HCM Expert Week in Review: Getting Employment Practices Right
Welcome to the latest edition of the HCM Expert Week in Review, where we offer a recap of the top stories posted this week related to Human Capital Management. Sit back and, while you enjoy your favorite beverage, catch up on all things HCM.
Big news in the space this week focuses on the push for criminal liability with work agreements.
The new joint guidance from the DOJ and the FTC warns that no-poaching and wage-fixing agreements between companies - whether formal or informal - will face criminal prosecution.
That means companies can by no means fix wages or limit the movement of employees. They also made it clear that the lack of a paper trail wouldn't necessarily be a protective measure and encourages those in HR to report violations.
Speaking on employment, another feature this week looked at the rate of unemployment among today’s youth and what some practical solutions are to relieve the burden.
One major issue is the current mismatch between the skills younger workers have, and the skills that are required by the labor market.
“Of the 11.6 million jobs created in the post-recession economy, 11.5 million went to people with a college education. Of those jobs, 8.4 million went to workers with a bachelor’s degree or higher. People with a high school diploma or less education landed 80,000 jobs in the recovery,” economist Anthony Carnevale, from the Georgetown University Center on Education and the Workforce, told blogger Francisco Hernandez (@StFrancis_X).
One way to keep your workforce strong is to use employee performance management to ensure they are always working efficiently and that they are okay with the jobs they are doing. How do you get there? A culture shift.
Using automation software, managers can more frequently engage with employees and offer better coaching and skills development sessions. These more flexible tactics at employee performance are already underway for many companies.
Playing a key factor in all of this is Human Capital Management (HCM), but in order for this technology to work there needs to be centralization of employee data.
This has become critical as human resources is evolving today and the data it offers is being used in a more strategic way. This data isn’t just being used to keep employees but also to find ways to further help meet business goals and succeed.
“Attracting and retaining talent is becoming a major challenge for companies, and company leaders now want to align people and systems with overall organizational goals.Suddenly HR needs to be more strategic and ensure the right systems are in place to support employees, while still ensuring admin processes work seamlessly.” Read more HERE.
That’s all for this week. Be sure to check back for all the latest in HCM news as it happens. Until next week…