Gig economy
/in /by Dmytro RodionovGig economy
What is the gig economy?
The gig economy comprises independent workers who provide on-demand services to individuals or companies across industries. Workers get paid in exchange for services provided.
What are the cons of the gig economy for companies?
- Temporary workers. As gig workers are paid for short-term tasks, they constantly are searching for work. Being temporary/freelance workers, they can stop e to stop providing services for a given client at any time.
- Ethical issues. As employment is casual and no benefits are given to contractors, companies can get into an ethical dilemma.
What is an example of a gig company?
Cloud-based platforms such as Upwork, Fiverr, and Peopleperhour have made it easier to bring independent workers and clients together.
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Hard skills
/in /by Dmytro RodionovHard skills
What are hard skills?
Hard skills are learned abilities acquired and enhanced through practice, repetition, and education.
Why are hard skills important?
Hard skills are necessary because they increase employee capacity and performance and improve employee well-being.
What are specific hard skills?
Hard skills are job-specific abilities or proficiencies learned through education, experience, or training. Hard skills are technical skills: marketing skills to complete a job or to coordinate a process, or administrative work such as project management.
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HR analytics
/in /by Dmytro RodionovHR analytics
What is HR analytics?
HR analytics is a combination of statistical techniques and tools coupled with people data that enables the collection, interpretation, measurement, and forecasting of workforce requirements. It helps the HR department achieve corporate goals and improve organizational performance, helping the business find success.
What is HR analytics used for?
HR analytics is an approach to managing people at work. It revolves around evaluating people’s problems using data to interpret critical questions about the organization. This leads to better and more data-driven decision-making.
What are the four levels of HR analytics?
The four levels of HR analytics are:
- Descriptive analytics. This is the most basic level of analytics for an organization, where most of the time is spent observing to have a clear understanding of the industry. Organizational leaders build reports on what they do and for which purpose the data is analyzed. These are the vital steps in analytics and decision-making.
- Diagnostic analytics. During diagnostic analytics, questions are asked about the data to identify the trends and impact observed in descriptive analysis and understand ‘why’ it happened.
- Predictive analytics. This is an essential level of analytics that allows the organization to predict areas of weaknesses in the business. It involves technologies such as artificial intelligence, algorithms, and machine learning.
- Prescriptive analytics. This is the most potent and final level of analytics in which the data determines what should be done. Prescriptive analytics informs decision-makers of the final step by presenting the analysis decision.
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HR tech solutions
/in /by Dmytro RodionovHR tech solutions
What are HR tech solutions?
These include software, digital platforms, tools, and cloud-based technologies that securely store data, automate day-to-day processes, and provide analytical tools that allow HR managers to make more strategic decisions.
Why are HR tech solutions important?
Automation is employed in every area of the HR function to help the HR department make faster decisions on talent acquisition, employee payroll, and compensation.
What are the benefits of using automated HR tech solutions?
Several significant benefits of adopting HR-related technology solutions have been eminent, such as in terms of recruitment, support in the workplace, and employee learning. An unfilled position can cost an organization productivity and profits. An applicant tracking system can help to fill positions by getting jobs posted, sourcing candidates, and directing the interview process. Moreover, after onboarding, a tracking system can let HR leaders organize training in just a few clicks for new employees.
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Hybrid work
/in /by Dmytro RodionovHybrid work
What is hybrid work?
A hybrid working model is flexible, permitting employees to work partly in the office and partly remotely from any place they find convenient.
What are the benefits of hybrid working?
- Happy and committed employees. Having the flexibility and freedom to choose what days they are at the office and what days they are working from home leads to employees having a balanced workload and work satisfaction. And happy employees stick around their workplaces longer.
- Enhanced and improved work culture. Employees are motivated when they control their schedules, such as coming to the office for big team meetings or company events. When employees can switch between remote and on-site work, they’re more likely to come to the office to support the company’s mission.
- Reduced operational costs. Hybrid work reduces costs as fewer desks, and office supplies are needed. Companies can also save thousands on real estate. Moreover, with hybrid work, employees spend less on the daily commute.
What are examples of hybrid working models?
Many big organizations are successfully using the hybrid workplace model. For example, Microsoft, Amazon, Apple, and IBM have opted to harmonize the best of on-site and remote working.
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Hybrid workplace
/in /by Dmytro RodionovHybrid workplace
What is a hybrid workplace?
This is a flexible workplace model that supports a distributed workforce of both in-office and remote workers.
What are the five advantages of a hybrid workplace?
- Better productivity
- Greater employee satisfaction
- Opportunities for self-development and learning
- Better teamwork
- Work–life balance
How will hybrid workplaces impact performance?
In hybrid workplaces, employees are comfortable and productive, as they are provided flexibility in terms of when and where they work. This not only improves and balances their careers but allows them to enhance their personal lives.
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Incentive compensation
/in /by Dmytro RodionovIncentive compensation
What is incentive compensation?
An incentive compensation plan offers employees cash or non-cash compensation on top of their base salary. This type of plan is formulated to motivate employee performance or the accomplishment of a targeted achievement.
Why is incentive compensation important?
There can be various reasons employees might not be motivated or enthusiastic about coming to work. Employees may lack opportunities, face boredom, or feel they are receiving insufficient benefits. Acknowledging such reasons can boost employee motivation and increase the company’s productivity. Monetary incentives and rewards excite employees, making them feel appreciated. Overall, incentive compensation improves morale and helps organizations in achieving their goals.
What are examples of incentive compensation?
Incentives to motivate employees include:
- Recognition
- Rewards
- Referral programs
- Health and wellness benefits programs
- Bonuses
- Gift cards
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Internal data
/in /by Dmytro RodionovInternal data
What is internal data?
Internal data is obtained by the HR department and includes information from employee profiles, training data, employee certificates, CVs, feedback, etc.
What are the advantages of internal data for an organization?
One of the biggest advantages of internal data is that it’s readily available for analysis. It helps business owners to make quick decisions through the instant availability and access to information. For example, internal data can show that accounting expenses are rising faster than profits and indicate what can be done to improve the underlying metrics.
What are the sources of internal data?
Sources of internal data include:
- Sales — Internal data includes information from the sales department on how much revenue a company brings in and how much profit it makes. This data shows businesses how a product is doing compared to the competition. Further, internal data helps a company know what they should improve and where.
- Finance — Internal data provides reports on cash flow and budget analysis. This data helps companies analyze cash generated, production costs, and product performance.
- Marketing — Data is collected from the marketing department and used by the company to improve its services.
- Employment recruiting and management — A company uses data provided by the human resources department to create a better workplace for employees. Data collected includes salary, compensation, and reimbursement, which assists the company in reviewing the payroll or should be concerned about turnover.
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Internal mobility
/in /by Dmytro RodionovInternal mobility
What is internal mobility?
Internal mobility refers to employees’ vertical or lateral movement to different roles or opportunities in the organization. These moves are facilitated by offering employees learning and development opportunities and evaluating their growth through performance management.
How does internal mobility help the organization?
Internal mobility helps HR leaders to find the right talents for every position in the organization. Once talents are recognized, internal mobility leads to building a personalized development journey for each employee, ensuring full readiness for mobility.
Why is a skills-based approach to internal mobility better?
Companies that take a skills-based approach to internal mobility are more likely to impact business and organizational results. A skills-based internal mobility approach helps companies better engage talent, fill critical skills gaps, and prepare for future workforce and talent needs.
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Internal recruitment
/in /by Dmytro RodionovInternal recruitment
What is internal recruitment?
Internal recruitment is hiring in-house by moving employees from role to role, promoting them, and so on.
What are the top benefits of internal recruitment?
Internal recruitment has a low risk of downsides as there is little uncertainty about productivity. Also, a smaller pool of competitors means that efforts are more likely to be rewarded with promotions, while internal hiring creates strong employee incentives.
How do training policies complement internal recruitment?
An advantage of internal recruitment is that internally hired employees have accumulated knowledge and skills that are particularly valued at their firm but not necessarily at others. These skills may be acquired as a result of the firm’s training policies. When the organization has a policy of mainly hiring insiders, it creates a strong incentive for employees to undertake job-related trainings because they know they have a chance of being promoted.
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Knowledge management
/in /by Dmytro RodionovKnowledge management
What is knowledge management?
Knowledge management is the process of organizing, creating, using, and sharing collective knowledge within an organization.
How is knowledge management useful in an organization?
Knowledge management focuses on knowledge as an actual asset rather than something intangible. In other words:
• It helps an organization keep track of past mistakes and successes
• It helps an organization develop the right competencies and skills and erase outdated knowledge
• It enhances the organization’s ability to innovate and be creative
• It protects the organization’s crucial knowledge and competencies from being lost or copied
What are the key features to look for in knowledge management?
Some typical knowledge management objectives would be to:
• Facilitate a smooth transition when an employee retires and a new employee fills the position
• Minimize loss of knowledge dependent solely on human memory
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Knowledge sharing
/in /by Dmytro RodionovKnowledge sharing
What is knowledge sharing?
Knowledge sharing is an HR practice of exchanging information within teams, among departments, and at a company-wide level.
What is the purpose of knowledge sharing?
Several organizations in different industries face challenges regarding workforce diversity, aging of the potential workforce, generational differences, and retaining existing knowledge in the era of skills shortages. In addition, because of resignations, layoffs, retirement, or relocation, organizations lose their inherent knowledge. The ultimate purpose of any knowledge-sharing process is preserving required and valuable knowledge in a way that might be beneficial and be considered as future assets.
What is the role of HR in knowledge sharing?
One of the most significant challenges of HR in knowledge sharing is to find ways of organizing the vast number of resources and deriving value from each resource. HR managers need to use various platforms to encourage people to share their insights and thoughts, which are valuable company assets. HR leaders should focus on supporting knowledge sharing between individuals and use different kinds of technologies like weblogs and wikis to support knowledge sharing goals.
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