RSMUS.comHR, payroll and WFM solution provider UKG offers
insights to address the biggest data-driven 2024 workforce predictions
As awareness grows of how HR transformation and technology enables people-centric work cultures and policies, employers are looking to technology–from HCM platforms to generative artificial intelligence–for effective solutions. UKG recently released a 2024 Megatrends Ebook addressing the three megatrends and workplace predictions that are defining human resources (HR). This ebook cites findings from their international team of UKG researchers, thought leaders, and social scientists, suggesting that workplace optimism is, after a tough few years, back on the rise.
Below is a brief reveal of UKG’s three megatrends from their Megatrends Ebook, some of their suggestions for addressing problems, and information about how our UKG team at RSM can empower HR, HCM and WFM technology transformation.
1) Does your employer/employee relationship reflect the changing world of work?
Awareness of the evolving nature of the employer/employee relationship is nothing new. Yet, learning that 77% of global employees are disengaged* can generate a keen desire to understand the full picture around what workers want that they’re not getting.
Several indicators for the alarming trend of employee dissatisfaction are outlined in UKG’s ebook, including perceived deficit levels of:
- Transparent communication
- Personalized flexibility
- Shared-value alignment
Citing additional employee needs, the ebook provides recommendations for what employers can do to better understand their people, train their managers and boost engagement.
A recent UKG Workforce Institute study found that nearly three in four employees are motivated to go above and beyond because of their manager’s support, encouragement, and leadership.**
How human capital management technology can help
Modern human capital management (HCM) technology platforms, such as UKG Pro®, UKG Pro Workforce Management™ or UKG Ready®, have features that were specifically built to help support a connected employee experience. But how much of a priority are employers placing on implementing and effectively utilizing those capabilities? UKG’s 2024 Megatrends Ebook suggests looking at ways to use existing HR technology to:
- Leverage the power of learning and development to help employees envision and pursue career pathways.
- Foster a sense of community to create a culture in which workers can connect and feel heard.
2) Does your HR strategy include ‘mining’ talent?
The talent and labor shortages that are challenging many organizations is leading employers to double down efforts to close skills gaps by ‘mining’ talent already present in their employee base. Investing in upskilling and reskilling efforts not only gives your workforce messages about how valuable they are–positively influencing the employee experience–but it helps retain talent that might otherwise seek career opportunities outside your organization.
In the tight labor market, even when workers with the right skills to fill gaps can be found, recruiting, onboarding and initial training is costly. New workers can also leave before they have contributed meaningfully to the bottom line. Investing in current employees to fill skills gaps saves money, rewards loyalty, and provides career path options. Identifying which skills gaps should be prioritized for upskilling efforts involves building a skills inventory. In doing so, employers can discover that skills exist amongst existing talent which are not being utilized in employees’ current roles. ‘Mining’ those unutilized skills and offering opportunity to build needed new skills to workers can boost engagement, improve retention, and save money.
A well-designed skills inventory enables strategic workforce planning by identifying skills gaps, true talent shortages, and areas for development.**
Starter points for considering a skills inventory:
- Identify key job roles
- Define required skills
- Assess current employees
- Conduct a gap analysis
- Plan training and development initiatives
- Monitor progress
- Integrate skills inventory into HR processes
Our human capital management team at RSM can help get you started or provide guidance through your entire skills inventory project.
3) How authentic and effective are your ESG and DEI&B initiatives?
Have you been reevaluating your organization’s environmental, social and governance (ESG) or diversity, equity, inclusion and belonging (DEI&B) approach? UKG’s international team of UKG researchers, thought leaders, and social scientists cite a growing political backlash to ESG efforts.
“Advocates in the U.S. and abroad are demanding better high-quality and meaningful diversity programs from C-suite leaders, who find themselves facing a dilemma. Data clearly shows the competitive advantage of diverse workforces, such as Great Place to Work’s research showing that companies who value diversity and inclusion outperform the market by as much as 400%. But with increased political division and extremism, there is a strong temptation for leaders to stay silent on controversial topics rather than risk angering customers or prospects,” writes UKG’s Karina Monesson, senior manager of HCM and advisory, in 2024 Megatrends and Workforce Predictions.
Rather than reacting to current events, organizations and business leaders will need to be proactive and identify their authentic positions on ESG and DEI&B and stay committed to maximizing the value of their programs.**
How technology can help
UKG’s ebook outlines several ways organizations can support ESG and DEI&B practices with HR technology, including:
- Using data to access information to help monitor progress and hold people accountable.
- Using artificial intelligence to identify key areas of focus and recommend best practice actions.
How RSM can be an ally in helping organizations implement positive change
One way to gain insight about which actions to take within your organization is to engage the right help. At RSM, we apply a comprehensive approach to workforce transformation. Not only can we help employers perform retention, culture, and employee experience assessments and support HR business process improvement, strategy and career path development, our HCM consultants help businesses improve how their technology supports employee engagement and retention.
RSM’s UKG consultants begin by assessing your specific goals to design solutions that keep your organization one step ahead of the competition while empowering your people. Our experienced consultants hold UKG and industry certifications, delivering best practices and insights to adapt UKG systems to your unique environment. We not only understand your business needs, but also critical system requirements to enable your UKG investment to deliver on its anticipated value to your employees.
Taking strategic action to achieve changes that align with your organizational goals
You can learn more by reaching out to RSM’s UKG team, reading The People Purpose Blog post 2024 Megatrends and Workforce Predictions by Karina Monesson, or going straight to UKG’s 2024 Megatrends Ebook to learn specific tips for staying ahead of the curve.
