Posts By: Ray O’Donnell

Core HR Software Market Expands

A new report from MarketsandMarkets states that the core HR software market is expected to expand from $6.47 billion in 2017 to $9.89 billion by 2022. Additionally, the market is expected to grow at a compound annual rate of 8.8 percent per year during this period. This includes core HR software across all components, deployment types and organization sizes.

The report states North America stands to be the largest region in terms of global market share due to a rising demand for cloud deployment and increases in the automation of HR processes. What’s more, North American businesses are leading the pack in terms of differentiated, customized and flexible products that meet the needs of HR professionals.

The largest contributor to the predicted market growth in America is governmental agencies. Because of the large pool of employees working for the US government, it is the most likely to adopt core HR software. However, it’s important to note that outdated infrastructures will be the biggest disadvantage for the US government in integrating new systems.

Another important takeaway from the study is that SMEs are expected to grow at that highest compound annual rate. Businesses with 100 to 1,000 employees are highly expected to deal with a resource shortage during this period, thus requiring better HR software to solve cost efficiency challenges.

This expected growth for core HR software is good news for HR software vendors of all sizes. It’s important to keep in mind that innovative HR software with customizable features will find the largest purchase with American businesses. The continued adoption of smartphone and cloud platforms means core HR software needs to compliment BYOD and cloud-centric networks. Want to explore the implication of this report in detail? Read the full report from MarketsandMarkets here.

How to Drive True Engagement in the Workplace

employee engagement

 

In today’s candidate-driven job market, employers are challenged with re-thinking HR retention strategies. Because candidates are increasingly influencing retention strategies, companies require a method of identifying which employees are merely satisfied and which are truly engaged.

One of the subtle challenges HR faces is making the distinction between engaged and satisfied employees. This distinction may seem small, but engaged employees and satisfied employees produce very different end results. A 2011 Corporate Leadership Council Study even shows that revenue expectations for companies with highly engaged employees is 23% greater than for those with a satisfied workforce. Engaged employees are enthusiastic about their work and committed to the organization. They are positive, always willing to learn and driven by improvement. On the other hand, satisfied employees are content with their job but generally lack enthusiasm about their status or career path. This can result in employees only meeting minimum requirements and staying comfortably in the same position within an organization.

Whether a workforce is made up of engaged or satisfied employees, understanding the key psychological conditions that drive true engagement can help companies craft winning HR retention strategies.

What Drives True Engagement for Employees

 

Meaning

According to William A. Kahn, a sense of meaning within an organization “can be seen as a feeling that one is receiving a return on investments of one’s self”. For employees, these returns can be realized when employees are doing work that challenges them, is varied or is somewhat autonomous. When employees are micromanaged or expected to complete tasks unbefitting their skill level, they will start to feel their meaning within an organization is trivial, resulting in lower engagement. Additionally, when companies give their employees a sense of belonging and purpose within the organization, they will perform more effectively and become self-sustainable.

Safety

Another key driver of employee engagement is safety. Kahn describes safety in the workplace as feeling able to express one’s self without any negative consequences. By giving employees a safe place to voice their concerns, frustrations and criticism, they will feel valued and rewarded for their engagement. In the same study, Kahn stresses the importance of supportive, resilient and clarifying management in spearheading engagement initiatives. When team leaders encourage employees to provide honest feedback and communication, the result is a greater sense of safety to express innovative ideas.

Capacity

The final condition critical to driving engagement in the workplace is psychological capacity or availability. Kahn’s research found that having the right physical, emotional or psychological resources to personally engage is the key element for properly engaged employees. Providing these resources is best achieved through understanding the talents and motivators of employees. With the understanding of the various skill levels and abilities, companies can challenge employees and nurture their growth, which drives engagement.

By fully understanding the conditions required to convert satisfied employees into engaged top performers, companies can build winning HR retention strategies. Through instilling a culture of meaning, safety and capacity, employers can improve workplace productivity. To increase your knowledge about the effects of employee engagement, explore how disengagement can be threatening the leadership development in your company.

See You at the 2017 Total Rewards Conference

 

If you want to learn more about how to effectively engage employees in the workplace, meet up with us at “Begin with TEEM — Transparent Employee Engagement Model: An Adventure Through the HR Looking Glass” at the #WorldatWork 2017 Total Rewards Conference in #WashingtonDC. See you there!

Begin with TEEM — Transparent Employee Engagement Model: An Adventure Through the HR Looking Glass – Wednesday, May 10, 9:30AM 

Session Leaders:

  • Tammy Sharp, Senior Compensation Analyst, Austin Community College

 

 

 

 

 

 

 

 

 

The Top Four Warning Signs of Employee Turnover

 

Employee turnover is as costly and damaging as it is inevitable. HR teams have spent generations trying to curb it, and, sadly, today they’re no closer to finding a sure-fire remedy. While organizations may lack a catch-all solution for employee turnover, many have made leaps and bounds when it comes to understanding why employees leave. And understanding the problem is the first step to addressing it.

In order to help organizations cultivate this understanding, Quantum Workplace just released “Top 5 Predictors of Employee Turnover.” The report is a compilation of survey data gathered from over 97,000 professionals and sheds light on just how subtle and nuanced employee turnover predictors can be.

Turnover-focused employers and HR specialists may want to glance over Quantum’s top five…

 1. Lack of Job Satisfaction

Okay – this seems like a no-brainer. But are the symptoms of job dissatisfaction always easy to spot?

2.  Unmet Individual Needs

The challenge for HR: Identifying which needs have the greatest impact on an employee’s willingness to stick with their job.

3. Poor Team Dynamics

This is one of the most challenging predictors to monitor and counteract, especially in large organizations where leadership is delegated and departments are fragmented.

4. Wrong Organization

Sometimes it’s just not the right fit between employee and employer. Which means it’s all the more important that HR understands why certain employees don’t align with the organization.

Explore Quantum’s full report to learn more about the top five turnover predictors and, most importantly, get tips for stopping employee turnover in its tracks.

See You at the 2017 Total Rewards Conference


If you want to learn more about the current tech-savvy workforce and how to attract them to your organization meet up with us at “On Their Terms: Engaging Millennials (and Your Entire Workforce)” at the #WorldatWork 2017 Total Rewards Conference in #WashingtonDC. See you there!

On Their Terms: Engaging Millennials (and Your Entire Workforce) – Tuesday, May 9, 9:45 AM

Session Leaders:

  • Amy Stern, Director of Employee Engagement Research, BI Worldwide
  • Christy Thompson, Vice President of Humans, Sunglass Hut