There is no denying that the amalgamation of technology in human resource management has disrupted conventional employee management in the corporate world. From, AI-based hiring to Big Data infused performance appraisal, the seamless technology integration in HR functions has eased the job. However, in a bid to reduce spending and hire the best of talent, new models of workforce like the gig economy, remote working, and AI-powered digital workforce are mushrooming and being adopted by corporates. With newer workforce models emerging, we need to revise our earlier deployed human resource management tools and processes. This calls for innovation in Human Resource Management (HRM) and this thought of innovating HRM as per the dynamic environment has been understood by Workday.
Founded in 2005, by David A. Duffield and Aneel Bhusri, Workday is an enterprise cloud software provider for financial management and human capital management. It delivers human capital management, planning, and analytics applications for the World’s Fortune 50 Enterprises.
Workday- Reshaping the HR management with technology
Charles Darwin had once said, “It is not the most intellectual of the species that survives; it is not the strongest that survives, but the species that survives is the one that can adapt and adjust best to the changing environment in which it finds itself.” In this scenario, the changing environment is driven by technology that is transforming every job. Those HR leaders will come across as survivors who can effectively manage the workforce while remaining agile to the changes.
Workday has developed and built solutions that can support a diverse and distributed workplace.
Elevating employee experiences by Machine Learning
Workday People Experience
By deploying Machine Learning, Workday is curating personalized experiences for each user. This product will aid the HR manager to gain insights about every employee in the organization and help in guiding career development to its employees. It can effectively process a large number of queries from employees regarding payroll systems. Workday People Experience increases productivity by quickly addressing issues. It enables the employees to seamlessly access information, tasks, and seek answers from any third-party source or application.
Talent management with Machine Learning
Backed by Machine Learning the Skills insights solutions of Workday helps HR managers to determine skill gaps in the organization by analyzing the existing skill set. This feature proves to be beneficial when the company is working towards a new business offering. The HR manager can leverage real-time dynamic footprint to understand if the employees possess the right skills to do the job. From the skills’ graph, the relationships between skills and job descriptions can be mapped.
It is a talent mobility platform that enables companies to find and borrow talent, and identify skill sets based on the type of projects, gigs, and other opportunities. Let us say, for instance, an employee who is interested in exploring new projects will receive opportunities to work in a different department based on the skillset the individual has.
Decision making simplified using Data Science
Workday People Analytics coupled with augmented analytics gives business leaders visibility into the most critical trends of the organization and its drivers in a story format.
Workday’s Discovery Boards, a drag and drop data feature helps users to quickly visualize data for forecasting financials, identify patterns, understand people and discover insights. HR managers can use Discovery Boards to understand the grey areas of business and understand where potential skill gaps might exist.
Workday’s acquisition with Peakon
With the onset of the pandemic, the workforce model has transformed to work-from-home that has its own set of challenges. 2021 started with Workday acquiring Peakon, an employee success platform to provide a continuous listening platform for employees. In a remote working model, the communication with employees is limited due to which the company is unaware of employee challenges countered. Thus, the companies must develop a system to resolve employee grievances effectively. The continuous listening platform will help understand employee sentiment, provide real-time visibility into employee experience, facilitate ongoing feedback and provide recommendations for actions. It will empower the HR leaders to gain insights into employee feelings, demands, and behaviour, thus fostering an inclusive work culture with improved organizational performance.
What Startups Can Learn From Workday?
Startups who are yet to begin their entrepreneurial journey should understand the drawbacks of employee attrition in the early stages of the business cycle. This would eventually lead to spending more money and significant time on recruitment causing a decrease in productivity. Therefore, understanding the challenges, skills gaps, arrangement of relevant training and learning programmes for new projects can prevent employee attrition and empower the employees. With new remote workforce models emerging, the startups or small businesses should leverage technologies like ML, AI or deep learning for an improved workforce management.