To be perfectly blunt, human resources departments are crucial for business development, so making sure your company is on top of the latest industry trends needs to be a priority. Despite this understanding, it appears that HR professionals could be doing more. A recent study by Deloitte University Press unveiled that only 5 percent of survey respondents were satisfied with their HR department's performance, while a whopping 80 percent think HR skills are a big issue. Fast Company recently interviewed Art Mazor, the principal of human capital at Deloitte Consulting and lead author of the study.
"HR is typically looked toward as the stewards of culture, but if you don't have those capabilities to bring the culture to a new place, specifically around innovation and driving customer satisfaction, HR is going to struggle, and the organization is going to struggle as a result," Mazor noted.
How can HR bring in culture?
At the forefront of this issue is the need for HR to adapt to new technology that allows companies to be more agile with the world's rapidly changing business needs.
As the talent market becomes increasingly competitive HR must use these new technology trends to find and attract the best talent. Big data has become the HR industry's best friend. Having access to the latest HR technologies allows your company to make the most informed business decisions with the ability to analyze both internal processes and external hiring trends, reported Entrepreneur Magazine.
How big data helps internally
Of course, business development begins internally with the employees you already have. Are they happy? Technology can actually measure performance-related data to identify and recognize the top employees, as well as those who might need a little more help, stated Entrepreneur.
Big data tools also gather information about employee satisfaction on why they choose to stay at their company or dissatisfaction on why they leave. This information is useful for developing training programs or activities. Overall, this helps HR pick effective business practices for retaining employees, as well as attracting new hires.
How big data helps externally
The biggest external use of HR technology Entrepreneur reported was to aid in better hiring decisions. Companies now have multiple ways to sort through potential employee's professional history, as well as their social standing, which is important when assessing someone's cultural fit.
As these technological advancements are so critical to a company's development, you might consider letting PEO companies take over HR services. Their expertise ensures your business won't fall into the dark ages.