Six strategies for employee success and company growth
Company success is not possible without employee success. A LinkedIn study from 2023 shows that 83% of the companies surveyed want to put their employees more at the center of their corporate culture. For this to succeed, it is essential that HR teams and managers have tools at hand to close the gap between business goals and employee expectations. Employees need to feel valued and work with their employer towards a shared vision of business success. Oracle outlines six strategies for achieving this.
- Increasing HR and employee productivity with AI
From recruitment to career development, HR teams are increasingly using artificial intelligence (AI) as part of cloud-based HR and other business software to improve their productivity and efficiency. For example, AI supports the creation of job advertisements or performance appraisals. On the employee side, there are also a wide range of possible uses for AI applications. For example, AI-supported chatbots can answer questions during onboarding. The quality of further training initiatives for employees can also be improved through AI-supported skills analyses and recommendations for learning opportunities.
- Closing the gap between company goals and talent potential
Especially when companies want to achieve ambitious business goals without hiring new employees, they need to make the best possible use of their team's skills. A skills balance sheet helps to master this challenge. It shows which skills are missing in the company. It also helps to find the right people for specific projects. Human Capital Management (HCM) applications with AI-driven, personalized learning functions help employees to acquire the skills they need. Managers, in turn, can supplement their employees' development plans with activities such as gigs that are relevant to business development.
- Recognize employee uncertainty and change fatigue
Especially in times of economic uncertainty and transformation, it is important for companies to recognize whether their employees are insecure or tired of change. Regular satisfaction surveys and sharing the results with managers are therefore extremely important. Employee experience tools offer important functions to improve employee involvement. For example, they remind managers of important milestones for their employees. Regular communication about the situation in the company is essential. Tools that offer personalized learning recommendations or further development options and self-service options also contribute to greater employee satisfaction.
- Knowing what employees value about the employee experience
To improve the employee experience, HR teams need to know where there is room for improvement and find ways to align this with business goals. According to several surveys, four aspects crystallize here. Flexibility is becoming increasingly important. Those who can work remotely need the right tools to do so. Employees who have to be on site, for example, benefit from more flexible shift planning. It is equally important to offer opportunities for further training and career development and to equip managers with tools for effective leadership and communication. Last but not least, employees don't just want to hear company promises on topics such as diversity, equality and inclusion, they want to see them put into practice.
- Making data protection a priority
From tax identification numbers to bank details - companies need sensitive data from their employees. They are therefore well advised to provide transparent information about data security measures and data protection guidelines, for example. Data protection and security are important factors in maintaining the trust of employees. HR managers must also work closely with security teams to ensure that HR data and applications are encrypted, secure and continuously monitored. Automation and advanced AI-based security controls help with this.
- Focus on the right HR KPIs
The HR team itself is responsible for measuring the success of its strategies. To do this, it makes sense to focus on KPIs that can be used to increase employee retention, increase turnover and reduce operating expenses. These include KPIs for recruitment - such as the cost of new hires - and KPIs for employee retention, for example the turnover rate. Also important are KPIs such as average length of service and KPIs for remuneration and benefits such as total personnel costs.
Modern human capital management solutions enable HR teams to analyze employee data in order to understand the needs of employees and provide them with tools for a better employee experience. This gives HR managers a solid working basis for aligning company goals and employee expectations in the best possible way.
Source: www.oracle.com
