Tackle the Top 10 HR Challenges with HONO HCM

Human capital is one of the most valuable assets any organization has. However, managing human capital has its challenges. From attracting and retaining top talent to developing employee skills and creating a positive work culture, human capital management needs are constantly changing.  

To stay ahead, companies must be aware of their most significant human capital challenges and be prepared to invest in the right strategies and technologies to address them. 

This blog explores the organization's most pressing human capital challenges and possible solutions to address them. By understanding these challenges and implementing the right strategies, organization can create an efficient, engaged and highly skilled workforce able to thrive in today's competitive business environment.  

Let's take a look at how to overcome these 10 challenges.  

• HR Insights or Data Analytics 
  According to a PwC survey, 39% of companies need help to analyse HR data.  
  To address this challenge, organisations can invest in HR analytics software to collect and analyse data to gain insights into employee performance, engagement, and retention. Additionally, training HR professionals to use data can help close gaps in HR analytics.  
  With HONO's HR Analytics Software, you can get deep insights to understand better the strengths of employees, their weaknesses and how these can be improved.  
  With its advanced analytics, HONO empowers organisations with features for effective workforce management. It offers predictive analytics for strategic recruitment, onboarding, retention, and growth, AI-driven smart hiring, seamless succession and career planning, ongoing employee onboarding insights, flight risk identification, NLP-based data analysis, and sentiment analytics.  
  
  
• Recruitment 
  According to a PwC survey, 36% of companies face challenges when recruiting and hiring employees.  
  To attract and retain top talent, companies can implement a strong employer brand and use professional networking platforms to reach candidates. Introducing innovative recruiting strategies such as automating the recruitment process & streamlining the hiring process with intelligent sourcing and Skill based recruitment.   
  Hire the Right Person at the Right Time within the Right Cost using our integrated platform with HONO's Smart Sourcing & Skill-Based Recruitment: which offers seamless integration with job portals and ATS (Application Tracking System), enabling faster turnaround times for recruitment. Automate the entire process from pre-recruitment to onboarding, eliminating manual emails and reducing the transactional load on recruiters and interview panels—experience streamlined and efficient hiring processes with our innovative sourcing and skill-based recruitment features.  
  
  
• Cloud transformation or modernization of HR systems 
  28% of companies face migrating and modernising HR systems to the cloud.  
  To overcome this challenge, companies can partner with cloud-based HR solution providers to modernise their HR systems. Migrating to a cloud-based HR system can help companies streamline HR processes and improve data security.  
  HONO is a Cloud-based HCM system that helps organisations by providing flexible and scalable solutions for managing HR processes and data in a centralised system, enabling efficient workflows and easy access to information from anywhere. It streamlines HR operations, enhances collaboration, and improves data accuracy, increasing productivity and better decision-making.
    
• Staff learning and development/training 
  27% of companies need help with employee learning and development/skills.  
  Organisations can address this challenge by implementing comprehensive learning and development programs providing employees with individualised training opportunities. Using online learning platforms, coaching, and coaching can also help in staff skills and development.  
  
  Also, read 5 Ways HCM Software Can Transform Employee Experience.  
  
  
• Retention of key talent 
  24% of companies need help retaining key talent.  
  To retain top talent, companies can offer competitive compensation and benefits packages, provide career development and advancement opportunities, and foster a positive work culture. Career development and advancement opportunities Additionally, conducting career development and advancement opportunities ng regular employee engagement surveys can help organisations identify and address issues that could lead to quiet quitting.   
  
  
• Remote or hybrid work 
  22% of organizations face challenges related to remote or hybrid work.  
  Businesses can address these challenges by providing employees with the tools and resources they need to work remotely, such as Collaboration software and secure remote access to enterprise systems. Creating a flexible work environment and encouraging open communication can help improve employee engagement and productivity.  
  Collaborate, and communicate from any part of the world on HONO Social. Share ideas, pictures, videos, and documents, bringing your employees closer through a unified connection, engagement, and transformation platform.  
  
  
• Diversity, Equity and Inclusion 
  19% of companies strive to create a diverse, equal and inclusive workplace.  
  To create a more inclusive workplace, organizations can adopt policies and practices that promote diversity and inclusion, such as Training on unconscious bias, diverse hiring strategies, and mentoring and sponsorship programs.  
  
  
• Self-service capabilities for managers and employees 
  16% of companies face the challenge of providing managers and employees with efficient self-service capabilities.  
  Employees can access their HR information quickly and easily by implementing a user-friendly HR information system with self-service capabilities. Additionally, providing managers with extensive Training and resources on using these systems effectively can increase their engagement and productivity. By leveraging self-service capabilities, organizations can streamline HR processes, improve data accuracy, and empower employees to take charge of HR-related tasks.  
  
  
• Benefits 
  19% of HR professionals face the complex task of designing and managing comprehensive benefits packages that meet the diverse needs of employees.   
  To address this challenge, HR departments can conduct comprehensive needs assessments and collect employee feedback to tailor service offerings. Working with benefits providers, HR professionals can design competitive packages that include healthcare, wellness plans, flexible work arrangements, retirement plans, and other employee benefits. Regularly reviewing and adjusting benefit packages ensures they remain relevant and attractive, which can help improve employee satisfaction and retention.  
  
  
• Compensation 
  19% of companies face the challenge of effectively monitoring compensation structures to ensure competitiveness and fairness.  
  Implementing a structured compensation framework backed by market research, job reviews, and performance metrics helps create transparency and fairness. Automation through payroll management systems allows for optimized processes, accurate calculations and fair pay distribution. Regularly review and adjust compensation structures based on market trends and organizational performance to ensure employees are appropriately recognized and motivated.  

Enhance your payroll management with HONO Payroll & Compensation. Manage payrolls, overtime, compensations, leaves, attendance, travel expenses, and more in one centralized platform. Achieve accurate and timely payroll processing, executing standard and complex multi-geography payrolls every month.  

The HR landscape is challenging, but by leveraging technology, data-driven insights, and a strategic approach, organizations can overcome these barriers and drive HR excellence. Organizations can improve employee satisfaction, engagement, and productivity by addressing challenges related to self-service, benefits, and compensation. HR professionals must remain agile, adapt to changing demands and continually refine their strategies to meet the changing needs of employees and organizations. Through effective HR practices, companies can foster a thriving work environment and set them up for long-term success. Let's use these challenges as opportunities for growth and transformation and design a future where HR is critical in driving organizational success.  

Learn more about what HONO's satisfied businesses have to say about HONO's HCM.  

By leveraging AI-powered analytics, cloud-based HCM systems can provide valuable insights into HR data, enabling data-driven decision-making. These systems simplify the hiring process with automated candidate screening and tracking. Facilitate cloud transformation by eliminating on-premises infrastructure and ensuring scalability and data security. AI-driven learning management system personalizes training programs and facilitates employee upskilling. Support retention of top talent through data analysis and creating a positive work environment. Remote work just got easier with virtual collaboration tools.

AI tools embedded in cloud-based HCM platforms promote diversity and inclusion by reducing bias and ensuring fair practices. AI chatbots and virtual assistants enhance self-service capabilities for managers and employees. Simplify performance management by automating processes and providing personalized recommendations. AI-driven compensation management simplifies the design and management of compensation structures while ensuring fairness and competitiveness. By adopting AI-powered, cloud-based HCM, organizations can address HR challenges and drive HR excellence. 

Source:  

https://www.pwc.com/us/en/tech-effect/cloud/hr-tech-survey.html