The business world changes constantly and companies today have to keep thinking and preparing on what to do next. They have to make plans for next plant location, retirement risks and thus, they reassess whether the current workforce is even skilled enough to meet evolving requirements of the company. However, they have to struggle to manage human capital because they lack timely insight to match the resources with present and future business needs.
In order to enhance managers’ understanding of human capital, core HCM finance and back office data can be integrated that would provide efficient support to core ERP and human resource related processes. Using cloud technology, companies can manage high-performing personnel with following three key practices.
Table Stakes: Automated Back Office
All back office systems, including HR, accounting along with other ERP functions, required to provide flexibility and agility to adapt to dynamic changes in business with minimal expenses. You need to purchase a full-service payroll and HCM solution that’s integrated with your ERP system. Even up with your globally located workforce, full-time staff, temporary personnel as well as contractors in every currency with the automated capabilities to calculate the earnings, deductions, contributions and taxes at the quickest. During the month-end close, the ERP should produce united financial statements that automatically tie underlying workforce related the related details of finance.
Goal Setting: Keep the Workforce aligned with Financial Targets and Projections
Business managers can access real-time information, update forecast to indicate economic changes, do the comparisons between actual and budget while measuring progress throughout a year. You can unlock value in providing real-time analysis using a financial planning module that is integrated with the ERP suite and your cloud-based HR management. This also helps in making better decisions and aligning your workforce with company’s targets.
Staying Competitive: Groom the Future Leaders
In order to remain competitive, place your organization to attract, retain and encourage future leaders. Future leaders can be sourced from anywhere across the globe, as they don’t have to reside at corporate home office. Optimize your HR management processes with a cloud-based recruiting solution such as NetSuite ERP to adopt a workplace culture where employees can easily track their goals and identify their strengths and career opportunities. Avail NetSuite consulting services for best solution from a leading NetSuite ERP consultant such as NetSuite Expert at competitive prices. Our proficient NetSuite consultants will also allow employees to receive continuous feedback from managers without having to depend on manual or inefficient HR processes with the optimized HR management solution. As an outcome, companies can enhance the transparency to identify potential candidate and employees can also have better insight and understanding of the organization and advancement prospects.