HR In The New Economy

The economy of today has brought about many changes and trendsetting predictions – most of which impact the way human resources pros operate. While the changes, in most cases, bring about efficiencies and technology to support more sophisticated human resources efforts, a pivot is needed to ensure that HR accommodates the nuances of the new economy that include:

  • Technology and automation tools abound to help with many aspects of human resources.
  • Workers, more and more, are not in the office and HR needs to accommodate these non-office employees on their terms.
  • Compliance and regulatory requirements are on a pendulum that continues to swing, making risk of non-compliance higher.
  • The job market is more competitive than it’s been in decades, making recruiting a key focus of companies.
  • Culture and employee experience are the new buzzwords to watch.
  • Artificial intelligence is in play in HR too.

Ensure Your HR Strategy Is Ready For The New Economy With These Tips:

  1. Get techie. HR tech tools abound, so why not take advantage of them to help fulfill your HR strategy? Use technology and automation to streamline your human resources tasks, automate and eliminate timely duplication as well as create electronic paper trails that support compliance requirements. In addition to making your job easier, these tech tools are also welcomed by your tech-savvy workforce looking for the modern conveniences that apps, software and online communication tools can offer. A few tips to keep in mind while vetting HR technology for your organization:
    • Will it be ready to implement out of the box or will it require customization? (Does the software company provide that or will your organization need to provide the custom programming?)
    • Are you paying for more (or less) than you need? Can the tool scale with your company as you grow? Does it come with limitations?
    • How does this tool integrate with HR tech tools that you already use?
  1. Consider outsourcing. Whether your HR strategy is hard to effectively execute with your current resources or if your current team lacks expertise needed to get you there, HR outsourcing might be an option worth considering. Professional Employer Organizations, more commonly known as PEOs, can take on all of your HR strategy or ala carte services such as payroll, benefits, compliance, training, recruiting and more. Oasis, a Paychex® Company, one of the nation’s leading PEOs, specializes in helping businesses of all size accomplish their HR strategy in the new economy.
  1. Treat your employees like customers. “Employee experience” is the topic at boardroom conversations these days and that trend is anticipated to continue as long as the job market stays ultra-competitive. Employees hold the upper hand in the tight labor market and are looking for more than just a paycheck from their employers. Not only is culture more important than ever, but transparency is also at an all-time high through social media and online review websites such as Glassdoor.
  1. Tap into metrics. A key advantage to riding the tech wave for your HR strategy is the insights it provides. Hunches, opinions and gut feelings no longer rule the day. Metrics to measure interviewing processes, employee retention and employee satisfaction are now easy to gain data that helps businesses see strengths and weaknesses more clearly and adjust accordingly.
  1. Take the long view. Finding, hiring and retaining good employees is tough and, most likely, a top objective of your HR strategy. By taking a long-term approach with your employees, you’ll accomplish so much more than alleviating your hiring challenges. Implement plans to upskill your team and empower them to grow their careers within your company. You’ll not only improve your culture and retention rates, but you’ll also gain a team of collaborative, innovative and loyal employees.

The new economy offers a highly-diverse global talent economy full of technological advances including cutting edge tools like Artificial Intelligence and Augmented Intelligence that can change the face of our HR strategy over time. While keeping up with the changing landscape of the new economy and how it impacts HR is a true challenge, there is an easy solution – HR outsourcing. Oasis, a Paychex® Company, one of the nation’s largest Professional Employer Organizations (PEO), specializes in all aspects of human resources. It’s our job to stay on top of the latest trends, advances and challenges to help ensure that we provide our clients deep expertise. Count on Oasis Outsourcing for help with payroll administration, hiring, recruiting and training programs, internal communication strategy, comprehensive benefits packages and much more.

Get started today a free personalized consultation from Oasis.

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