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Role of Best HR Software in the Banking Industry for 2023 

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Archives, Banking, Global Trade Daily, Software

Role of Best HR Software in the Banking Industry for 2023 

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Implementation of HR software in the banking industry streamlines their operations. As HR software is the only source for all the information of the workforce. HRIS helps to make use of the workforce effectively.

The banking industry employs many people, which makes it essential to have a separate Human Resource department. The HR department of a bank is responsible for the workforce’s smooth functioning, ensuring that the payrolls are disbursed on time, the taxes are paid, and meeting all other requirements of a bank’s workforce.

Moreover, the HR department is also responsible for the smooth and efficient functioning of a bank’s employees. Thus, HR management forms an essential part of a bank’s management, so many financial institutions are opting to introduce a software-based HR Software. This simplifies the entire process of managing an extensive workforce and ensures that the bank’s overall proficiency improves significantly. Some of the crucial features of the HR software of the banking industry are as follows:

Acquisition of New Talent:

In recent years the banking industry has seen significant growth. This means there is a greater requirement for recruiting new talent, training them, providing them with on-board business training, and preparing them to become a part of a growing industrial sector. With the help of a software-based human resource information system, you can simplify this entire process and recruit new talent with ease. Additionally, you can also ensure that new employees can easily integrate with the sector. The banking industry has a different customer handling process compared to other industrial sectors.

Moreover, banking products like loans, credit score, and other financial services are complex and require a certain level of expertise to understand and offer to customers. The recruits must be well versed in the individual features of the products. This is important when they try to explain to customers why they think the particular products are ideal for the clients of your bank. Hence, your employees must be prepared to help the customers understand and select the best product. You need to provide the recruits with specific training regarding customer handling.

You need to plan various training programs, schedule visits, and provide them with time management systems. Suppose you opt for a software-based HR management system. In that case, you can reduce the burden on your bank’s human resource development department and, at the same time, ensure that the recruitment and training of the new talent are completed proficiently.

Simplifies Business Planning

When you use a Payroll Software or software-based HR management system, your objective is to simplify numerous business decisions that you have to take regularly. Like any other business organization, there are numerous business decisions that the management and the HR department have to take in a bank. Some of the essential roles that the HR software can play in the banking industry in simplifying the business decision are as follows:

– A significant part of payroll management is related to the timely payment of tax. Usually, the HR department is responsible for payroll disbursement and payment of associated taxes. If you use a software-based system for payroll management, you can be assured that the disbursement of payroll and payment of taxes will be on time. If you make it software-based, you reduce the margin for human error and ensure that you do not miss out on taxes. This will also ensure that you do not have to pay the penalty for non-payment of taxes.

– A significant aspect of business management is scheduling tasks, which is also done by the HR department. If you use a Leave Management system, it will simplify the HR department’s scheduling of tasks. For example, if individual team members are on leave, they will automatically get scheduled with other members. All the HR department has to ensure is that the rescheduling of tasks has been done correctly. This simplifies the entire process of managing the bank’s day-to-day business activities and ensures that no work is delayed.

– When you use the software-based management system, the HR department is better integrated with the other bank branches. It can become proactively involved in business decisions, and you do not need to involve the HR department specifically. From scheduling or tasks to management of the workforce, all can be done with available integrated HR software.

Thus, HR software can make it easier for the bank to take business decisions and associate with the HR department. The entire process can be completed smoothly without any hassle, and the bank’s management can be done more proficiently.

Helping to Improve the Quality of the Workforce

The HR department of your bank is responsible for training the workforce and ensuring that they remain updated about the market’s ongoing trends. Developing specific training modules, setting up training sessions, and ensuring that the workforce can comfortably complete the training are all responsibilities of the HR department.

The banking industry is highly competitive and requires efficient HR processes to stay ahead in the market. Best HR software plays a crucial role in streamlining HR processes, ensuring compliance, and improving employee engagement. Here are some ways in which best HR software can benefit the banking industry in 2023:

  1. Recruitment and Onboarding: Best HR software can streamline the recruitment process by automating job postings, resume screening, and scheduling interviews. It can also simplify the onboarding process by providing new hires with access to relevant information, forms, and training materials.
  2. Performance Management: Best HR software can help banks set clear goals and objectives for employees, track their progress, and provide feedback in real-time. It can also facilitate performance evaluations and identify areas for improvement.
  3. Compliance: The banking industry is highly regulated, and HR departments need to ensure compliance with laws and regulations. Best HR software can help manage compliance by providing necessary training, tracking compliance requirements, and generating compliance reports.
  4. Employee Engagement: Best HR software can help banks improve employee engagement by providing employees with access to self-service portals, performance feedback, recognition programs, and other tools that encourage communication and collaboration.
  5. Analytics and Reporting: Best HR software can provide banks with valuable insights into their HR processes, such as employee turnover rates, time-to-fill positions, and training effectiveness. These insights can help banks make informed decisions about their workforce and improve their HR strategies.

Overall, the best HR software can help banks improve their HR processes, ensure compliance, and increase employee engagement, which can ultimately lead to a more productive and successful workforce.

All of these can be simplified with the help of a software-based HR management system. It will simplify the scheduling of training sessions, help the HR department identify suitable modules, and ensure that the training sessions are correctly completed. The best HR Management software India ensures that it streamlines most business activities and helps the HR department to improve the overall proficiency of the workforce. This is essential to ensure that the banking activities are completed maintaining the highest standards.

The HR software that you install will help you evaluate your employees’ performance and help them out to improve their performance. The banking sector is a labor-intensive industry, and hence, it is essential to keep supporting and improving the workforce. Thus, with HR software, you can provide your employees with adequate support, simplify business decisions, and improve your bank’s efficiency.

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Archives, Commentary, Global Trade Daily, Software

4 Ways to Use Software Effectively For Logistics Recruitment

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HR managers in the logistics sector have a lot of challenges to overcome. One of the most significant is the lack of a sufficient talent pool. There is a rise in demand for logistical services. 

Many attribute this to the Covid-19 pandemic. More people now resort to online shopping and companies must work hard to satisfy the demand for supply chain logistics. Yet, there are not enough people to fill the job positions. This is mainly due to a widening skills gap. Older workers are opting for retirement while younger demographics are not lining up for jobs within the logistics sector. There is a significant lack of skills, experience, and qualifications. 

And, with such high demand for talent, HR must improve efficiency to attract the right candidates. The right software can provide the most effective solutions. We will explore how to use them in our article.  

Better Quality Candidates with Recruitment Solutions 

HR managers have for a long time depended on legacy systems to fill job positions. These include advertising open positions where they then go through the applications and narrow down on the best candidate. Then comes the interview process, final selection, and onboarding. 

Manual processes can take a lot of time and money. But now, with technological advances, there are recruitment solutions available. They increase efficiency by automating some of the tasks.  

The HR department gets access to:

-Powerful applicant tracking Systems (ATS) to create and manage databases. 

-Better quality job posting and distribution services.

-Advanced search capabilities for the right candidate.

-Data analytics that yields tons of insights for better decision-making.

-Intuitive onboarding for recruits.

-Third-party integrations such as CRM for nurturing relationships.

-Account and customer service management. 

HR recruitment software saves time that would go into manual processes. Automation leads to higher efficiency and streamlined workflows. It frees up the team to concentrate on other tasks.  

The Role of Candidate Relationship Management Systems 

With such a demand for talent within the logistics sector, it is easy to lose employees to competitors. HR has a critical role to play in retaining the existing workforce. That means constant engagement and finding ways to boost employee experiences.  

Investing in candidate relationship management systems can assist with this. The software helps in nurturing and managing candidates, right from the recruitment stage. Here is how it works. 

The company uses applicant tracking systems to develop a repository of potential candidates. And the recruitment CRM provides additional information on the candidate.  

HR can use the data to personalize their communication and engagement with recruits. And that’s not all. The CRM helps send out personalized emails, screening, interview scheduling, and running background checks.  

HR also gets data that can provide insights on the effectiveness of the recruitment strategies. 

Talent Sourcing and Matching Recruitment Solutions 

As stated, it can take a lot of time to go through each application to find the best talent. Recruitment software automates the process, thus increasing speed and efficiency.  

And, online recruitment software can search more platforms for the right talent. They scour job posts, social media platforms, and other online sites to get qualified candidates. 

The algorithms focus on factors like experience level, education, and industry knowledge to narrow down suitable candidates. It helps avoid bias, which is a big problem in recruitment.  

Talent matching software ensures the right person fills the job position. It focuses on the skill in relation to the job. It is expensive to hire someone only to later find out they are not suitable for the job.  

Better Candidate Experience with Recruitment Solutions 

With so much competition for talent in the logistics sector, employers must work hard to improve the candidate experience. Let’s take the example of lengthy recruiting processes. Candidates may view the long wait for feedback as a lack of interest and could move on to the competitors without a second thought. 

That means you lose out on the limited talent due to in-house inefficiencies. Automation can help increase efficiency, thus faster response to potential recruits.  

We have looked at the important role of candidate relationship management systems. Ongoing communication shows the recruits that they are top of mind. HR can keep the candidates up-to-date with what is going on. 

Such a simple step can help build positive brand perception. A good word from such candidates about how well you manage them will make the organization more attractive to others. 

Do you know that up to 69% of employees will share a negative candidate experience? 55% will not pursue a position in your company if they read a bad review. How the organization manages candidates is, therefore, a critical recruiting factor.  

Recruitment solutions with technologies like chatbots can improve the candidate experience. The bots provide quick responses to queries. The candidate does not have to wait a long time for information. Such tools are also fantastic for onboarding.  

HR simply uploads the information they would want to share with new employees. The latter can then, at their convenience, log in to access the information.  

Recruitment software can uncover hidden talent within the organization. It will go through the database to match potential candidates to open positions.  

That means there are chances for existing employees to move into jobs that are more suited to their qualifications. That forklift operator might be a fantastic salesperson. 

Further, the promotion can be a fantastic motivational factor. Finally, it will save the company money and time by not having to go through talent sourcing in the wider market.  

Final Thoughts 

The logistics sector is facing a tough time when it comes to recruitment. There are job opportunities available. But, companies are facing a challenge finding the right talent to fill the positions. That means, there is high competition for the limited pool of candidates. 

Companies that invest in smart recruitment solutions can have an edge over the competition. Applicant tracking systems, for example, help in the creation of databases. It helps save time which would go into placing job postings across various platforms.

Candidate relationship management systems increase engagement. They provide an excellent way to nurture relationships with industry talent. 

The use of recruitment software also enhances the candidate experience. HR keeps up with engagement and provides ongoing feedback. Finally, tools like chatbots provide prompt feedback to queries and can help with onboarding. 

absenteeism
Archives, Global Logistics, Global Trade Daily, Warehousing

How to Deal with Employee Absenteeism

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While on average an employee would miss 54 days of work in 2020, the logistics sector holds an unfortunate record: one of the highest annual increases in absenteeism, putting it just behind the health sector, i.e. 32% over one year. Beyond the exceptional sanitary situation, the supply chain is facing a chronic problem of workforce retention. What HR and organizational levers should be used? Here are a few ways to encourage employee commitment and well-being… and reduce absences.

In its annual survey based on data from 671 companies and more than 350,000 employees, Gras Savoye Willis Towers Waston confirms that absenteeism has increased sharply and steadily over the last five years, particularly in SMEs and ETIs. If the first containment has had an obvious impact, it is far from being the only explanatory factor. While the “transport and logistics” category now holds second place in the sectors most affected by this phenomenon, the study reminds us that the average cost of absenteeism in a company of 1,000 employees varies between 1.7 and 3.5 million USD per year. The weight of logistics activities in this loss of earnings is considerable. Faced with the growing risks of delays and shutdowns in the supply chain field due to lack of personnel, here are three steps for dealing with absenteeism.

 

1. Offer visibility to employees regarding the impact of their tasks on the entire operation

Just like remuneration or benefits offered by the company, the quest for meaningfulness is now well known as a major lever for commitment to the workplace. But how to motivate employees when the tasks they are entrusted with are by definition simple and repetitive? As a manager in the logistics sector, taking the time to regularly explain the stakes and the purpose of your job to each employee, and being able to give them concrete and personalized feedback on the impact of their work, is a way to give meaning to low-skilled logistics functions. Examples include employees knowing which customer profile is ultimately targeted, having details on the products handled and the marketing promise, knowing and understanding all the other technical steps upstream and downstream of his or her intervention. This type of information will help everyone understand his or her role in the supply chain, and therefore, empower teams individually and collectively.

Today, integrated HR tools and advanced warehouse management solutions offer a comprehensive view of current operations and can provide data and visibility to managers.

To learn more about technology that can help you optimize your workers’ performance and increase motivation, read our WMS – Decision Making Guide

2. Invest in technology and robotics to reduce drudgery

Implementing voice command devices for operators or equipping them with exoskeletons is a way to limit strenuous movements and loads carried, thus reducing the risk of musculoskeletal disorders. Some companies are even starting to equip themselves with ‘cobots’, these robotic collaborative assistants that help employees prepare orders and reduce their movements.

Used wisely, these tools have the dual benefit of reducing the risk of sick leave and work-related accidents while optimizing overall warehouse performance.

3. Incentivize employees through game-based management

Sometimes alone at their workstations, with no real opportunity to communicate with their colleagues for long hours, supply chain operators can legitimately feel isolated. Keeping them motivated is a daily challenge for managers and HR. Gamification is one way to encourage commitment, pride of belonging and team concentration. For example, it is a matter of organizing interactive performance contests, between peers or between teams, aiming at collecting a maximum of points to obtain symbolic or material rewards. Or measuring the quantity of plastic recycled by each person, with rewards at stake. These challenges can also encourage employees to follow professional training courses or to respond to co-optation campaigns. These initiatives contribute indirectly to the fight against dropping out of the workforce and absenteeism.

Generix Group North America helps distribution & manufacturing companies achieve operational excellence with their WMS & MES Supply chain solutions. We invite you to contact us to learn more.

This article originally appeared here. Republished with permission.

employment
Archives, Global Trade Daily, Special Reports

The Employment System Was Broken Long Before COVID-19 – Can tilr Lead a Workforce Revolution?

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Young people make up a disproportionate share of what is a low-wage workforce and recent studies argue that they will be the hardest hit by the COVID-19 (coronavirus) pandemic. 

What are your projections for their job-market recovery, post-COVID-19?

 Co-Founder and CEO Stephen Shefsky

Unfortunately, a lot of entry-level positions affecting younger, lower skilled workers were the first and hardest-hit at the beginning of the COVID-19 pandemic.

Many employers during the pandemic, fired or furloughed many of their workers, that were deemed necessary for their survival. Given the above, it is no surprise that U.S. low-wage unemployment has skyrocketed at its peak to roughly 40%.

As businesses start to come back, there may be some subtle advantages for those low-skilled / low-wage workers. Some companies will inevitably gravitate towards hiring or re-hiring their lower-wage earners, instead of turning to an older, more expensive and more-skilled workforce.

Not all young people will immediately find employment; some must be prepared to accept the fact that their jobs won’t come back. When that happens, ‘up-skilling’ will become very important. Giving direction to those looking to re-enter the workforce is something very top of mind at tilr.

We at tilr believe there is a better way to bring job-seekers back into the workforce; a better way for employers to save both time and money in their on-boarding process.

tilr’s technology will help solve some of those challenges for both job-seekers and employers.

The country is going to be in a place of rebuilding and recovery over the next several years. We realize that this is the moment that companies and job-seekers alike will need us most.

How will tilr’s technology be applicable to what is today, an American workforce in crisis?

til’s algorithmic-hiring platform offers an alternative to traditional resume databases and key word search technology. We have developed ‘an on-demand marketplace’, one that matches pre-registered workers’ skills with employers, not based on keywords that may or may not be included in their resumes.

This will give job-seekers a better opportunity to find employment and jobs best suited to their skills, because it will no longer come down to who wrote a better resume, be subject to bias or cause candidates to play the waiting game, while employers sift through countless resumes before they happen to come upon the one they like, costing the company time and money.

For employers (and tilr has worked with hundreds of client companies), the way we’ve developed our technology is, in many ways, revolutionary. We have built the technology that is able to define the deliverable (skills) that a company needs in real-time and then quickly unlock a pool of workers that have the specific, necessary tools to accomplish the job at hand. We provide a platform for locating immediately available, local talent who can be employed in a matter of hours or days.

COVID-19 has hurt many; we’re witnessing presently an historically high unemployment rate. We want to offer people relief by way of giving them a better chance to find work, to take care of their families, and to do so based on their previous job experience and relevant skills obtained; not by having to take many months or years to reinvent themselves (which some people will inevitably have to do).

Today, many unemployed men and women will need time to be reabsorbed into the marketplace. Our technology further directs those people to training platforms capable of helping them ‘up-skill’ and to prepare them for work; to be as good or better than they were before.

As companies pivot to teleconferencing, their employees working from home in the spirit of ‘social distancing’, how can modern technology benefit those looking to employ and/or up-skill future workers?

Many companies are going to continue to employ their workers, and having some of them working from home as opposed to an office environment.

Today’s technology gives companies the option to have many members of their workforce contribute remotely. There are many software solutions that will allow more and more work to be done virtually, affording workers the opportunity to keep in constant contact with their organizations.

However, I’ve always believed that for employers, knowing what human resources (HR) / skills they don’t have in the organization is as important as knowing what you currently have at any given moment.

tilr has built the technology that will assist the job-matching and skills matching for those companies, which can expedite the process of hiring workers, both for in-office positions and from home.

Our ‘marketplace’ technology can support employers in real-time, razor focused on understanding and interpreting aggregated skill-sets, offering access to a more focused labor market, while also preparing future employees for a virtual workforce-environment.

Companies can access the platform from the web on any computer or handheld device.

Workers can access tilr opportunities via an app on IOS and Android mobile devices.

tilr’s technology can assist job-seekers to identify their own present skill-gaps and offer opportunities or suggestions on how to ‘up-skill’ to match the jobs they want. We will introduce new employment opportunities matching their skill-sets which they may not have thought of.

Learning will become much more technology-driven in the near term. Even after we return to a semblance of normalcy, more learning and work will take place online. As an example, technology that drives telemedicine today may very well become the first line of interaction between a patient and a doctor long after COVID-19.

We are currently in discussions with several companies (States and Provincial Governments in the U.S. and Canada) to offer our skill mapping technology and create a database of human resources (skills).

Lastly, is embracing technology the future of the Employment Agency?

Employment agencies are going to need to do things a little differently in the future.

tilr technology can assist the 80-85% of workers who are currently registered with an agency, but not always working.

tilr offers employment agency businesses an additional way of helping those registered with the agency to find work, who are not currently working, providing a more efficient use of human resources.

It’s safe to say that the current workforce is in an awful state of disarray. Technology can help usher in a workforce revolution, and help propel an economic recovery.

tilr automates the recruitment process by using skills to connect companies with job seekers, enhancing workers’ lives and companies’ bottom lines.

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Archives, Global Trade Daily, Special Reports

The Real Digital Transformation In HR Tech: How Global Leaders Can Manage

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All executives across the globe should embrace HR technology to represent a complete answer to the need for innovation and continuous learning in today’s global market environment. In doing this, first executives must have an understanding of the concept of knowledge in companies. To analyze knowledge in organizations, there is an important taxonomy of organizational knowledge that needs to be discussed. The following section addresses this taxonomy in depth to set the record straight upon the importance of HR Technology.

Human, Social, and Structured Knowledge

Two prominent scholars that are well known in the Academy of Management, one of the largest leadership and management organizations in the world by the names of David De Long and Liam Fahey argue that knowledge can also be classified using individual, social, and structured dimensions. Executives can categorize followers based on their human knowledge which focuses on individual knowledge and manifests itself in an individual’s competencies and skills. This type of knowledge includes both tacit and explicit knowledge. David De Long and Liam Fahey suggest that this form of knowledge comprises the skills gained by individual experiences, and learned as rules and instructions formulated by executives for followers to use as a guide.

Social knowledge, on the other hand, is categorized as tacit knowledge that is shared so that it can become collective knowledge. Executives can use structured knowledge that emerges informal language from annual reports, memos, and other means of communication to be represented as statements, and is considered explicit knowledge. Therefore, consultants can classify knowledge in this way so that it emerges at three levels—-individual (i.e. human), group (i.e. social) and organizational (i.e. structured).

Executives can implement HR technology to create conducive organizational climates that foster organizational learning in which individual knowledge is shared and utilized. Unshared individual knowledge is like lettuce in the refrigerator—if shared, everyone enjoys it, if not, it could not have any use. In the next section, I present a factor that executives have embraced—–HR technology.   

Managing Knowledge and Innovation through HR Technology

HR technology is an internal resource that increasingly facilitates HR business processes and improves the search for information and knowledge around the company. For example, HRIS (Human Resource Information System) software enables companies to overcome space constraints in communications and promotes the depth and range of knowledge access. HRIS software can be also employed to enhance the conversations and knowledge exchanges between organizational members. Three prominent scholars in the University of North Carolina at Chapel Hill by the names of Andrew Gold, Arvind Malhotra and Albert Segars argue that this knowledge shared through technology could positively contribute to knowledge integration. Executives can apply HRIS software to develop and disseminate information throughout the company which can improve the search for information in order to adapt to today’s uncertain business environment.

HCM (Human Capital Management) software is an important resource for strategic planning for knowledge integration. Robert Grant highlights knowledge integration as a major reason for the existence of a company. This software enhances learning and sharing information by providing access to accurate information and knowledge. HCM software also stimulates new knowledge generation, through transferring knowledge to other members and departments. Knowledge sharing itself can in turn develop more innovative climates and facilitate knowledge creation in organizations. HCM software can, therefore, play a crucial role in improving knowledge creation and transference. Executives can use HCM software to develop an effective learning culture that disseminates knowledge around the company.

HRMS (Human Resource Management System) software can be also used by executives to facilitate of the knowledge creation process through providing the essential infrastructures to store and retrieve organizational knowledge. HRMS software encourages executives to embark on technological facilities to provide new and possible solutions for solving organizational problems and transferring individuals’ knowledge to other members and departments and improving knowledge capturing, storing, and accumulating to achieve organizational goals.

In Conclusion

This article advances the current literature on HR technology and knowledge management by offering novel insights into how better HR technology leads to better knowledge management. Executives can apply HR technology in their decision-making processes in order to investigate various alternatives and options.

Success in today’s global business environment can be more effective when HR technology is effectively applied and widely used to achieve a higher degree of competitiveness. Importantly, knowledge management performance at all levels of the company is positively associated with using HR technology and setting up useful software and systems to enhance strategic decision-making. Executives can implement HR technology by employing IT professionals and allocating more budgetary resources to share and utilize knowledge within companies.

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References

Gold, A.H., Malhotra, A. and Segars, A.H. 2001. Knowledge management: An organizational capabilities perspective. Journal of Management Information Systems, 18(1), 185-214.

Grant, R.M. 1996. Toward a knowledge-based theory of the firm. Strategic Management Journal, 17(S2), 109-122.

Long, D.W.D., & Fahey, L. (2000). Diagnosing cultural barriers to knowledge management. The Academy of Management Executive, 14(4), 113-127.

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Archives, Global Trade Daily, News

What’s Next For You? How Knowledge Management is Transforming Talent Management in Global Markets

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Knowledge management seeks to apply organizational knowledge in order to satisfy and exceed employee’s expectations. All executives need to be aware of how to better control knowledge management which coincides with talent management and to do this, they should understand the strong correlation between two important factors. The focus of this article is based upon the critical role of knowledge management which allows a rich basis for understanding the mechanisms by which talent management is influenced.

6 Key Practices to Integrate Talent Management and Knowledge Management

Since executives are constantly dealing with employee development, talent management is something they pay a great deal of attention to. Of course, this is not new but worth mentioning. A mistake in this area may be vital to the organizations and executives must choose their practices wisely. This article addresses these knowledge management practices in depth to set the record straight upon the importance of talent management.

1. Prioritize Candidate Experience

Knowledge is a collection of meaningful experiences. The key take-away for executives is that prioritizing candidate experience can enable organizations to solve problems and create value through improved performance and it is this point that will narrow the gaps of success and failure leading to more successful decision-making.

2. Tailor Talent Acquisition Strategy to Business Goals

Executives must determine their business goals for the next three years and develop a talent acquisition strategy that focuses on planning the work and technically supporting newly-hired employees to achieve the business goals. A talent acquisition strategy helps companies to achieve their business goals that reflect excellence and some kind of higher-order effectiveness. This is where executives can attempt to achieve business goals—stemming from a talent acquisition strategy across pivotal areas on the organization.

3. Educate the Hiring Manager

Hiring managers can become familiar with employee recruitment practices through education. Education is more active, broad, flexible, experimental, synthetic, and strategic compared to training. Why is this, you may ask? Because education is a process that leads to acquiring new insights and knowledge, and potentially to correct sub-optimal or ineffective actions and behaviors that cause companies to spiral out of control.

4. Enhance Training Efficiency

Executives must provide work-related training programs for newly-hired employees when beginning onboarding and must be aware of their training efficiency programs. As executive trainers, I agree with Jennifer Rowley who suggests training courses as an effective way to share knowledge. Most importantly, applying knowledge aimed at providing better decision-making and work-related practices and creating new knowledge through innovation. Knowledge has to be measured in some way, many trainers talk about return-on-investment of training which is hard to measure, training satisfaction measurement by participants and their desire to apply it to the workplace is an excellent barometer of learning new skills or building upon old ones. The key point in the training is the knowledge use coupled with testing and re-testing to ensure that the knowledge is actually helping the organization grow professionally for employees and profitably for all stakeholders.

 5. Write No Strict Job Descriptions

When newly-hired employees come on board, they are given job descriptions. But how can executives write no strict job descriptions? The answer to this question lies in an executive’s demonstration to motivate employees to approach organizational problems in a more novel approach. In doing this, executives can inspire employees to rethink problems and challenge their current personal attitudes and values. Most importantly, executives can transform organizations by attempting to change the basic values, beliefs, and attitudes of employees so that they are willing to perform beyond their previous or originally level specified by the organization in their job description.

6. Be More Flexible

Flexibility in the workplace may enable executives to improve departmental and managerial interactions and develop relationships among managers, business units, and departments. Through flexibility in the workplace, executives can also shift the power of decision-making to the lower levels and inspire newly-hired employees to create new ideas and implement them, which can in turn propel interdepartmental communications and improve knowledge exchange.

In Conclusion

This article can offer several implications for practice. First, this article highlights that there is a strong correlation between knowledge management and talent management within organizations. Importantly, this approach advances the current business literature on talent management by offering novel insights into how knowledge management affects talent identification, satisfaction and retention. This article suggests new insights to identify knowledge management as a primary driver of effective talent management for companies. Therefore, I suggest that executives embrace knowledge management. My primary focus is on one factor (talent management) but there are many more important components of the managerial function that can be enhanced when knowledge management is embraced. The key here is that there are positive effects of knowledge management on talent management.

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Rowley, J. (2001). Knowledge management in pursuit of learning: the learning with knowledge cycle. Journal of Information Science, Vol. 27, No. 4, pp. 227-237.