If there is one constant in HR, it’s change. Each new year brings its own set of challenges and innovations. As we begin 2016, now is the time for HR professionals to decide what trends to adopt to warrant the greatest success.
Develop More HR Analysts
More and more business leaders want insight into HR data that will help them develop an overall business strategy. A recent study revealed that 90 percent of CEOs say it’s important that HR leaders be proficient in workforce analytics. To do this, HR departments will need to embrace big data.
The hype surrounding big data can seem overwhelming, and understandably so. But there is no denying it can be an asset if and when it is leveraged. Tools like employee engagement surveys and 360-degree reviews make it easy to track, analyze and report on workforce data that is essential to the company’s bottomline.
Consider How Overtime Expansion Affects Benefit Plans
In the face of the U.S. Department of Labor’s proposal to expand overtime eligibility to employees making less than $50,440 a year, HR should consider how this will impact benefit plans.
For instance, some companies offer overzealous vacation policies encouraging employees to take more time off. However, if this is in conjunction with heavy workloads, employees will more than likely forego the time off in order to work longer hours, which is bad for both the employee and the company. Changes to overtime expansion by the Department of Labor could greatly impact as many as 4.7 million workers, so it is imperative that HR leaders pay particularly close attention to these changes and the affects they may have on benefit programs.
Overhaul Manual Processes
While paper-based record keeping seems like an ancient, outdated process, almost 90 percent of critical business information still exists on paper. Those companies that choose to continue the use of this system could find themselves unable to achieve the preceding objectives. HR must be prepared with the top technology – one that links core HR and payroll data with other important systems for improved tracking and more efficient reporting capabilities.
Staying the Course
The advent of new regulations and workplace trends makes it difficult for any business to stay the course. In order to navigate the treacherous waters and find success in 2016, HR will need to be at the forefront of data and compliance with help from HR and payroll technology.