HRM80015 Human Capital Analytics

HRM80015 Human Capital Analytics

HRM80015 Human Capital Analytics

Introduction

There are many organizations that are seeking to establish a competition with respect to more consumers, more market and more sales. The Deloitte has been driven by the market to create the goals on the basis of the performance. The main aim of the workforce management technique will help to enable the success of the Deloitte, UK performancedeloitte.com (2014). Therefore, the overall aim of the performance management is to establish a culture of extended performance where the teams and individuals are to take the duties for continuous changes of the processes of the business and also the skills and subscribe in achieving the targets created by the managers. The main of the study is to closely observe the application in practicing the methods of theories of the human resource management strategy in order to achieve the performance of the Deloitte Company. Therefore, it also aims in observing the Deloitte’s use of the human resource management strategy in order to achieve the objectives of the company’s performance.

Strength of the proposal

The Deloitte Company’s strength lies in the changing of the workforce planning approach with the help of developing tools to make the managers in enabling the process of planning and addressing and implementation of the actions. The development of the advance technology also plays an important role in the workplace because it helps to improve the method of working and reduction on the human errors. The strength of such development of technology will help in the improvement of the communication, helps to encourage creativity and innovation and also helps to change to bring about changes in the human resource management. It will also help to save the time and helps to establish mobility (Boudreau and Cascio, 2017, p.125). The technologies that are involved in the business such as social networking sites, desktops, applications for customer management and software for accounting has changed the boundaries of the workplace and thus facilitated in the process of moving the information at the workplace which helps to enable fast decision making process at the workplace of Deloitte company.

Background of the issue

The problems that are been faced in the workplace includes  business are moving faster because of the annual goals in order to make them static that is the Deloitte company rate the performance of the workers on the basis of the goals created at the beginning of every year.  Therefore, assuming that the Deloitte has desired a goal that has been set up at the start of every year, when a new rival company emerges, changes in the technology and the desired goals that have been set up by the company might not be a strategic one for the company to put forward. In words ofFulmer and Ployhart (2014, p.170)the problem also involves awaiting of the customers for a longer period to provide the feedback on the performance which means that the customers must be aware of the position the company is at the moment regularly. Therefore, if the company is not identifying the performance problems as it occur the performers who are weak might assume that it is good and will perhaps make no efforts to change. The problems might also involve of the reviews that is traditional does not support the workers to develop and grow and also rankling also lessens the engagement and also makes the workers to be demotivated.

Reason for the selection of the project

Workforce management technology surrounds the entire activities required to regulate workforce productivity. It identifies a critical need for business by connecting HR activities to Deloitte’s goals for business. The objective is to give strategic insight into the advantages of the workforce. It also helps to provide improvement wherever it is required and to have an positive impact on the end of the line. In words ofLevenson et al. (2017, p.150)therefore, other than the analysis and insight of workforce Deloitte require to give response to the frequently changing of the market, conditions of industry stemming from a rising diverse and workforce dispersed. At present mobile computing and social practices is an appropriate element of workplace computing. Therefore, a company that helps to support the demand with a social, information driven and mobile culture establishes a connected an engaged workforce. It will help to subscribe to the end line of the modern workforce management. The workforce management helps to make a company be in touch with its regular shifting human capital with the help of systematic assessment and tracking of the capabilities of every individual worker. The workforce management systems have been enabled to involve functions in relation to time, attendance, management absence, and scheduling, budgeting, management of task and management of the project.

Developing of a conceptual framework

Analysis of the stakeholder

Person who will be benefitted: The person who is going to be benefitted as a part of the stakeholder will be the consumers and also the shareholders of the Deloitte Company. Companies require remaining efficient to survive in a business environment and to ensure proper needs constantly for communication with stakeholder who are important. The scope and target of the stakeholder should be defined in a proper manner with regards to the engagement policy. Therefore, communication with the stakeholder is a must for the company because it involves effective decision making process. In words ofMinbaeva and Minbaeva (2017, p.116)the engagement of the groups of stakeholders will be pointed out at distinctive stages and forms. Therefore, the importance of the consumers as part of the stakeholder plays an important role for the Deloitte Company because the stakeholders matter the most for the benefits of the company. The stakeholders help to address the legitimate concerns and also the interests. Better interaction with the help of two way and ways who achieves plays a vital role in the workforce management.

Support required: The support that is mainly required by the Deloitte Company is that of the investors. The requirements of the stakeholder present the view for a reason that can give the services required by the stakeholders in a desired environment. The involvement of the stakeholders plays an important role in the system needs activities, its forms the basis of system acceptance of stakeholder and its validation. The stakeholder also serves as a mean to interact among the management, community of the stakeholder and department of finance.

Project’s significance

Result of the project: The result for acquiring better workforce management practices will involve in reducing of the costs of the labor, limited number of errors of the payrolls, limited amount of compliance violations. It will also involve the change in the customer service, rising in the sales, and also rising of the worker satisfaction and engagement and an increase in the productivity. There are various such ways to lessen the costs of operating with the help of the application with regards to the workforce management. The common techniques will be deduction in the costs of the labor by limiting of the overstaffing (Phillips and Phillips, 2014, p.65). The administrative personnel will lessen the costs and rise in the productivity by making limited errors in the payroll and spending little time correcting and researching the payroll errors. The productivity of the workers is raised with the help of proper scheduling which helps to boost the satisfaction of the worker and helps to lessen the absenteeism. The productivity of the managers will be achieved by deduction on the time that will be spent on scheduling of the workforce and timesheets processing. The productivity of the HR plays an important function in lessening of the process of manual. Therefore, it will be achieve with the help of implementation of the capabilities involved in the self-service for both managers and workers. 

Impact on economic: The impact on economy plays an important factor in the modern workforce management as one of the largest external influences that shapes the present economy. The impact on economic not only affect the management but also affect the ability to recruit an individual at a company. Therefore, the leading way for the preparation against the conditions of economy is not only been understand about the occurrence that is taking place in the world but it will also establish a plan when there is economic downfall. Therefore, all companies might make due in a wrong economy if the companies have a plan to fight back with the environment that is harsh (Wolf et al.2014, p.236). The Deloitte Company will face severe implications if the company do not accurately made an account for spending on the labor or while monitoring the frequent impact on the outcomes of the financial statement and also in the levels of the productivity. Therefore are four main tools that can have a complicated issue like scheduling a diverse and big workforce and thus make it as simple so that it can match up with the supply of the workforce to the demands of the business. Therefore, the economic impact plays an important role in the workforce management technology.

Project credibility: The information and data that is been gathered with the help of the workforce management systems is collected in the Deloitte’s database in the formation of time records and checks on the attendance. The workforce management helps the workers to expect the technologies of self-service, the hours of working will be no longer is standard one and the compliance should be a easy and simple so that it can be achieved (Woodrow and Guest, 2014, p.50). The visibility also matters in relation to the infractions and operations based globally depend on the rising of the communication and integration. The flexible workforce management reasons play an important role for the company and scheduling is risky ensuring that the company has the best worker in the right place which is even more risky. The companies that understand their workers competencies and skills the applying of the knowledge while scheduling have a major impact on the profitability and productivity. The companies that embrace the workforce management establish by themselves to function more effectively and efficiently for changing the experiences of the worker’s performance and the involvement in the process of business. Therefore, the credibility of the modern workforce management is important for the Deloitte Company to improve the work efficiency of the company.

Implementation strategies and possibilities

Strategy implementation: The contributing of the integrated instruments that expand beyond the automotive activities and compliance based on traditions the HR of the Deloitte Company may become more strategic for delivering of the value to the business. Therefore, as the workers and the companies begins with to automate the tracking of the time it will also help in the rising of the use of actual time analytics and modeling of the labor (Pease et al.2014, p.116). The strategy for the implementation of the modern workforce management systems helps to fight back with errors that may occur in the systems. Therefore, the implementation of the following strategies as mentioned earlier will be effective enough to make use of the plans for the betterment of the Deloitte Company.

Success rate: The success rate that will be included for better workforce management involves interaction and support of the high management and workforce managers and should play an effective role in all the strategy and planning for every factors of the business from marketing and sales to HR. workforce management groups also require instruments that are capable of forecasting the modeling part and scheduling. A popular workforce management group comprises of the resources that is required for a long period and short period forecasting on a weekly, daily and also on a quarterly basis. Therefore, the success of a workforce management system cannot take place alone the employees and the managers of the respective companies must support it. The success rate of the strategies that needs to involve in the company should be effective and efficient manner for the betterment of the Deloitte Company.

Implementation ability: The implementation ability of the modern workforce management plays an important role in all the companies for effective functioning. The workforce management comes under the human resource management and it involves scheduling, planning, supervising, mobilizing, attendance and time tracking and many more. Therefore, the implementation of such ability requires effective and efficient methods to run a company successful in the future. The complexities of the workforce management should be more authoritative information as much as possible so that the strategies and implementation of the workforce management reasons are been served in the best possible ways for the betterment of the Deloitte company.

Implementation of the time frame

Time allocation steps and flow: The contribution of a flexible time system that might be able to figure out in accordance to the business and the requirements of the workforce and thus enables the managers to control time by exception. The use of relevant rules templates, engine for the validation and approval of the entries of the time, make premium, and overtime rules. It provides of self-service entries of time and management all over the devices that employees use. Deduction of the errors of the HR manager is possible through involving workers. One can enter own attendance and time data with the help of time cards or calendars (Machlup, 2014, p.136). There should be effective allocation of time for effectively and efficiently managing the workforce management of the Deloitte Company. The allocation of time should be easy for the workers also easy for the managers and enterprises as well for the swift flowing of work in the company.

Implementation of the budget

Allocated amounts rationale: The budget for the workforce management should be implemented ensuring that the staffing is been collected with the requirements of the business, facilitate of the tools or instruments, which serves for a longer period. The elimination of costs, errors and time from the budgeting for the workforce management will help in boosting the efficiency of operating and rising in the agility of the workforce. The budgeting should be such making sure that the consumers with the required skills are working when and where it is required with the capabilities of monitoring that enable to spot the performance problems, prevent violations in relation to compliance and changes the productivity with a larger visibility. The budgeting should be effective and efficient enough to make use by the Deloitte Company.

  • For Deloitte, 20 KPIs targeted which needs to be fulfilled by the company in each year starting from the financial year 2017 to 2019.
  • The cost of training for each of 30 staff is $10,000.00 for each training.
  • 6 trainings will be conducted in every year, which costs $18,00,000
  • 6 training will be held during for 3 coming years which will costs $54,00,000
  • The average wages of each staff is $500.00 per month.
  • Before conducting any kind of employee training program, only 4 KPIs has been achieved in the financial year 2016.
  • After conducting 6 training programme, 8 KPIs has been achieved in the financial year 2017, which denotes an increase of 50%.

Particulars

Year

No. of Years

No. of achieved KPI

Without training

2016

1

4

With training

2017

2

8

With training

2018

3

11

With training

2019

4

15

Year

Investment ($)

ROI (%)

No. of achieved KPI

2017

1800000

50

8

2018

1800000

72.72727273

11

2019

1800000

73.33333333

15

It is clearly seen from the above calculation that after implementing employee training programme in each year starting from 2017, the number of achieved KPIs has been increased by 50% in 2017 then more than 72% in each consecutive years after 2017.

Conclusion

The impact comes from the change in the business process, change in the technology, and changes in the policy or improvement in the culture of the employee. The importance to have a workforce management strategy in place is to sustain in the continual changes. If the Deloitte Company has not been able to trap the strategic wealth that the workforce management applications contribute, the time should be taken to make assess of the effective solutions. Workforce management has an impact that is decisive on the long period viability of the Deloitte Company. Therefore, to conclude the purpose of using the modern workforce management by the respective company is to have effective and efficient management with regards to the employees and managers. The workforce management plays an important role for all the companies for suitable managing of the tasks in the companies.  The proposal describes about the various such ways the workforce management should be effective enough to use for the Deloitte Company.

References

1. Boudreau, J. and Cascio, W., (2017). Human capital analytics: why are we not there?. Journal of Organizational Effectiveness: People and Performance, 4(2), pp.120-130.
2. 
deloitte.com (2014)Stakeholder EngagementRetrieved on 18 Oct from: https://www2.deloitte.com
3. 
Fulmer, I.S. and Ployhart, R.E., (2014). “Our Most Important Asset” A Multidisciplinary/Multilevel Review of Human Capital Valuation for Research and Practice. Journal of Management, 40(1), pp.161-192.
4. 
Levenson, A., Levenson, A., Fink, A. and Fink, A., (2017). Human capital analytics: too much data and analysis, not enough models and business insights. Journal of Organizational Effectiveness: People and Performance, 4(2), pp.145-156.
5. Lombardi, M. and White, D., (2015). Intelligent human capital management: workforces analytics drives profit and performance: Aberdeen Group, pp.45-77
6. 
Machlup, F., (2014). Knowledge: Its Creation, Distribution and Economic Significance, Volume III: The Economics of Information and Human Capital (Vol. 3). Princeton University Press, pp.130-140.