Businesses must fire on three axes in the human capital function as always. The simultaneous management of the challenges such as business alignment, talent management, and costs optimization, is referred to here.
And so what is different now? The business of today consists of startup and scaling opportunities. Given the short product lifecycles, the maturing is quick, leading to quicker fluctuations. Even MNCs realize that they are conglomerate of many such opportunities.
Workforce of today is described by attributes such as mobility, opportunistic contracts, and connections etc. Given such attributes, they must be enabled to contribute in multiple contexts. They will quite naturally demand at much higher level of automation and intelligence from systems and processes that enable them.
The good news is technologies have evolved and hence the acceptance of systems that are tailored stay in tune with business opportunities is increasing. The cloud has collected (and is using) not just the computing wisdom of the years but the business wisdom as well.
In Ramco’s experience, five years ago, businesses were exploiting “pay per-use” attributes to manage IT dollar outflow against business flows. They were also saved of ‘capital investment’ debit notes.
The HCM domain was particularly benefited. Essentially there was peak – valley usage patterns. Functions such as employee performance that demanded attention twice a year demanded computing power as many times in a year. Payroll would either be monthly or weekly. The question that we must collectively answer today is what further innovations we had since the time of this basic wisdom.
We invite you to tune in with us and discuss, agree and disagree on this subject of “HCM on the Cloud”. We will share our experiences. We call it MUSIC. We invite you to do the same. Even if we move by consensus, we are moving to a better place through the collective wisdom.