As the Deloitte 2018 Human Capital Trends study highlights, the power of the individual is growing. And it’s being propelled by the rise of the social enterprise, a massive shift in which organizations are no longer judged solely on business performance, but on their relationships with their communities and their impact on employees, customers, and society at large. It’s a shift that is exacerbated by today’s hyper-connected world where individuals can research companies instantaneously and express their perspectives—anywhere, at any time. The new dynamics of the workplace are having a profound impact on how employees view their careers and, in turn, how employers need to approach talent management.
We asked Deloitte Consulting LLP’s Erica Volini, US Human Capital leader, and Art Mazor, Human Capital digital leader and global practice leader for HR Strategy & Employee Experience, for their quick take on the current state of work, the workforce, and HR.
A new perspective for understanding workforce investment, risk, and value
Considering how much company spend and risk is tied to employees, it’s surprising that organizations seldom use the same rigor for human capital investments as they do for business investments. All too often, the question we hear business leaders ask is, “How do I reduce human capital costs?” What leaders should be asking is: “How do I ensure that I get appropriate value from the money I’m willing to invest in my people?”
Reflect for a moment on your compliance with the Affordable Care Act’s (ACA’s) employer reporting requirement for 2015. You provided your employees with 1095 tax forms as mandated and managed to check the compliance box. Phew!
Lisa Disselkamp, on June 21, 2016.
In Workforce analytics Part 1, we discussed three key questions about labor spending that workforce analytics can help organizations answer: (1) How am I doing?, (2) If there are problems, where and when are they happening specifically?, and (3) Is there a business case for change? In Part 2, we look at the how to use the answers analytics uncovers and put them to work in the form of labor cost optimization: the process of refining policy, people, process, and technology to realize desired savings and improvements.
Can you answer three key questions about your labor spending?
Posted by Lisa Disselkamp on May 19, 2016
Do you know if you are spending more on payroll than necessary? The question goes beyond conducting an audit to find errors and fraud. The deeper question to ask is this: Is there unnecessary labor expense that is not the result of a mistake or abuse but has become a source of overspending? Many employers don’t know if they are suffering from inflated time-worked reporting or hidden, unproductive paid time. Without oversight, employers are likely to be paying incorrect (i.e., unnecessary, unintended) time correctly, instead of paying the correct time correctly. Continue reading “Workforce analytics Part 1: Exposing payroll leakage”
Employers should already be planning for compliance—are you?
Posted by Lisa Disselkamp on March 31, 2016
The Department of Labor (DOL) has proposed changes to the Fair Labor Standards Act (FLSA)1 that will dramatically increase the number of employees who must be paid on an hourly basis. If the regulations are finalized in the summer of 2016 as expected, employers will have 60–90 days to comply. This is a narrow window given the organizational impacts and the decisions that will need to be made, which can stretch beyond HR to IT, finance, and operations. Now is the time to evaluate the potential effects of the changes and plan your compliance strategy.
Posted by Josh Bersin on March 02, 2016
The new digital world of work is shaking the foundation of the world’s organizations: one of the biggest challenges companies now have is the need to fundamentally change the way they are structured.
This month we are launching our largest-ever study of talent challenges in business, the Deloitte Global Human Capital Trends 2016. More than 7,000 companies around the world took the time to answer our survey, and the findings were striking. While nearly every talent challenge from last year became more acute, the No. 1 topic on people’s minds is now “how do I organize my company to effectively meet the digital demands of today?”