For finance and insurance organizations, the past decade has ushered in a whirlwind of change. Following the subprime mortgage crisis of 2006, scrutiny over financial management, risk assessment, and security measures vastly increased, and rate changes from the Fed have made tight profit margins even tighter for U.S. banks. Additionally, innovations such as Bitcoin, PayPal, LendingClub, and Kickstarter are further disrupting the industry as they become household names and trusted, viable alternatives.
To remain competitive, finance and insurance organizations are doubling down to improve efficiencies. In many cases, this involves prioritizing their people and optimizing human capital strategies. Here are four ways advanced human capital management (HCM) technology can realize business goals for finance and insurance organizations in 2018, and in the years ahead:
- Optimize employee productivity. With such a significant percentage of operating costs going to human capital, productivity is essential. HR-related tasks—such as onboarding, time management, and compliance training—need to be conducted as efficiently and as transparently as possible.
- Reduce risk and improve security. Data security is a top priority. Automated data, role-based access, and multi-factor security measures help ensure adherence to Sarbanes-Oxley Act (SOX) compliance and significantly reduce risk factors for financial organizations.
- Improve compliance. Dodd-Frank reform has changed the way most organizations work with auditors to address compliance. Advanced reporting capabilities make it easy to adhere to strict regulations, and leading HCM solutions can even create specialized ad hoc compliance reports.
- Increase Retention. Predictive analytics can forecast everything from performance to retention, allowing leaders to take proactive steps to keep their top talent.
Discover more on how leading finance and insurance organizations are using HCM technology to better serve their people and their business.
Ultimate Software’s #12DaysofHCM is back by popular demand! During these two weeks, we’ll recap some of the most talked about topics from 2017, and preview what’s ahead for 2018.