Key trends sweeping across today's enterprises will shape the future of workplaces. Data, analytics and finance take center stage in 2017, with data and analytics helping organisations to better understand their workforce and finance moving into the cloud, notes Timothy Darton, General Manager of Workday Southeast Asia..
Trend #1: Data is the new currency
Today's organisations are rapidly accumulating gold mines of data - and doing nothing with it. In 2017, companies without a data strategy will fall behind. Unrefined data is useless but a huge arbitrage opportunity exists in enterprise software today to effectively mine data for great business insights. Business leaders must take action to derive insights from data to better serve customers, drive efficiencies and manage risks.
Trend #2: Workforce planning with advanced HR software
As the makeup of the workforce keeps evolving based on industry/business changes, seasonal needs, and new business models, companies are increasingly adopting technology systems that enable them to be more flexible and seamless in their approach to workforce planning so they can adapt to change in the most efficient and cost-effective manner.
2017 will bring more commitment to this corporate emphasis. We will see more organisations invest in HR technology to identify the existing gaps in their workforces, and shift their attention to a more people-focused approach that enables greater engagement, productivity, and employee retention.
A recent development in the human resource software realm is deep-analysis software that can help employers gain better insight into their staff; even predict which employees might be at risk of leaving. More organisations are looking to predictive and prescriptive analytics that are now being built into core human resource systems to help HR managers solve tough workforce challenges.
Trend #3: Reskilling the workforce becomes a priority
With millennials set to take over half of the workforce by 2020, employers will struggle to adjust to the shift in demographics. With traditional work models evolving, organisations will require employees to have a mix of skills never before expected in the workplace.
In 2017 and beyond, HR will play the significant and challenging role of engaging and enabling multiple workforce generations through tailored learning and development. They will need a smart, intuitive, and inherently connected human capital management (HCM) and learning system to help reskill and right-skill workers to meet the organisation's future needs.
There will also be a shift to increased focus on talent engagement and retention, which will require a HR system that provides individual workers with a personalised view with regard to development and career opportunities, and at the same time, enables the organisation to match talent and skillsets with opportunities.
Trend #4: Finance takes to the clouds as its role changes from transactional to analytical
For years we've heard about HR's and Sales' transition to the cloud. In 2017, it's Finance's turn. With a shift in Finance's responsibilities from transactional to analytical, continuously evolving financial regulation, and a greater focus on driving growth, corporate finance teams are moving from legacy to modern cloud-based systems, to ensure they have the tools they need to take on more responsibility in their organisations.
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