Mark Hurd, president of the software production giant Oracle, recently shared his views on how human resources can drive company revenue. The workplace is changing rapidly, and CEOs and their HR departments are having trouble adapting.
He noted that, while most CEOs are aware that their employees are the company’s most valuable asset, they’re failing to give HR leaders the tools they need to really tap into all of that potential talent dispersed throughout the ranks. The right tools he believes, of course, arrive in the form of Oracle’s HCM cloud services, which he believes will allow HR departments to procure and retain the best people and strategies to successfully drive revenue.
The right tools attract the right people
First of all, a company’s reputation and success hinge on attracting the perfect employees. According to PwC, a large chunk of CEOs are becoming more and more concerned about the ever-widening talent gap. How can they attract the right people for the job?
Hurd pointed out that this particular process is changing rapidly as millennials begin to flood the workforce, and many HR leaders aren’t getting the support from higher up to adapt. He cited a study from the University of North Carolina, which found that millennials will make up 46 per cent of the workforce by 2020. And what do we know about millennials? They use technology to stay connected at every turn, with the ability to communicate and collaborate at a moment’s notice. When top talent enters the workforce, they’ll be looking for a company who can provide the tools they need to do just that.
Retain top talent
Recruiting top talent means little if a company can’t retain it. With the proper tools, HR leaders can ensure that all employees feel empowered enough to remain at a company where they can innovate and help grow business. Without those tools, what incentive does a star employee have to stay at any one company?
Talented employees want to know that they’re situated for success. This echoes back to how HCM systems can perfect many aspects of a business. When the workplace is driven by social interaction and optimized for connectivity on the go, employees know they’re operating on the cutting edge of operations for a company who has their best interests in mind.
Link compensation decisions to business strategies
Employee compensation and benefits make up the largest part of any business’s expenses. Alarmingly, many HR leaders are blindly making compensation decisions because they lack the proper technology to guide them in making strategic choices. Hurd’s example of a sputtering HR head, lacking insight and sufficient data, is spot on.
An effective compensation plan has to be business-driven to be successful. With a modern HCM tool, the HR leader would be able to gather the right data–about growth, employee retention, sustainability, etc.–so that they correct compensation decisions can be reached.
HCM systems streamline processes
Hurd went on to say that these HCM systems will not only attract new talent, but they’ll also provide businesses with the opportunity to streamline and enhance numerous processes. Top talent will be happy in their element, but the company as a whole will also benefit as a result of increased productivity and collaboration. It’s all about creating a two-way environment that nurtures socially driven connectivity in a way the millennials are used to.
Ease of connectivity
When a company finds itself spread out across cities, states, countries, or even continents, it’s important that each and every employee, from the bottom up, can stay on the same page. Oracle’s HCM system helps companies’ communicate their agendas and data uniformly. Cloud-based operations ensure that everyone has access to the same information so that nothing can get lost in translation.
Since becoming president of Oracle in 2010, Mark Hurd’s executive profile on Bloomberg states that he has focused the company’s energy on strategy and innovation. As a result, Oracle is now the second-largest cloud vendor in the industry with a solid plan to propel itself to the very top. So, when it comes to growing a successful business, Hurd knows a thing or two about how to get things done.