HR technology is changing rapidly. In February of this year, Microsoft launched their new Viva platform, which allows vendors to consolidate tools into one platform for a streamlined and connected employee experience. And with Big HR Tech consolidation--the merger of Kronos Inc. and Ultimate Software, followed by Cornerstone’s acquisition of Saba Software--there are big changes on the horizon.
That's great news for HR teams.
Companies recognize more than ever that HR teams don't need disparate tools to solve every problem. HR teams now rely on data to make decisions, which means they need easy access to all of their data with as few separate software applications as possible. Especially in the time of COVID-19, in which HR teams are dealing with remote workforces, open job requisitions and an urgent need to upskill and develop their people.
But in order to do that, HR technology needs to come together.
Benefits of Connected HR Technology
The good news? The HR technology market is already in the process of reinventing itself. Whether it’s through major mergers and acquisitions or by offering newer, more comprehensive solutions for today’s most critical challenges, HR technology providers are answering the consolidation call. For HR departments, that comes with major benefits in the new world of work. And if you want your business to remain competitive, it's time to consider a switch to a more streamlined approach to HR technology. Here are a few key benefits of HR technology consolidation you can't afford to ignore.
Simplify Work for Employees...
Did you know that employees toggle between apps an average of 10 times an hour? That might not sound like a big deal until you realize that it equates to 32 lost workdays per year--which defeats the entire point of productivity apps.
By finding opportunities to consolidate HR software, you can help your employees streamline their workloads and optimize how they get work done. For example, today, there are dozens of different software tools available to help employees track their performance and learn new skills. But when these types of talent-related tools are connected and ideally made available through a single platform, employees no longer need to follow through thoughts and tasks across a dozen software items at once. Instead, they can keep their workflow rolling all day long, which means better results for your business.
In the case of your HR team, that translates to improved hiring efficiency and ROI. Decreased team productivity means slower hiring, which is a problem considering that a corporate position costs money every single day it stays empty.
...And for Managers Too
We get it. Being a manager isn't easy. It's a bit like being a juggler, except that you're juggling multiple items of various shapes and sizes, all traveling at different speeds and requiring different handling. Oh, and the productivity losses that employees experience when bouncing between apps applies to managers too.
By finding areas to consolidate your technology stack, managers can find the same productivity benefits. Better still, they can integrate their available tools for stronger insights, which translates into stronger decision-making for the good of the entire office. Think about it--it's easy for information to fall between the cracks in the time it takes to switch between tools, which means you're not operating with all the necessary data.
Streamlined Data Collection
Plus, when it comes to data collection, finding places to consolidate HR technology offers a clear advantage over disparate tools.
Let's say you need information on an employee – like their current professional skills and training, for example. If you collect your data from multiple sources, you can't see how the picture fits together. A piecemeal approach also lends itself to viewing employee skills development in a linear vacuum, where the only visible progression comes from skills training within an individual toolkit.
The reality is that skills training is much more personalized, and fitting together training can translate to a clear skills trajectory for employees. Once HR can collate data, it's far easier to track an employee's individual progress and make informed decisions for ongoing skills development.
To see the improvement in action, just look at DPDHL, who turned to Cornerstone’s all-in-one talent solution to help manage the entire growth and development process of their people.
By leveraging Cornerstone’s connected talent solutions, DPDHL was able to implement a skills-first approach to development to help their employees continually grow and learn, and set career paths that are not necessarily linear and completely personalized to them. As a result, DPDHL has increased employee retention, promoted from within and has saved millions of dollars in external recruitment costs. In addition, DPDHL gathered more data on their employees' skills after three weeks of being live with Cornerstone’s skills technology than they did in more than five years with their previous approach.
Reduce Hiring Bias
Did you know that for every 1,000 applications received, white candidates receive 250 responses compared to 230 for Black candidates? Among one-fifth of companies, the gap was even wider for callbacks, with Black candidates receiving 50 fewer callbacks on average.
Then there's gender bias. For a typical Fortune 500 company hiring 8,000 new employees per year, even a 1% gender bias results in 32 additional failed hires and sub-optimal hiring decisions which shake out to $2.8 million in productivity losses per year. With a 4% gender bias, that means 192 additional failed hires and $17 million in lost productivity annually.
In short, you can't afford to leave room for bias. By consolidating your HR stack, you can connect data on potential new hires and drive hiring decisions based on skills data, rather than viewing each candidate as an island. That way, you can reduce your hiring bias and make better decisions for the whole company.
Your Tools for Workplace Success
Consolidating elements of your HR stack can give your employees a better path for development and productivity and give your business a leg-up on insights and cost efficiency.
It's time to rethink how you invest in HR technology. Is your team ready? All it takes is the right connected tools.
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