Helping people to be ‘net better off’ with Accenture + Workday
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The document emphasizes that organizations can achieve revenue growth by prioritizing the well-being of their employees, especially during economic challenges. It introduces the 'net better off' model, which focuses on meeting six fundamental human needs to unlock employee potential, supported by effective HR practices and Workday's capabilities. It highlights the evolving role of CHROs in fostering trust and enhancing the employee experience to drive business success.
Helping people to be ‘net better off’ with Accenture + Workday
- 1. Helping people to be ‘net better off’ with Workday
- 2. Even at a time with declining global growth (-4.9% real GDP projected for 2020),1 companies who leave their people better off can see modest revenue growth of 5%, according to our research.2 In a world turned upside down, leaders have realized that they need to take care of their people World Economic Outlook Update. Research 5% Leaving people better off is not only the right thing to do, it’s the right thing to do for your business. In stable economic times, even greater financial gain is in reach.
- 3. The ‘never normal’ is forcing people aspects of the business to be front and center of the C-suite agenda. Organizations are recognizing that they can’t be successful without a meaningful connection with their workers, and tangible insights on what workers need to be successful in the future. A culture change is required, and the CHRO must drive that change—first, within HR itself and then in the rest of the organization. The CHRO has emerged as one of the most vital roles in the C-suite Successful leaders will lead through the lens of a moral compass… understanding that leaving their people ‘net better off’ is the endgame. Modern CHROs will champion this new way of thinking and working. Perry Stuckey, Chief PeopleOfficer, Eastman
- 4. Trust is the new currency at work Our research1 revealed that more than half of all workers are exploring new sources of income and are contemplating career changes. Roughly 1 in 2 workers agree that the ethical, sustainable and moral values that a company holds will become more important to them personally after the pandemic passes. There has arguably never been a more critical time to capture and maintain the trust of people at work by meeting the needs of what matters most to your workers. Research
- 5. By meeting six fundamental human needs through work, companies can unlock their people’s full potential. We call this framework 'Net Better Off.’ Net Better Off measures and brings into focus what inspires workers’ potential. We found that each of the six dimensions of net better off were significantly correlated with people trusting their employer. Introducing a ground— breaking new model: Net Better Off
- 6. Five sweet spot practices Through statistical testing of more than 20 business practices, we’ve identified five Sweet Spot Practices that could maximize results and pay dividends for both individuals and the organization.
- 7. Key Workday capabilities include: At Accenture, we give people the power to change things Accenture uses Workday to enable all five sweet spot practices, bringing the Net Better Off model to life. Workday Prism Analytics Workday Adaptive Planning Workday’s unified data model 01 02 03
- 8. At Accenture, we knew we needed to hit the five “sweet spot” practices identified in our research that help both people and the business as we set out to create boundaryless experiences for our people. Workday is a key enabler for us to deliver on these practices. The platform provides our more than half a million employees around the world access to new levels of insight and personalization, empowering our people to be more agile, innovating and responding to changing client needs in new ways each day. Colin Anderson, Managing Director Lead—HR DigitalTransformation,Technology and Analytics Accenture
- 9. For HR: Helps HR understand and measure the workforce experience. Decision makers have direct line of sight and data to pivot HR services and experiences that help improve net better off scores. Workday Prism Analytics: deep insight into the employee experience Enables an organization to measure and monitor across the six net better off dimensions, creating meaningful and secure dashboards that provide unique insights into both the workforce and workers’ performance and well-being. For managers: Provides meaningful insights, leveraging disparate data sources to inform a manager’s view of employee performance and engagement, and how to better support employees. For the employee: Empowers the employee to take control of their career and work experience by enabling unique insights into their performance and how their employer is supporting them, not just financially but also through learning, experiences and health.
- 10. In addition to typical workforce data, Workday Prism Analytics brings in meaningful data from outside systems to better inform decision makers on how to enrich the employee experience—data on what matters to employees to make them feel that they’re part of something bigger than their job. Workday Prism Analytics enables the right people to see data and insights that help inform HR about employee engagement—their well-being, skills, financial data, corporate responsibility data, how much the organization is spending on training for each employee, etc. Workday Prism Analytics: looking beyond employee data Trust is critical. Employees must understand what data is collected and feel that this data is being used for good purposes.
- 11. Workday Skills Cloud: empowering workers and HR Creates a living ecosystem of skills and talent across the organization—what exists from an HR perspective; what’s needed to continue to be relevant from a worker perspective. Empowers employees to take control of their development. “I can define my own career, and I can determine what skills I need based upon my interests and strengths." Enables HR to provide meaningful and relevant services, such as the strategic role of managing and developing skills across the organization. Allows HR to look across an entire workforce and understand what common skills exist in the organization; what skills are related and what learning paths workers can take to gain the skills that they and their organization need in order to fill new job requirements more dynamically.
- 12. Workday Adaptive Planning: better decisions with data-driven business planning Unlocks business agility and insights through actively modeling and planning for workforce, sales and financial needs to support an ever- changing world. Provides the power to plan and execute all within one unified platform— a frictionless experience for improved agility that is essential in today’s dynamic business environment. Elevates more satisfying, impactful work as employees move away from spreadsheets to automation, making unified business planning a more strategic, ongoing, real-time service to the business and its leaders. 01 02 03
- 13. Workday’s unified data model: providing a 360 view 13 A combination of unified data and security models to not only facilitate analysis, but also to build trust in who has access to the data and for what the data will be used. Provides a holistic view of the workforce, from hire to retire. Enables an organization to measure and monitor across the six net better off dimensions, providing unique insights into both the workforce and the workers’ performance and well-being.
- 14. Modern HR leaders are redefining the way they and their teams think and act— and in turn, their role in the organization. In the end, Modern HR is an ethos, not a function. Elevate and inspire with modern HR Our workforce and communities are counting on CHROs—in concert with the rest of C-suite—to support them and emerge stronger from this crisis. The extent to which HR will impact our business and workforce performance will depend on how we seize this moment. As our analysis found, raising net better off scores help create upwards of 5% revenue growth potential during weak economic periods, and could achieve up to double-digit revenue growth during more stabilized economic conditions. People’s potential can change when they are sufficiently supported. Accenture and Workday together help clients and our own organization activate all five sweet spots, helping to raise net better off scores.
- 15. For years human resources professionals have wanted a seat at the proverbial table. Now they have that seat in a major way. And if you’re good, you’re going to stand out. But if you’re not good, you’re going to stand out even more. We’re going to see this crisis as a make-or-break time for a lot of CHROs1. Johnny C.Taylor Jr., CEO of the Society for Human Resource Management 1 Camini, S. (2020, April 22). How the coronavirus crisis has elevated the role of HR chiefs in the C-Suite. Retrieved from: https://www.cnbc.com/2020/04/22/the-coronavirus-is-elevatingthe-role-of-hr-chiefs-in-the-c-suite.html
- 16. For more information About Accenture Accenture is a global professional services company with leading capabilities in digital, cloud and security. Combining unmatched experience and specialized skills across more than 40 industries, we offer Strategy and Consulting, Interactive, Technology and Operations services—all powered by the world’s largest network of Advanced Technology and Intelligent Operations centers. Our 506,000 people deliver on the promise of technology and human ingenuity every day, serving clients in more than 120 countries. We embrace the power of change to create value and shared success for our clients, people, shareholders, partners and communities. Visit us at www.accenture.com. Access the full report for more information on the Net Better Off model here. For more information on how Accenture is helping clients make their workers Net Better Off with Workday, visit here.
- 17. Key contacts Ed Miller Managing Director Workday Business Group Lead — Growth and Strategy Niall Wilson Managing Director Workday Business Group Lead — Europe
- 18. Disclaimer: This document is intended for general informational purposes only and does not take into account the reader’s specific circumstances and may not reflect the most current developments. Accenture disclaims, to the fullest extent permitted by applicable law, any and all liability for the accuracy and completeness of the information in this presentation and for any acts or omissions made based on such information. Accenture does not provide legal, regulatory, audit, or tax advice. Readers are responsible for obtaining such advice from their own legal counsel or other licensed professionals. This document may contain descriptive references to trademarks that may be owned by others. The use of such trademarks herein is not an assertion of ownership of such trademarks by Accenture and is not intended to represent or imply the existence of an association between Accenture and the lawful owners of such trademarks. Copyright© 2020 Accenture. All rights reserved. Accenture and its logo are trademarks of Accenture