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By Gretchen Alarcon, Group VP, Human Capital Management Strategy, Oracle
Gretchen Alarcon, Group VP, Human Capital Management Strategy, Oracle
HR Then & Now and the increasing role of Data Analytics—why does this matter and where is it used today?
Historically, HR has focused solely on the core HR functions including hiring and recruiting, talent management, training, benefits. However, the digital transformation of business and, the resulting pace, and demands of a modern business environment call for a shift in the role of today’s HR leaders. With the introduction and adoption of cloud and emerging technologies like artificial intelligence (AI), Internet of Things (IoT), and machine learning (ML), HR leaders have access to an overwhelming amount of data that can be used to improve efficiencies within the HR function, but can also identify opportunities, streamline processes, and develop more strategic, forward-thinking recommendations to help drive business forward. Cloud-based technologies also offer opportunities for HR leaders to collaborate with various departments, like finance or product development, within an organization to help better align strategies with overall business goals.
Technology tools available today to help—why these are increasingly important
There is a fundamental shift in the way business is conducted as a direct result of cloud-based technologies. This digital transformation, anchored in the cloud, is quickly increasing both the pace of business and the demand and expectations of not only customers, but also of employees and business partners. It’s forcing every area of business to rethink legacy technologies and business processes. For HR that means transitioning to a cloud-based human capital management (HCM) platform. Doing so will give HR leaders a single unified view into the overall HR function to help streamline existing processes, identify new opportunities for individual employees as well as training opportunities for a broader group, and better manage the overall candidate and employee experience. In addition, embedding AI and IoT technologies helps automate repetitive tasks and collect more data to provide actionable insights to further streamline the HR function. Most importantly, making the transition to the cloud will better prepare the HR function to adapt to future changes in business and technological innovations.
Factors to Keep in Mind— Changing Workforce Dynamics and Expectations
With the evolution of consumer technologies and the 24/7, omni-channel access to information, employees are bringing those same expectations to the work. They expect to have technologies that are easy to use and that can provide information in real time. In a time where there’s increased competition in sourcing and bringing in top candidates, it’s important for HR leaders to pay even more attention to the overall employee and candidate experience. Technology can help automate the core functions so that HR teams can focus on strategic areas where human capabilities and expertise can yield the best results.
Managing Global Risk
Oracle is a global organization catering to multinational customers. Regulatory laws vary from region to region, so it’s important to deliver the technologies our customers need to keep up with these changing demands. Oracle Human Capital Management (HCM) Cloud uses the power of the cloud to ensure that our customers can maintain compliance with global, national and hyper-regional HR regulations. Oracle HCM Cloud also leverages AI to streamline and mitigate risk during recruiting and hiring process by helping filter through applications and source the top candidates.
Summing it All Up
In the fast-paced world where information can be accessed at the click of a button, there is also an expectation for HR data to be made available instantaneously. Today, HR technology provides a wealth of information that can help HR leaders be more strategic drivers of growth and success for their companies.
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