What Is the Role That Technology Is Playing in Transforming Traditional HR Practices of Large Enterprises?
This was the question put forward at last week’s Leaders Lounge HR summit. Held at Covene in New York, this event brought together a series of senior CHROs for a day of learning about the trends and technology that are evolving the HR landscape.
Our Three Takeaways:
The Stages of HR Transformations
This proved to be the main topic of the day. With each of the organizations at various stages of HR transformations, attendees were eager to share what has been evolving in their organizations, discussing the business drivers that are recreating the HR experience.
Sharing the stage with two senior HR practitioners from Standard Charter and Mastercard was Annabel Fan, Global Head of Financial Services at beqom. Annabel acknowledged the challenge that organizations face when they consider a HR transformation. She also noted a developing trend that we at beqom are observing that organizations are breaking down the journey into smaller, more manageable steps—focusing on cloud-based technologies and solutions that reside outside of the core HR platform, that can be delivered with discreet, limited resource commitment.
“The beauty of the cloud is that you can undertake these initiatives as a HR practitioner, without having to recreate the wheel as you do with a core HR replacement. Compensation, mobility, and learning are the most compelling areas where this is happening now”.
Engagement in a Multigenerational Workforce
Employee engagement — especially that of Millennials — was a major theme of the day. With more generations working together than ever, managers are challenged to understand how to get the highest level of engagement from as much of the workforce, regardless of their generation. The take away was millennials hold many of the same beliefs as the baby boomers or Gen Xers, and that engagement is best produced by inspirational leadership. Establishing a solid foundation of trust, connecting employees to deeper meaning in their work and rewarding them fairly will produce not only higher engagement, but also greater loyalty and stronger performance.
Is HR Being Driven By Legal?
This is a question that we heard during the summit, opening a topical discussion on the role of compliance in 2018. With an increasing number of regulations and compliance initiatives, legal and HR mandates seem one and the same.
The introduction of the General Data Protection Regulation (GDPR) on May 25 was front of mind, with attendees discussing the global implications of the regulation. GDPR is dedicated to protecting the privacy and security of EU residents online, affecting the way all organizations handle data, wherever it is processed. Annabel recommended that issues of data and security should be surfaced early and often with vendors in whom companies trust their HR data to ensure these issues are always appropriately addressed.
Transformation, engagement, and compliance proved to be the topical discussions of the day, and it was interesting to see many HR practitioners experiencing the same key issues, regardless of their stage of HR Transformation. The HR NY summit was the first of many events for beqom in 2018. We look forward to meeting you at the next one.