3Sixty Insights Monthly Recap | July 2021

Latest Research:

Market Alert: Immedis Pay Reengineers the Way Companies Remit Cross-Border Payments to Employees, Tax Authorities, and Statutory Third Parties

What Happened

In mid-July 2021, Immedis announced the availability of Immedis Pay, an automated solution for organizations to manage cross-border payments to their beneficiaries, including employees, tax authorities, and statutory third parties. Built on the foundation of everywhere-local expertise in global payroll, Immedis Pay gives companies local payments expertise across the globe to simplify payments, increase accuracy, and eliminate challenges with compliance. Cost savings from the use of Immedis’ network of API-connected local payment network providers and banking partners are significant. Immedis Pay currently delivers 99.98 percent error-free payments in 145 currencies across more than 200 countries.

Market Alert: With Acquisition of TrenData HR, isolved Equips Users of People Cloud to Navigate Both the Near and Distant Future of Work

What Happened

In mid-July 2021, isolved announced the acquisition of predictive people analytics platform TrenData HR. Applying predictive artificial intelligence (AI) models to produce visual insights pertaining to an organization’s workforce, the TrenData platform draws on external data sources and aggregates them with information from internal systems. The addition of TrenData to isolved People Cloud brings enterprise-grade analytics to the small- and medium-sized businesses (SMBs) that comprise a majority of isolved’s customers.

Pandemic Fallout and the Future of Work

Even as parts of the world return to a state resembling normal, the fallout from the coronavirus pandemic continues to unfold. Referring to this global event as “unprecedented” has become so commonplace as to be clichéd, and yet, the term hits the nail on the head. The unprecedented nature of this worldwide disaster renders its effects unpredictable, and as we march into the future, those effects continue to develop in ways we could only have guessed.

Pandemic lockdowns had an immediate and marked effect on work. Who could or should go to work, where that work took place, how it was done—these work life fundamentals changed overnight for the majority of the population. Had lockdowns lasted only two weeks, as first predicted in those optimistic old days, we might have snapped back to normal. Sixteen months in, no one can hope for a magical reset. The transformation of work translates to a transformation of employment. If the workforce is out of whack, so will be the job market and the future of work.

The pandemic changed the borders around work, perhaps permanently. People grew comfortable working from home and realized this broadened their options, or they were laid off and found during the job search that many organizations were hiring remote workers. We’ve seen mass upheaval across the board as workers, particularly those in white-collar roles, found that they were no longer limited by their locations.

#HRTechChats:

3Sixty Insights #HRTechChat with Anne Fulton, CEO and Founder of Fuel50

Our guest for this episode of the 3Sixty Insights #HRTechChat video podcast is Anne Fulton, CEO and founder of Fuel50 and member of our Global Executive Advisory Council. On the chat, Anne shared her thoughts, informed by much experience in this market space, on workforce agility and talent mobility. And, for the latter, she shared sneak-preview findings from Fuel50’s yet-to-be-released, related report. The result of a survey answered by more than 200 HR practitioners and their employees, Fuel50’s report finds intriguing, highly statistically significant, correlations between positive organizational performance and progressive HR performance.

Specifically, organizations that perform better in terms of NPS scores, revenue per employee, and innovation are home to HR departments that have evolved beyond a focus solely on concrete activities, such as eliminating inefficiencies, to act on the more abstract, strategic possibilities of human capital management (HCM). What’s more, the number one strategic priority of these best-performing HR departments is to invest in the future of work. For those of us sounding the alarm that we prepare for the future of work right now, lest we miss the opportunity to realize the very best possible future of work, this particular finding is valuable grist for the mill.

3Sixty Insights #HRTechChat with Nate Smith, Founder and CEO of Lever

Nate Smith, founder and CEO of San Francisco–based Lever, joined us for this episode of the 3Sixty Insights #HRTechChat. Lever’s technology for talent acquisition, as well as the vendor’s philosophy behind finding new hires, helps employers facing complex challenges in reaching their strategic goals identify and woo future employees whose skills are essential to the related tasks at hand. As you can imagine, this made for an interesting podcast.

Nate and I first spoke last summer and openly wondered whether it might have been one year exactly to the day that we recorded this episode — which was Monday, July 19. Being a calendar pack rat, I did a search, and it turns out that we were off by just one week. Imagine that.

Many organizations today wrestle with antiquated, clunky or inadequate functionality to assist and facilitate talent acquisition. At the very least, it’s the last two of these that make it seem like all three anyway. The thing is, the very idea of an applicant tracking system (ATS) is ill-matched to helping employers keep tabs on potential new-hires in today’s recruiting environment. Long in the tooth, the concept of an ATS was so-named at a time when the workflow and scope of recruiting would have been nearly unrecognizable to today’s talent acquisition professionals.

3Sixty Insights #HRTechChat with Thomas Cielak, Vice President of HR Operations at Allianz Global Investors

We welcome Tom Cielak to this episode of the 3Sixty Insights #HRTechChat video podcast. Tom and I met several years ago to discuss his team’s use of Ceridian Dayforce when he was director of HR operations at ACCO Brands. He later joined global asset management firm Allianz Global Investors, in mid-2018, as its vice president of HR operations. This is his current role, and Tom’s team at Allianz Global happens to use Ceridian Dayforce too.

Tom is an advocate for the notion that, to be effective in their craft and as an asset to the organization, HR leaders today must become technologists. In today’s environment, where decision-making to buy enterprise software involves a broad variety of stakeholders, the IT department still has a say. The HR Technologist is far better at articulating a technology-buying decision to the satisfaction of IT and able to get the most of out of a deployment.

3Sixty Insights #HRTechChat with Richard Limpkin, Chief Product Officer at Immedis

Joining us for this episode of the 3Sixty Insights #HRTechChat is Richard Limpkin, chief product officer at Dublin, Ireland-based global payroll provider Immedis. Richard and I spoke at length a couple times prior this. The insights we unearthed in those conversations were intriguing and, fortunately, the podcast captured the gist of these ideas as we reiterated previously covered ground.

When you think about it, payroll is perhaps the most concrete and most abstract aspect of human capital management. On the one hand, it’s an indisputable number of outgoing money every one or two weeks (for some organizations, once monthly). Mess with that number or its delivery, and an organization can very quickly have a mutiny on its hands as job satisfaction suffers an acute, palpable blow.

Above all, what must payroll be, without fail? It absolutely has to be timely and accurate, Richard says. He’s right, of course, and this applies to all payroll situations. Get payroll wrong or produce it late, and an organization immediately experiences the aforementioned potentially disastrous crisis of employee sentiment. Exacerbating matters is a strict regulatory environment reflecting the basic importance of payroll and governing how the organization must proceed to rectify the situation, whatever it is.

In the News:

theHRDIRECTOR – The HDPandemic Fallout and The Future of Work

Even as parts of the world return to a state resembling normal, the fallout from the coronavirus pandemic continues to unfold. Referring to this global event as “unprecedented” has become so commonplace as to be clichéd, and yet, the term hits the nail on the head. The unprecedented nature of this worldwide disaster renders its effects unpredictable, and as we march into the future, those effects continue to develop in ways we could only have guessed.

Pandemic lockdowns had an immediate and marked effect on work. Who could or should go to work, where that work took place, how it was done—these work life fundamentals changed overnight for the majority of the population. Had lockdowns lasted only two weeks, as first predicted in those optimistic old days, we might have snapped back to normal. Sixteen months in, no one can hope for a magical reset. The transformation of work translates to a transformation of employment. If the workforce is out of whack, so will be the job market and the future of work.

 

benefitsPRO – Getting leaders to think differently about talent

Although history contests the attribution of this quote to Albert Einstein, I think we can all agree there is no doubt in the essence of its truth: “Insanity is doing the same thing over and over again and expecting different results.”

Yet even with the lessons learned during the pandemic, many managers are applying the exact same hiring criteria that they did before: What technical skills does the external or internal candidate possess? How many years of experience do they have? Did they graduate from a prestigious university? It’s practically painful to watch the same tired tactics applied, knowing the outcomes will not be better.

The pandemic redefined the workforce

During the pandemic, over 20 million jobs were eliminated during a two-month period in 2020. In sharp contrast, ManpowerGroup’s latest employment forecast covering July – September 2021 found that 32 percent of more than 7,300 U.S. employers plan to increase staff in the third quarter. Employers in the education, health services, information, leisure and hospitality sectors are reporting their strongest hiring plans since they were first analyzed by ManpowerGroup in 2009. Meanwhile, the Achievers Workforce Institute found that 52% of adults surveyed in February 2021 are looking for a new job – up 35% from a year earlier. As voluntary turnover skyrockets, organizations will be faced with hiring for new roles and filling newly vacant ones too.

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