The onset of the customer-driven digital era has brought about massive transformations in the IT industry. Leaders in the global IT market who were once purely focused on technological innovations are now at the helm of business innovations. Due to such factors, the market is witnessing a growing shift towards the adoption of business intelligence across their business operations. Moreover, more and more IT industry firms are now looking at employee intelligence as a powerful tool to enhance business value. This is because no matter what the organization deals with, employee intelligence analyzes the internal business environment to pinpoint the strengths and weaknesses within the business ecosystem.
- The Client: A leading player in the IT industry
To reduce employee turnover and increase focus on employee engagement, a leading player in the IT industry approached Infiniti Research to help them conduct a detailed employee intelligence assessment. The client was looking at leveraging our expertise in employee intelligence to enable higher ROI for every dollar spent on talent management. Additionally, with the help of Infiniti Research’s employee intelligence solutions, the client wanted to improve employee engagement to enhance their overall business outcomes.
How Can Employee Intelligence Help Players in the IT industry?
Having a strong competitive workforce with a strong psychological contract and actionable business intelligence is essential for any organization. For businesses to succeed in an increasingly competitive environment such as the IT industry, they should be able to manage all aspects of an enterprise. This necessitates them to look beyond employee surveys and employee engagement techniques to gain detailed insights on effective employee engagement.
Our ‘Employee Intelligence’ solutions empower companies to forecast the future of their business. It just doesn’t deal with enhancing employee engagement, but also deals with leveraging intelligence to give companies the competitive edge in the market.
Summary of Our Employee Intelligence Engagement
With the help of our employee intelligence solution, the IT industry client was able to analyze factors that drive business value from various perspectives. It also enabled them to distinguish factors that offer a competitive edge from the ones which would jeopardize their business growth. By doing so the IT industry client was in a better position to understand the internal business environment and devise necessary solutions to enhance employee growth.
The employee intelligence experts at Infiniti conducted a detailed research to help the IT client gain a better understanding of their internal operating environment. The approach included primary and secondary research methodologies coupled with qualitative and quantitative data collection procedures. The experts also reached out to various stakeholders in the IT industry.
Solution Benefits and the Business Impact
The solution offered by our experts helped the client identify key metrics to improve employee engagement. Conducting an employee intelligence assessment also enabled them to enhance employee satisfaction by optimizing their workforce efficiency. Subsequently, the client reduced their employee turnover by 25%, thereby enhancing business value.
In today’s complicated industry landscape, forecasting the future of your business may seem to be an uphill task. But, with employee intelligence in place, this seems to be easier as it offers a long-term view of the potential factors which are likely to impact your business turnover. Also, every organization today is a part of a cutthroat game, where the competitors are on the lookout for an opportunity to overpower the peers. Infiniti’s employee intelligence solutions help you reinforce the competitive advantage by getting your organization fit to succeed.
A must-read case study for strategy specialists and decision makers looking to develop an understanding of employee intelligence in the IT industry
Employee Management in 2018
Employee Management in 2018
Every company knows how arduous it is to find talent in the market these days. An even bigger challenge persists in managing and retaining the workforce once they are hired. Companies, after spending so much on talent acquisition and remuneration, should maximize the performance levels and competency of the workforce to deliver value to the organization. Companies today are looking beyond conventional systems to improve employee productivity and engagement. Workforce management is an integrated set of processes used by organizations to optimize the productivity of their employees. Workforce management incorporates a wide range of function ranging from matching employee skills to specific tasks to quantifying the amount and types of labor to accomplish the task. Many software vendors provide workforce management solutions that aid in optimal workforce maintenance, attendance tracking, employee scheduling, demand prediction, payroll administration, and talent management.
Top Workforce Management Software Providers
Kronos is the US-based global leader in delivering workforce management solutions in the cloud. Headquartered in Lowell, Massachusetts, United States, it employs more than 5,000 people from all across the world. More than half of Fortune 100 organizations use Kronos for their workforce management needs. The solution offers industry-specific scheduling, time and attendance, absence management, hiring, HR and payroll, and labor analytics applications. The company partners with techn giants such as IBM, Infosys, SDI, SWB Group, and Atos to create a robust HR solutions.
ADP is an American provider of human resources management software and services. It offers workforce management solutions from small businesses to large enterprises. ADP also boasts that it has 56,000 employees across the world contributing to their revenues of over $10 billion. The company recently acquired WorkMarket, a software platform company which helps businesses manage freelancers, contractors, and consultants. It also has a prestigious client base including Sodexo, Marriot Hotels, Ford Motors, BT, JPMorgan Chase, and Hunt Oil.
Ultimate Software is an American company that develops UtilPro, a could-based HRM solution for businesses. The company generates revenues of over $700 million with an employee base of more than 3,700. The company has customers spread across the world in over 160 countries. The solutions offer features such as HR, payroll, administration, open enrollment, attendance, and scheduling. The company offers its software on a per-employee-per-month subscription basis. In September 2016, the company acquired Kanjoya for workforce analytics.
An integral part of managing a workforce is in tightly controlling policies in the workplace to avoid lost time and productivity. Oracle provides solutions which rightly tracks time, absences, and labor schedules. The workforce management solution also allows companies to forecast workload and labor demand and define and assign schedules to meet business objectives. Additionally, the workforce management software also ensures companies adhere to labor laws and pay rules.
Verint Systems is a New York-based analytics company that sells software and hardware products for customer engagement management, surveillance, security, and business intelligence. The company employs about 2,800 people to serve their client base of more than 10,000 spread across 150 countries. Apart from employee intelligence, the company also provides customer engagement solutions, cyber intelligence, and actionable intelligence solutions.
For more information on top companies providing workforce management software, employee intelligence, and HRM solutions:
According to a recent research report, the global metal fabrication market was valued at US$16.35 billion in 2015 and is anticipated to reach US$21.38 billion by 2024.
Investments in global infrastructure projects have been increasing rapidly over the past decade, and this presents a growing opportunity for the metal fabrication industry to grow considerably in the coming years. This acts as a key factor driving the demand for metal fabrication companies, especially in developed regions such as North America. The global metal fabrication industry is also fueled by continued investments in metals processing and electric furnaces, the growing aluminum consumption, recovery in non-residential investments, the re-shoring of manufacturing practices in the automotive industry, and growing aerospace demand.
Although the metal fabrication industry is growing steadily over the past few years, several factors are expected to hamper the growth prospects. A few factors include:
- Inferior quality of products: The weak infrastructure, capital inputs, and other facilities eventually lead to a metal fabrication process which is more time-taking, expensive and produces an inferior variety of products.
- Colossal demand: Even after low per capita consumption rate of metals, the demand for iron and steel is increasing every day and huge chunks of iron and steel are imported to different countries to meet the international demand. To save valuable foreign exchange, productivity needs to be increased.
Several such factors are urging metal fabrication manufacturers to leverage the use of employee engagement strategies. Employee engagement strategies help firms better understand the demands of their employees and improve workforce efficiency. These solutions also help companies implement effective plans to boost their overall workforce efficiency across platforms.
The Business Challenge
- The client: A leading metal fabrication company
The client, a leading metal fabrication manufacturer with manufacturing units spread across geographies, was facing predicaments in optimizing their workforce efficiency and providing better employee satisfaction to the employees. The client also wanted to understand their major pain points better; thereby, increasing the overall efficiency of their workforce. They also wanted to identify the key drivers of engagement and plan activities to bolster employee satisfaction.
Want more information about our employee engagement strategies for metal fabrication companies?
The employee engagement strategy experts at Infiniti carried out extensive qualitative and quantitative studies and conducted discussions and interviews with prominent stakeholders in the metal fabrication space to help the client address challenges pertaining to their workforce efficiency and employee engagement. The experts also compiled from a wide array of secondary sources such as company presentations, industry journals, paid industry databases, and industry forums and communities to help the client benchmark their performance.
The Solution and the Business Impact
With the help of Infiniti’s employee engagement study, the metal fabrication industry client identified the key metrics to improve the overall efficiency of their workforce. Additionally, the client was able to improve their employee retention rate and implement strategic plans to boost their employee satisfaction. The engagement also helped them attract young talent and leverage advanced technologies to make their work environment more engaging.
As technology evolves with the time, computers have started gaining prominence for most operations. For this reason, as the demand grows, there’s likely to be an increase in the number of metal fabrication companies to make more technologically advanced computer systems and robotic production equipment. This would enable companies to cut costs and increase output.
A must-read case study for strategy specialists and decision makers looking to develop a better understanding of the metal fabrication industry in terms of employee satisfaction.
Machine learning has been widely utilized by various industries such as oil and gas, retail, banking, and cybersecurity. However, the human resources sector has been slow to adopt this game-changing technology. Similar to Amazon’s Alexa transforming people’s lives at home, AI and machine learning have also evolved into an intelligent assistant to help the professionals work smarter. It has been evident that people have very high expectations out of new technologies, making it essential to keep up with the new trends and developments in respect to machine learning applications in human resources. Here are some of the possible application areas of machine learning that can assist the HR function.
The biggest nightmare facing the HR department is the mountain of resumes they have to scan through to not only shortlist the suitable candidates but also go through the grueling task of reviewing resumes individually to select the right candidates. Additionally, many candidates don’t turn out to be the right ones for them due to reasons such as performance issue, job-fitment issue, and behavioral issues. However, machine learning can improve this process by creating patterns from applicants resumes, social media activity, and interview responses. It should also be noted that patterns and tendencies could sometimes be a false-positive, but with machines learning constantly from their mistakes, the success rate of hiring decisions will increase.
Industries such as banking and hospitality have been troubled with high employee attrition rates with a turnover of around 20%. Companies not only lose their best talents but also have to spend a significant amount in the subsequent hiring process. Machine learning can be put to use in identifying early warning signs of employee attrition by monitoring employee satisfaction survey results, drops in efficiency, and absenteeism.
Although employee engagement seems like a human-to-human practice, smart use of machine learning can certainly help to identify trends that can drive employee satisfaction. Machine learning systems can assist the human resources department in analyzing each engagement campaigns and making them efficient in the future. This, in turn, ensures employee retention and satisfaction in the longer run.
To know more about how your organization can use machine learning to improve the human resources functions:
Companies are finding it increasingly difficult to find and retain the best talents to drive their organizational growth. A majority of the HR professionals report face difficulties in acquiring talent and retaining them even with the best of pay and perks. It’s already time for companies to look towards employer branding to compete effectively in this fight for finding and retaining the best talent. A prospective employee is more conscious towards employer brand reputation as opposed to a general corporate brand. The top companies have realized this and have adopted the practice of treating employer branding equally as their corporate brands by creating employer brand guidelines and employee value proposition.
Here are some of the reason why companies should look to strengthen their employer brand:
Makeup for Lower Remuneration
It is evident that smaller companies with lower budgets can’t compete with giant corporations in terms of providing a lucrative salary package. However, pay scale is not the only consideration for prospective employees while choosing a company. A strong and appealing employer brand can influence them to compromise on the monetary aspect to settle for benefits like flexible working hours, better work-life balance, working culture, and other perks. On the contrary, a company with a bad reputation has to pay higher salaries for new hires.
When an employer brand is consistent with its communication towards their employees, the employees will know what exactly to expect from the organization. Setting unrealistic expectations or not being honest throughout the hiring process may confuse or mislead the employees. This can demotivate the employees in the future, leading to increased employee churn rate. A consistent employer brand image will ensure employee retention and drive employee satisfaction.
Facilitate the Hiring Process
These days, due to rising popularity of social media and sites like LinkedIn and Glassdoor, employees can hugely influence the employer brand. A positive review on Glassdoor can influence candidates to apply for the job in that particular company. This way, companies can get a higher amount of applications, enabling them to choose from a larger talent pool. On the other hand, a bad review can put off skilled candidates from applying for the job.
To know more about how you can create a positive employer brand and help attract the right candidates to your organization:
A simple challenging question that today’s advertising agencies are facing is identifying the right partner. With the availability of multiple options, identifying and targeting the right suppliers is like selecting a particular book from a heap of book collections. Organizations in the advertising space are focusing on targeting the right suppliers to promise better quality goods and services. To select the best suppliers from a pool of options, organizations are resorting to a robust supplier selection process. The effective supplier selection process involves dealing with people, processes, and technology capabilities. Furthermore, identifying the right suppliers also helps leading businesses to reduce procurement and excess inventory costs.
With years of expertise in offering a plethora of services, Infiniti’s competitive intelligence experts help clients deliver promising supply process. Also, the solutions offered by Infiniti aid businesses in identifying the competitors, their supply chain process, and the effective ways to control spend and improve savings. Infiniti’s competitive intelligence experts further helped the client measure and optimize their supplier performance and evaluate the suppliers with respect to their value at risk.
A renowned advertising agency with a considerable number of offices across the globe was facing predicaments identifying and profiling the suppliers. The client wanted to implement a reliable system to analyze their capabilities and identify the right suppliers to enhance the communication process. The client also wanted to gain a comprehensive understanding of the supplier landscape to optimize the employee scheduling process. The client further wanted to identify and shortlist robust suppliers, profile key suppliers, and monitor prices of products.
To gauge more information into the supplier selection process, the client approached Infiniti’s team supplier profiling experts. Infiniti’s team with expertise in offering supplier selection services carried out an extensive research comprising of interviews and discussions with top leading advertisers in the market space. In addition, to compile more information about the best practices for supplier selection, the experts compiled information across various proprietary sources such as paid industry databases, company presentations, magazines, and newsletters across various advertising space.
Competitive Intelligence Solution Benefits:
- Understand the competitive landscape in terms of the competitors, their offerings, and product positioning
- Devise an effective product benchmarking and profiling in terms of financial performance, marketing spend, compensation and benefits
- Gain real-time insights into the competitor pricing, promotions, and inventory
- Effectively prepare for new product launches, new market entry or other strategic move
- Robustly anticipate and plan future market opportunities
- Minimize decision risk and reduce uncertainty
Benefits of Our Integrated Approach
In a span of six weeks, the client was able to gain a clear understanding of the suppliers and profile the suppliers based on price monitoring. The engagement also helped the client streamline their sources and procurement process and improve the company’s overall position in the market. The engagement also helped the client shortlist the major suppliers in the advertising space.
A must-read case study for strategy experts and decision makers looking to develop an understanding of the suppliers selection space.
The Chinese economy is one of the world’s largest and most powerful economy despite the recent economic meltdown. The robust and growing manufacturing sector coupled with supply chain repositioning has fueled the growth of the Chinese economy. Traditionally, China has always focused heavily on the export of finished goods to accelerate growth. However, with the changing market scenario and competitive landscape, China’s leaders have started directing their efforts towards domestic consumption; thereby, moving from an export-driven economy to being more consumer-oriented. As a result, Chinese manufacturers must tweak their production systems, manufacturing process, and product features to meet the quality requirements and their citizen’s needs.
Chinese Economy Addresses Environmental Concerns
With a consumer oriented approach, China must develop frameworks that meet consumers’ demands and comply with the high safety and environment standards. The country is endowed with limited natural resources, making it difficult for the Chinese economy to move away from their current production processes that make use of highly polluting, locally available, and cost effective resources such as coal. But with the increase in the domestic pressure to devise environment-friendly processes that facilitate energy conservation, new challenges have cropped up for the chemical, manufacturing, and energy industries in the Chinese economy. The state authorities and decision makers must keep the following in mind – ensure effective capital deployment and leverage green technology – to reduce carbon footprints.
Developing A Sustainable Economy
As the Chinese economy inches towards sustainability, the policy makers must address key issues such as opting for operational processes that fulfill their long-term objectives, enable supply chain optimization, support product innovation, and drive organizational efficiency. The Chinese economy is plagued with overcapacity in terms of structure and production, which can be solved by permitting M&A activities to optimize resources and facilitate asset scalability. The Chinese policy makers are constantly striving to strike a balance against the dynamic market forces to ensure effective implementation of new structural policies. In order to build an environment-friendly and sustainable economy, China’s leaders and policy makers must understand that the transformation process is not a one-time thing; rather, it is a continuous and cumulative process.
To know more about the latest developments in the Chinese economy and its impact on your business
The global healthcare industry has undergone major transformations over the last few decades owing to factors such as technological advancements and evolving business models. As a result, pharma companies have to devise employee engagement strategies to shape the next-gen industry leaders who can overcome the industry challenges. The healthcare industry faces several challenges as it is increasingly exposed to a sudden surge in competition from small and medium biotech manufacturing companies, entry of generics, rise in pricing pressures, complicated regulatory standards, complex patent and trademark issues, and growing environment and sustainability concerns.
To counter such challenges, the healthcare industry must ensure that their workforce has the required skill sets, flexibility, and are responsive to the evolving landscape. The answer to shaping the next gen pharma leaders is to drive employee engagement and devise an effective talent management strategy. Employee engagement and talent management strategies enable companies to equip the workforce and transform them into next-gen pharma leaders.
Shaping the Next-Gen Leaders Through Employee Engagement
Healthcare companies must build industry specific training and development programs that train the workforce to overcome the future challenges in the healthcare service industry. These specific development programs prepare the next-gen leaders by exposing them to a wide range of markets and regions, thereby, enabling market disruption and driving innovation. The employee engagement programs challenge their thinking, change their thought process, and encourage them to work in teams and devise effective strategies. Organizations can initiate a team building process through employee engagement programs, promote organizational networking; thereby, building diverse leadership skills and capabilities.
At the time of recruitment, pharma companies must hire candidates with the skill sets to address the challenges in healthcare and biotechnology, and have an understanding of the consumer behavior and market as well. The relationship between the employees and their managers or team leads is extremely important when it comes to building employee engagement, managing employees, and improving the team’s performance. Organizations can identify the strengths and weaknesses of their employees, determine the best performers, and offer constructive feedback to employees, through an effective employee engagement and talent management strategy. In the wake of increasing competition in the healthcare industry, the pharma companies must leverage the employee engagement tools and strategies to motivate the employees to perform better, retain them within the organization, thereby driving employee value proposition.
View the latest case study from Infiniti Research to know how the insights gained from employee intelligence can drive profitability and shape next-gen leaders for your organization.