Let’s face it: Globalization is affecting every core business activity, from supply chain and customer engagement to regulatory reporting and talent attraction and retention. Traditional HR technology hasn’t been able to rise to meet the evolving needs of business. The deployment of multiple HCM systems has weakened core HR functions for many companies. Inconsistent and inaccurate data have plagued payroll and benefits reporting, in addition to more strategic efforts, such as workforce planning and career development. As a result, global corporate culture is not defined or supported across local regions, and the workforce remains unengaged.
Naturally, 40% of IT and business executives who support HR plan to use fewer vendors, citing improved maintenance, support, and integration as the top drivers.1But this consolidation is only one piece of the puzzle. To sufficiently help a global business to thrive, a company’s HCM system must balance centralized management and local considerations; provide managers with accurate, actionable analytics; possess a consumer-grade user experience that keeps employees engaged; and be flexible enough to support any business initiative.