1/25/16 Find, Grow & Retain the Best People
At the Oracle CloudWorld New York Conference last week, there was a session on Oracle’s Human Capital Management system, with specific attention to tools that help Find, Grow, and Retain the Best People. Many now believe that annual performance reviews are obsolete, and a better method is necessary that provides directed and frequent feedback. As an example, in the accounting world CPA’s are required to have 40 hours of Continuing Professional Education per year. Accounting firms are moving from a compliance based system (make sure they get 40 hours) to a competency based system (what is it we want them to learn in these 40 hours). Using HCM software, managers can now specify what skills each person needs and focus continuing education on those needed skills. Assessments are included to verify the employee actually learned from the course taken. HCM software helps retention as employees are kept appraised of their performance in a positive way as they see their skills increasing. Employee turnover is expensive. And in a full-employment market, replacing that employee may be very difficult. For many of us, it certainly is worth the time or effort looking at the new tools out there that help find, grow and retain the best people.
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