NOVEMBER 2016HR TECH OUTLOOK9Having all of your HR data reside in one place enables you to see a more holistic view of your workforce and identify potential gaps that can affect productivitydetermine whether they met the minimum criteria. The HR system to evaluate whether an employee is currently active or inactive in benefits. Each system to extract and merge the data so it's all in one place, and they can understand the employee's status on a month-to-month basis. Obviously, when the data which is needed to comply with payroll taxes, wage and hour laws and healthcare reform is separated into different silos, collecting the data and ensuring its accuracy can seem like a daunting task. Adding to the compliance conundrum are new overtime rules that is currently set to take effect on December 1, 2016, which will make approximately 4.2 million more U.S. workers eligible for overtime pay. These rule changes affect wage and hour compliance for businesses of all sizes and could have a significant impact on labor costs.With the possibility of such a large increase in the number of employees eligible for overtime, it's now more important than ever for HR leaders to examine their time and labor management systems and evaluate whether they have the tools they need to simplify compliance and control costs. Integrating HR, payroll, and time and labor management solutions can help employers properly track employee classifications and hours worked, make better schedules and proactively monitor and manage overtime. More than Integrated HCM: Creating a Connected Workplace EcosystemAs payroll, human resources management, and talent management systems have evolved, most organizations have followed one of two paths: enlisting individual best-of-breed HR systems for performance, learning and recruitment, with separate payroll and benefits systems; or using a single fully integrated HR solution. In the current legislative environment, sentiment has started to shift toward fully integrated HR platforms. Knowing that an integrated HCM system is the source of truth for all employee-related data makes the system very powerful. By feeding this HR data into all of your company's other systems, it not only saves time, but it also reduces the room for error since the data is only entered once, making it more likely that it stays "clean."Other benefits of having a fully integrated HR platform include: Speeding the hiring process. A centralized HR system can improve the experience for both managers and candidates by automating job postings and resume screening. By transitioning all of the person's information from the candidate pool to being a new hire, onboarding becomes almost seamless. According to the Bersin HR Factbook, companies that embrace an integrated-data approach to HR have a 38 percent higher employee retention rate, 40 percent higher employee engagement levels and roughly double the revenue per employee. Improving workforce performance. Having all of your HR data reside in one place enables you to see a more holistic view of your workforce and identify potential gaps that can affect productivity. By incorporating internal HR data with external data streams, HR leaders can gain insight into areas that might need attention. For example, if a company is suddenly experiencing high turnover, it can see how its retention rates compare to industry benchmarks, identify the main factors contributing to turnover, and predict which employees are at the highest risk of leaving in the future. With this knowledge, employers then can develop retention plans to keep their top talent happy and engaged. An integrated HR suite can both help HR leaders better handle their company's compliance challenges, and free up time for them to be more strategic partners to their top executives by chipping away at a mountain of administrative tasks. Armed with the organizational intelligence gained from data integration, HR leaders can shine by making better informed benefits, talent and compensation decisions­which help their company reach its full potential.
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