakistan author profile Thursday, July 25, 2013 Business , info-graphics
Do you have visibility into the four fundamentals of your global workforce: cost, capacity, capability, and quality?
Do You Know The Total Cost Of Your Workforce?One third of organizations don't know the total cost of their contingent workforce. One forth don't know the total cost of their employees. Contingent workers cost of U.S, companies are more than $12.5 billion per week. More than 40% of business leaders saw a negative impact on their bottom line due to the annual rise in people costs.
CapacityWith a high demand for top talent, you need to optimize employee engagement, productivity, and turnover levels to ensure business agility.
Are You Satisfied With Your Organization, Have The Right Resources To Be Nimble?53% of business leaders say their greatest challenge is recruiting and retaining top-performing managers. The cost of disengaged employees in the U.S, is $370 billion. In the next 10 years, over 20% of the working in the U.S, will be retiring. 70% of employees plan to look for a new job within the next year.
CapabilityYour organization needs to retain and develop the right people for the right jobs.
Do Your People Have The Right Skills?74% of HR executives say their workforce is not appropriately skilled for the needs of the business. 83% of Hr executives rate their organization's succession plan strategies as week. 53% of CEOs see a lack key skills as a major constraint. This lack of talent impedes innovation, delays or cancels strategic initiatives, and stifles the pursuit of market opportunities.
QualityYour organization wants to secure its workforce is in line with business strategy.
Are You Optimized For Maximum Performance?As companies grow, alignment with the business increasingly becomes a top priority. Yet, 6 in 10 HR executives rate alignment to the business as weak. 51% of workers don't understand what is expected of them in order to reach their goals. High levels of employee engagement (65% or greater) resulted in a total shareholder return 22% higher than average.
Technology As An EnablerAs your workforce evolves in size and complexity, technology plays a crucial role.
Is Your Technology Helping Or Hindering You?88% of executives say consumer technology can improve job satisfaction. 45% of the workers find their personal devices to be more useful than what their company provides. Only 17% of HR executives rate HR technology adoption within their organization as strong of those who did. 59% also had strong alignment with business strategy. 57% rated their workforce as appropriately skilled for their business needs.
A suit of cloud-based enterprise applications gives you-the HR professional-the single source of truth needed to get an accurate picture of your organization's global workforce, total labor costs, skills, and experience as well as performance. And when you have the necessary tools, you can empower your business leaders with the most relevant, real-time information and turn insight into action.