E book 17 hr tech stack partners
- 1. The HR Tech Engagement Stack New Innovations Disrupting HR
- 2. Driven by massive technological change...the types of technology used, the experiences they deliver, and the underlying designs are new. And even more importantly, the way we manage people in companies has changed, making many of the traditional HR systems purchased only a decade ago seem out of date.1 Josh Bersin Bersin by Deloitte 1. Josh Bersin, “HR Technology Disruptions for 2017: Nine Trends Reinventing the HR Software Market,” Bersin by Deloitte, 2016. The rapid pace of change makes “Disruption” the name of the game. In the thriving $15 billion HR tech industry, new startups are reinventing HR as we know it. These innovative tools are rapidly carving out new roles and responsibilities for HR—and reshaping how HR is done from people analytics to recruitment. New Innovations are Disrupting HR 2The HR Tech Engagement Stack
- 3. The HR Tech Engagement Stack Today’s HR mission is focused on putting people first. Culture and employee engagement are front and center on every HR leader’s agenda. Why? Employee engagement is the key to creating a high- performing workforce. Engagement is the emotional commitment an employee has to their organization and its goals. Engaged employees aren’t just working for a paycheck, instead they truly care about their organization’s mission. This means they’re willing to go the extra mile without their boss telling them. A highly engaged workforce results in higher productivity and employee happiness while enabling organizations to attract and retain talent.2 Coupled with today’s tight labor market and Millennials redefining the workplace, employers must innovate how they recruit, nurture, and retain their talent. The Modern HR Mission Highly engaged companies enjoyed a 115% growth in earnings per share, while their competitors only experienced a 27% growth over 2011-2015.3 115% 27% 2. Culture Amp, “Engaging to Earn: 3 Ways Engaged Employees Boost the Bottom Line.” 3. Gallup, “State of the American Workplace,” 2017. Crafting a stellar employee experience across the employee lifecycle is the modern HR mission. 3
- 4. Disruption in the HR space provides a host of new technologies to help HR leaders address employee engagement. In the latest 2017 Gallup State of the American Workplace Report, over 33% of the workforce reported being engaged in 2016. While still low, this reflects a 3% increase from 2012, and the highest engagement number in Gallup’s 15 years of tracking this metric. As startups spawn new technologies in the employee engagement space, companies are also prioritizing the importance of investing in these three key areas of the employee experience: learning, recognition, and feedback. So how can your company leverage these new disruptive HR technologies to boost engagement? How Can Your Company Boost Engagement? Specifically, Gallup highlighted a notable improvement in three elements of employee engagement: learning, recognition, and feedback. The HR Tech Engagement Stack 4
- 5. To help you navigate the new world of HR, we’ve put together a HR Tech Engagement Stack based on innovative startup technologies—just in time to aid your 2018 planning efforts. We’ll help you understand how new technologies can enhance employee engagement. We’ll highlight what makes these disruptive technologies unique and how they help create the modern employee experience. If you’ve been band-aiding your existing platforms, it’s probably time to evolve to the modern HR Tech Engagement Stack. The Modern HR Tech Engagement Stack The modern HR Tech Engagement Stack covers technologies that can drive engagement throughout the entire employee lifecycle: The HR Tech Engagement Stack 5 Recruitment & Onboarding Benefits & Compensation Learning & Development Employee Recognition Employee Feedback
- 6. L&D Ensure knowledge is passed to new team members Recognition Appreciate employees publicly for their contributions to inspire long-term brand loyalty and referrals Feedback Analyze exit interview data to improve how you engage, nurture, and retain talent L&D A continuous learning program to grow employees’ careers helps retain talent Recognition Companies with meaningful rewards programs reduce annual voluntary turnover rates by 31%4 Feedback Keep a pulse on employee sentiment and where you can improve to keep employees happy L&D Personalize learning to align with people’s career and life goals Recognition Recognize key employee career milestones with meaningful rewards Feedback Gather employee feedback to improve career development programs Onboarding From social activities to goal setting, onboarding ensures new employees are engaged on day 1 Recognition Celebrate new hires with experiential welcome gifts to help them bond Feedback Have 1:1 meetings with new hires and use survey data to ensure they’re set up for success L&D Commit to new hire career development on day 1 Recruitment Structured recruiting that’s personal and data-driven engages new hires Benefits & Comp Innovative benefits & comp can make a difference in attracting talent L&D Learning opportunities are key to recruiting top talent As strategic partners in the C-suite, HR leaders must now work across the organization to optimize the entire employee lifecycle from recruitment and onboarding to development and retention. Cutting-edge technologies as part of the HR Tech Engagement Stack can enhance engagement during every step of the employee lifecycle. The HR Tech Engagement Stack Throughout the Employee Lifecycle AlumniRetentionDevelopmentOnboardingRecruitment 4. Bersin by Deloitte, “The State of Employee Recognition in 2012,“ 2012. 6The HR Tech Engagement Stack
- 7. The Disruptive Technologies Reinventing the Employee Experience As We Know It 7The HR Tech Engagement Stack
- 8. Recruitment & Onboarding Greenhouse enables us to foster deeper partnerships with our hiring managers by allowing us to create transparent and streamlined processes, consolidated into one easy-to-use platform. Cross-functional collaboration and interviewer capabilities have greatly improved, allowing us to make clear, confident, and culture-driven hiring decisions. Lindsay Varney, Director of Talent at Stitch Fix Drive Engagement Through Recruiting & Onboarding Intelligently guided recruiting and onboarding processes allow you to create higher employee and new hire engagement, which leads to improved business outcomes. Revenue growth companies experience when they have excellent recruiting practices.5 Improvement in new hire retention for companies with strong onboarding programs.6 Greater chance that a company makes a bad hire when they don’t have a structured hiring process.6 Increase in productivity when a company has a strong onboarding program.6 300% 82% 5X 70% 8The HR Tech Engagement Stack 5. Brandon Hall Group, “The True Cost of a Bad Hire,” 2015 6. Boston Consulting Group, “Realizing the Value of People Management,” 2012
- 9. Recruiting strategies tend to be hardwired into the platform you’re using. We wouldn’t have been able to hire as many people as we did without Greenhouse. We are able to track candidates, nurture relationships, and measure how each sourcing channel performs. Julian Luerken, Global Head of HR at HelloFresh What an Innovative Recruiting & Onboarding Platform Offers Invest in tools that help you design and automate all aspects of the process and engage everyone. You’ll win, keep talent, and make hiring a competitive advantage. A delightful experience Find a platform everyone loves to use. Personalization through templates or permission levels empowers people to be engaged and play their part, ultimately creating a winning hiring culture. Automated orchestration Ensure solutions lift the recruiting administrative burden and free up time by automating tasks like scheduling or paperwork, so you can focus on what’s important. A winning recruiting process Look for tools that enable data-driven decisions. Structuring and aggregating feedback to review candidates takes the guesswork out and ensures you make unbiased decisions. The right data, where and when you want it Use platforms with predictive reporting for sourcing, pipeline management, and time to hire to help you meet goals and have the flexibility to iterate. Your process and impact get stronger each day. Learn more at: https://www.greenhouse.io 9The HR Tech Engagement Stack Recruitment & Onboarding
- 10. We set up our company’s first-ever 401(k) with Captain401. It was so easy for our team members, which was our biggest concern going in. Captain401 even provided me with a presentation template so I could walk our whole company through the basics—not just of their platform, but a 401(k) overall. It was amazing, and now people are raving about our benefits. Zachary Rosner, Head of People Operations at MeUndies How Employee Benefits Improve Recruitment and Retention Employees are looking for generous, thoughtful compensation packages that make them feel taken care of. Robust benefits that appeal to a diverse audience are a great way to demonstrate that your company is investing in its employees. People report that benefits and perks are a major factor in considering whether to accept a job offer.7 Employees value a 401(k) plan, retirement plan, and/or pension more than a pay raise.7 Women prefer benefits or perks to a pay raise, compared to 76% of men.7 How much employees can reduce their taxable income through a 401(k).8 31% 82%60% $18K Benefits & Compensation 10The HR Tech Engagement Stack 7. Glassdoor Team, “4 in 5 Employees Want Benefits or Perks More than a Pay Raise; Glassdoor Employment Confidence Survey (Q3 2015)”, Glassdoor Blog, 2015. 8. Davila, Damian. “401(k) Tax Advantages”, Captain401 Blog, 2016.
- 11. Offering competitive and impactful benefits is something that we take very seriously at Slope. Our people are our most important assets, so we do everything we can to make them feel more secure. Captain401 makes offering a 401(k) to our employees easy, affordable, and therefore a no-brainer. Daniel Bloom, Chief Operating Officer at Slope How to Make Sure You Have a Robust Employee Benefits Package Employees are expecting more from their employers: they want benefits that are accessible, affordable, and rewarding. Online access Paperwork via snail mail is no longer a reasonable way to manage benefits. Employees should be able to access and engage with their benefits online at anytime. Transparency in fees and services Be on guard for hidden fees and fine print. Both your company and your employees should know exactly what you’re being charged for and exactly what services you’re receiving in return. Friendly customer support Benefits questions can be sensitive in nature. A friendly, straightforward voice on the phone or over email when needed can save your employees and your HR team a lot of frustration. Financial guidance Acronyms and jargon can make understanding and using benefits difficult – most employees aren’t tax or investment experts! A great provider will help you with financial literacy training and is happy to answer employee questions. Learn more at: https://captain401.com/ 11The HR Tech Engagement Stack Benefits & Compensation
- 12. We chose Udemy because we felt the content on Udemy was advancing at a faster pace than other learning platforms we had evaluated and provided more diverse and up-to-date learning content in the technical areas that matter most to us...After introducing learning opportunities through Udemy, our employee engagement score improved by 18% over a two-year period. Desiree Therianos, Head of People Ops & Talent at Ellation How Learning and Development Enhances Engagement Learning and development is one of the most effective strategies to boost engagement and minimize churn at your organization. Higher engagement & retention rates at organizations with strong learning cultures.9 More likely to have access to learning & development for people who stay at an organization.10 Employees felt a lack of opportunities to learn new skills was reason for disengagement.11 Employees feel learning new skills would make them more engaged.11 30-50% 24% 46% 80% 9. Josh Bersin, “Becoming Irresistible: A New Model for Employee Engagement,” Deloitte Review Issue 16, January 26, 2015. 10. Culture Amp, “How Learning & Development Opportunities Impacts Retention,” 2016. 11. Udemy, “2016 Udemy Workplace Boredom Report,” 2016. Learning & Development 12The HR Tech Engagement Stack
- 13. Udemy for Business has created opportunities for us to learn way more on what our learners want then we ever could learn on a survey... As our learners go in and shop on Udemy, we get fantastic back-end analytics on what they’re searching, what they’re clicking on, or what’s their jump rate. It’s been staggering the amount of traffic we’ve gotten from the dedicated Udemy users...It’s a great tool, people love it. Derek Hann, Chief Learning Officer at PayPal What an Innovative Learning & Development Platform Offers New digital tools have dramatically altered how we learn. Here are some of the key features of the modern learning & development experience. Deliver learning where your employees are Instead of the rigid classroom model, learning can be a part of employees’ daily workflow - at their desks, on their mobile phones, or during their morning commute. Consumerization of learning Just as apps have changed the way we call taxis or watch movies, new digital learning tools also offer the same intuitive, engaging, and easy-to-use experience for people at work. Agile learning In an era of rapid technological change, learning has become critical for companies to stay up to speed. A modern learning platform accelerates content creation to ensure the most up-to-date training reaches your employees quickly. Data & Analytics New digital learning tools enable you to measure and personalize employee training like never before. Learn more at: https://business.udemy.com/ 13The HR Tech Engagement Stack Learning & Development
- 14. Employee Recognition The feedback has been phenomenal, we couldn’t imagine how much our employees would love Blueboard. We’ve had employees take flying lessons, learn a new language – if you can dream it, they’ve been doing it. It’s very exciting for us. It gives people the chance to invest in something they wouldn’t normally do if the company hadn’t provided the opportunity. Michele Allegretto, Vice President, Human Resources at Glaukos How Meaningful Employee Recognition Makes a Difference A meaningful recognition program not only shows top employees that their work is valued, but also supports positive engagement and retention rates. Improvement in engagement scores when organizations implement meaningful rewards programs.12 More likely to have strong business outcomes when sophisticated recognition practices are in place.12 Reductions in average annual voluntary turnover rates when effectively rewarding your employees.12 Of Best-in-Class organizations believe employee recognition is extremely valuable in driving individual performance.13 12X 31%14% 60% 14The HR Tech Engagement Stack 12. Bersin by Deloitte, “State of Employee Recognition,” 2012. 13. Aberdeen Group, “The Power of Employee Recognition,” 2013.
- 15. What an Innovative Employee Recognition Platform Offers Changing employee interests and motivators are impacting how you design your recognition strategy. Here are the key features of a modern rewards and recognition experience. Recognition in real-time Recognize achievements in real-time to reinforce positive behaviors as they take place. Frequent and authentic appreciation contributes to a recognition-fueled company culture, where employees feel confident celebrating each other’s success. Make recognition personal With five active generational segments in the workplace, a one-size-fits-most recognition strategy is no longer an option. Consider your employees’ individual needs and motivators, and a platform that offers a wide selection of meaningful reward choices. Know your recognition ROI Just one in ten organizations actively measure the impact of their total rewards program.14 Invest in a recognition platform that offers a complete redemption feedback loop, and the opportunity to survey rewarded employees against your engagement KPIs. The Blueboard experience was so much more memorable and exciting than a typical referral bonus. It was definitely an experience and reward that I’ll never forget! Katherine, Blueboard reward recipient at Webcor Builders Learn more at: https://www.blueboard.com/ 14. CEB Global “Total Rewards Optimization,” 2016. 15The HR Tech Engagement Stack Employee Recognition
- 16. *The Mattermark growth score reflects how quickly a company is gaining traction or mindshare at a given point in time 15. Culture Amp, “What New Tech employees need; Insights for driving engagement and retention,” 2017. Culture Amp has been instrumental in our building a culture of feedback at DigitalOcean. The platform is easy to use and the insights are incredibly powerful. Matt Hoffman, VP of People at DigitalOcean Why Employee Feedback Matters Good workplace culture is good business. How engaged your employees are has a real impact on your bottom line. Organizations with employee engagement scores in the top 10% enjoy advantages including: Higher Glassdoor CEO approval rating.15 More likely to have employees recommend them on Glassdoor.15 Point higher average Mattermark growth score.*15 Less likely to have employees looking for jobs elsewhere.1520% 32015% 30% 16The HR Tech Engagement Stack Employee Feedback
- 17. What an Innovative Employee Feedback Platform Offers Selecting the right employee feedback platform for your needs will allow you to uncover insights easily, leaving more time for taking action and improving your culture. On-demand technology Look for a platform that gives you unlimited access and full control to build feedback loops. Tailor your feedback program to fit your needs as your organization and sophistication grows. Modern psychology Move forward with confidence in results knowing the platform and service offering are designed and supported end-to-end by psychologists and data scientists and proven in practice. Collective intelligence Grow your culture alongside the world’s best by tapping into proven ideas, expertise and results shared by over 40,000 people geeks and 1000+ of the world’s most innovative companies. Etsy is a learning organization. Culture Amp helps us collect important, anonymous feedback about our employees’ experience at work. Brian Christman, Senior Vice President, People & Engagement at Etsy Learn more at: https://www.cultureamp.com/products/employee-engagement/ 17The HR Tech Engagement Stack Employee Feedback
- 18. Times are changing. And it’s your job to stay ahead of the curve. But you don’t have to do it alone. Cutting-edge HR technologies can help you boost employee engagement and succeed at the modern HR mission – crafting a stellar experience across the employee lifecycle. Conclusion