Finishing 2024 Strong: Year-End HCM Technology Strategies

This story is a guest contribution from Covalence Consulting, a firm providing people-focused HCM technology consulting and implementation to boost engagement, improve compliance, and increase agility.

Have you ever heard the saying it’s not how you start, it’s how you finish that counts? As we enter the final stretch of 2024 and look ahead to 2025, now is the perfect time to reflect on your HCM technology strategy and plan for what’s next. Check out the following expert tips designed to help you close out the year on a high note and prepare for success in the new year.

Let Your HCM Technology Data Guide You

Thanks to modern HCM technology, we now have a critical advantage that we didn't necessarily have in the past—a wealth of data and analytics tools. See what tools your HCM solution offers and leverage their insights to create a forecast of your upcoming needs for the new year. You can use the data to look for workforce trends that happened over the past year, including changes in employee engagement levels, scheduling, productivity, and other areas.

Optimize and Evaluate Workflows

The end of the year also the perfect time to analyze and evaluate your workflows over the past year. Consider which processes gave you the most headaches and how you'd like to adjust them moving forward. Even minor optimizations and workflow adjustments can significantly benefit your organization. Not sure where to start? Ask yourself these questions:

• Evolving business needs: Did you change business policies or processes? Were you involved in a merger, acquisition, or restructuring?
• New technology integrations: Are you having difficulty integrating with other new software or platforms, or do you need a more efficient data flow between your platform and other systems?
• System issues: Are you experiencing issues like slow system response times, regular crashes, or high error rates?
• Reporting and analytics: Are your reporting tools delivering subpar insights? Is your data is fragmented or difficult to access? Do you lack real-time data for decision-making?

If you answered yes to any of these questions, you might need to evaluate and optimize your HCM technology system.

Unlock Your Potential With AI 

The buzz around artificial intelligence has been happening for several years, but in 2024, AI is booming in almost every industry, including HR. In fact, according to the latest State of AI report by McKinsey, the HR industry saw the most significant business cost decreases when using AI. If this research tells us anything, part of your strategy heading into 2025 should involve implementing or refining your use of AI in your HCM technology. AI can make work easier and more accurate and save your organization money in the long run. From workforce planning, automated timekeeping, employee engagement, self-service tools, chatbots, and training tools, there are many options to help you achieve success in the new year.

Review and Strengthen Your Compliance 

Compliance standards will continue to change and evolve over time. When changes like new mandates, laws, data privacy rules, and tax rules happen, a modern HCM technology platform can help you ensure that your organization complies with current laws and enters 2025 prepared for any changes. 

When reviewing compliance, consider specific areas such as data privacy, tax regulations, and labor laws. Look for gaps or areas for improvement and develop a plan to address them in the new year. The cost of not keeping up with your compliance can cause you to incur legal fees and expenses, but it can also hurt your organization's reputation and lead to less trust from your employees. By tackling compliance challenges at the end of the year, you can look forward to starting the new year with these benefits:

• Enhanced efficiency and streamlined operations
• Reduced chance of manual errors by automating compliance tracking and risk management
• Increased time for HR resources to focus on other initiatives

• More trust from promoting a culture of fairness and transparency

   

Prioritize Your People 

With all the talk of AI, automation, and advancements in HCM technology over the past year, sometimes the core of an organization—its people—can be overlooked. According to Gallup's State of the Global Workplace: 2024 report, in 2023, global employee engagement stagnated, and overall employee well-being declined. The report showed the vicious cycle of low employee engagement, with disengaged employees being 18% less productive and having a higher chance of turnover. This low engagement costs businesses globally over $450 billion per year. 

Employee engagement and satisfaction should be at the top of mind heading into 2025. Tools like employee surveys can help organizations gain real-time feedback and proactively design engagement strategies to help boost company culture. You can also see what tools your HCM technology system offers to help promote a healthy work-life balance for employees, including automated time-off tracking, shift swapping, mobile capabilities, and self-service portals for payroll, benefits, and time-off requests. These tools give employees flexibility and control over their schedules, helping to reduce burnout, increase job satisfaction, and drive engagement.

HCM Technology Resolutions 

Your end-of-the-year strategy should not just be about closing the books. As we wrap up 2024, be sure to take some time to reflect, evaluate, and set the tone for the new year ahead and realize the full potential of your HCM technology.

Looking for help with HCM implementation, optimization, and consulting? Visit Covalence Consulting on the UKG Marketplace to learn how their solutions break down the barriers between HR technology and workers by simplifying the complex, automating the transactional, and driving adoption across the business.