SigmaWay Blog

SigmaWay Blog tries to aggregate original and third party content for the site users. It caters to articles on Process Improvement, Lean Six Sigma, Analytics, Market Intelligence, Training ,IT Services and industries which SigmaWay caters to

Use of AI in retaining employees

Employees are the most valuable asset in any organization and your most valuable employees are often the quickest people to leave. The author in this article explores how you can use artificial intelligence to create systems that help meet your employees’ intrinsic needs and build the supportive and challenging environments that employees crave for. Read more at: 

https://it.toolbox.com/blogs/susanowens/5-ways-ai-technology-can-help-you-retain-employees-121818

 

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New Employment Trends of 2018

Today’s human resource leaders use technology extensively. They find skilled talent as well as engage and satisfy existing employees by leveraging technology. So, modern HR professionals must have equal competence in reasoning, fiscal acumen and office automation. This article explores the following entries reveal some employment trends that are emerging: 1. Telecommuting Is Growing in Popularity, 2. Leveraging Competitiveness to Increase Productivity, 3. Dealing with Domestic Violence Is No Longer Off-Limits, 4. Employers Are Finding Innovative Ways to Close the Talent Gap and 5. Employers Are Providing Pay Transparency to Increase Worker Satisfaction. Read more at:  

https://www.business2community.com/human-resources/5-trends-for-promoting-worker-satisfaction-02118880

 

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Inward looking Employee Innovation

To keep track with the increased competition in today’s business environments, business leaders look outward to find potential innovation. Facing competition from start-ups, established businesses are inclined to pursue mergers and acquisitions. Such outward looking attitude might cause leaders to overlook ideas of innovation available internally. With the help of digital collaboration tools, allowing for staff participation in innovation encourages teamwork and camaraderie. Inward looking innovation involves the following few steps:

1) Formalizing the program: Setting up innovation programs on whims leads to major failures and hence, such programs should be formalized with guidelines. Larger companies set up their own incubation centres where their teams operate as start-ups whereas smaller companies enable teams to embark on pet projects.

2) Breaking down data silos: Data silos decelerate growth and innovation programs should break down such silos. Participants should be allowed to tap on a variety of skills and perspectives by using collaboration tools like Trello, Slack and Conceptboard.

3) Track Progress:  There should be a time element in the program lest projects won’t progress. Making events out of program milestones is a good way to inject excitement.

4) Provide executive support: Leadership plays a critical role in any innovation program with the duty of keeping their efforts aligned with the business goals. The momentum should not break down. Proper planning is indispensable for efficient time and workload management. 

Such efforts bring concepts closer to reality and not only seek to generate bright ideas. 

Read more at: https://www.smartdatacollective.com/ways-nurture-employee-innovation-from-within-organization/

 

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Human Capital Management Software simplifying People Management!

Employees are the company’s most important asset and the HR department is critical in managing them. The HR department has huge responsibilities, right from recruiting employees to ensuring the employee’s rate, all the responsibilities fall under the HR department. With the pool of functions that an HR has to perform, the best would be to provide them with sophisticated HCM software which would make their work comparatively easy and more efficient. It is a tricky business to choose the best HCM software. We can either choose to have a specialized tool to perform one function efficiently. Or, we can go for a consolidated tool to help you manage all the HR process under one umbrella. These software save the company time and money, making the HR department more efficient.

To know more visit at: https://academy.whatfix.com/human-capital-management-hcm-software/

 

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Transformation of Human Capital Structure!

Great businesses are powered by great people. The term human capital signifies that the value of an employee can be measured and enhanced through investments in training, benefits, compensation and so on. And, of course, as the value of the workers has been growing in an organization, the software to manage HR functions and human capital has also evolved as well. Human resource information systems (HRIS) or human capital management (HCM), they arguably provide similar functions that are either part of, or integrated with, ERP software and go well beyond handling hiring, firings, payroll and benefits.

Read more at: https://www.cio.com/article/3269807/software/best-hcm-software-comparing-7-human-capital-management-platforms.html

 

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The Biggest important asset in an Organization - Human Capital

The companies that manage the human capital in the most effective and efficient manner are considered to be the most successful companies. Gary S. Becker, a Noble Prize-winning economist, coined the term “human capital”, saying that “the basic resource of a company is the people”.  With time, corporations are recognizing the importance of human capital more than ever. Companies are now beginning to understand that to stay on top of the global economy; they need to put more and more emphasis on developing and retaining their people. Cloud Computing infrastructure is the new salient trend in the IT industry which helps not only to expand business globally also provides a sophisticated and successful strategy to make business more reliable and flexible. Organizations need cloud-based HR system in upcoming days.

Read more at: https://www.hr-jump.com/blog/2017/10/31/why-is-human-capital-management-important-in-organizations

 

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Micro-content learning

 

One compact, focused and holistic approach for enhancing skills and developing the knowledge base of any newbie learner is micro learning. It makes any business context valuable in the ways by which it provides the right amount of information necessary to enable a learner to achieve their specific objectives and goals. Microlearning processes takes place either through evolving structures like weblog postings or social bookmark managers on the World Wide Web or through interface with micro content in designed media settings. Broadly speaking, it is used to describe the way people are actually doing informal learning and gaining knowledge based on Web 2.0 and wireless web technologies, in micro-content, multitasking environment and micro-media. Some of its vivid characteristics involve variety in the microlearning contents like game, video, quiz and so on; its granularity in narrow topics and concepts and brevity.  The benefits of microlearning spread over its capability in acquiring just-in-time learning and effective and varied learning. With its focus on isolated portions of learning, it is not so great when trying to connect incongruent elements of it into one consistent picture.

Read more at: https://www.efrontlearning.com/blog/2015/09/everything-you-wanted-to-know-about-micro-learning-but-were-afraid-to-ask.html

 

 

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HOW AI, ML AND ROBOTICS ARE SHOWING A LAY LAND TO MANAGEMENT?

We all are aware of the elevation in technology due to AI, ML and Robotics. Now lets’ see its impact on in the side of business management.

  Applying AI to a machine makes it capable to mimic human abilities. Nowadays, machines with their highly advanced skills of problem solving, planning, perception etc are able to recruit employees of the company. These machines are firstly being used by recruiters to do their jobs more effectively and efficiently, but also it helps the candidates to find most relevant job as per their qualification and job requirements.   

Want to know more about this? Visit:

https://www.peoplematters.in/article/hr-technology/heres-how-ai-ml-and-robotics-are-shaping-talent-management-18103

 

 

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Technology Trend in PEO

Technologies like SaaS has changed the PEO’s. A well-designed SaaS HRIS makes Human Resource easier, but a PEO who is also software expert will get much more value out of it than a small firm with little HR expertise or experience. According to experts, only 14 to 16% of SMEs are using PEOs and the number is likely to grow as the mega trend of starting small business continues. Advanced HR cloud technology in PEO helps them to hire the right people and will allow them to serve more customers in less time. Read more at: https://blog.hrcloud.com/hr-tech-creates-a-new-opportunity-for-peos

 

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Changes in Human Resources

The human resources department is the most valuable part of the organization. In the coming years, there are many changes that are sure to occur. One of them is change in the frequency of feedback, from multiple feedbacks to right feedback at the right time. The reviews of employers must be improve over time, else the employee turnover will gradually increase. Transparency among all levels of the organization must take place, as it is essential for the right working of the organization. The current youth will want more from the organization they will be working in. Read more at: https://www.businessnewsdaily.com/9383-future-of-hr.html

 

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ways to become a millionaire!

They are many ways of becoming a millionaire but working for someone might not be one of them. For someone with a family to support, leaving the safety of a salaried position is risky, even if it might be more lucrative down the road. If you’re set on becoming a millionaire, but you also want the security of working for someone else, here are a few options to consider.1.) Earn partner status: just look for the company that is going to turn into a partnership firm, there can be a way for you to enter. 2.) Take stock options: many companies offer stock in addition to a small salary, one can accept, as there are more chances of growth. 3.) Savings: savings is more essential than earning more money. 4.) Invest wisely: Many entrepreneurial-minded people are skilled at spotting a solid business concept and putting their money into it. 5.) Taking over business: Eventually, the business owner will retire or move on to other ventures. That could be your chance to shine. 6.) Start a side business: Once your day job ends, your side hustle should begin. With today’s technology, you don’t have to invest in a physical office and a team of employees to start a new business. Read more at: https://www.entrepreneur.com/article/296361

 

 

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Start ups: Not that hard to open

In today’s fast life every single one, once in a lifetime, thought of a start up. But only few do that and some of them survive. So here are some points one should consider before starting up. 1.) Do proper research: Being impulsive can be a huge mistake so first create a list of advantages and disadvantages you will face when quitting your job. 2.) Create a business plan : After doing proper research about it, one need to put it on paper, so that is something you can show to potential investors, partners, and other company stakeholders. 3.) Funding: Of course, funding is important to the company but before it one need to have his/her own personal finances in check whether it for rent, insurance or pocket expenses. One need to be stable in that before funding a company. 4.)Structure: After that one have to decide between different entities of business 5.) Network: One can take help from his network. 6.) Positivity: Be positive about what are you doing. Read more at: https://www.entrepreneur.com/article/294251

 

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HR LEAPING TO HUMAN CAPITAL MANAGEMENT

HR is no longer limited to performance appraisals, resolving the feuds and ensuring the payments are received on time, rather now, the role of HR has become way more diversified and complex. According to the author, following are the views expressed by the HR experts on providing the best Human Capital Management: 1) Instead of focusing on the best performers and new recruitments, every employee's talent should be encouraged towards betterment. 2) Keeping in mind the personality of an employee while interacting with him. 3) Identifying and choosing the right technology for the management of employee data. 4) When it comes to communication, it should be straightforward without letting the morale of employees down. 5) Being updated with the changing environment and trends. Read more at http://www.drakehub.com/knowledge-hub/2017/6/hr-evolves-into-human-capital-management/

 

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WHY THESE DAYS REFERENCES ARE NOT INCLUDED IN RESUMES?

Earlier we were including references and career objectives but now we are not including it because of the new modern trend that is going on. The main reason behind is it makes your resume look old or outdated. One thing we can do is, we can provide one reference upon request or if they ask for it. This doesn’t mean that we should not have a reference list or carry a reference list. We should carry it separately, which upon asking we can quickly and easily show them. This ultimately will show a respect and dedication towards a job and hopefully it may get u a place in his organization.

Read more at: http://www.business2community.com/human-resources/no-shouldnt-include-references-resume-01807149#32CvpADKecwbQ5Hb.97

 

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Why and How to recruit mature workers after their retirement

Matured retired workers have good experiences and developed skills from their lifetime of work. Recruiting them would be considered as good business for any organization and also potential retirees want to work to enjoy work-life and also income. The recruitment will work out if the workplace is age- friendly and the young employees delete the concept of age-difference and consider them as good influence to the company. Mature workers are more loyal, keen to learn new techniques and also have a good network of professionals and marketing contacts. To reach out to older workers, companies should use the talent recruitment agencies that focus on senior candidates like AARP. Demographic forces are prompting organizations to adopt this strategy for better ROI. Read more at :

 https://www.td.org/Publications/Blogs/Human-Capital-Blog/2017/06/The-Art-of-Recycling-Retirees-and-Potential-Retirees

 

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HR Tech Periodic Table

A periodic table has been constructed to highlight 131 privately held HR tech companies which were chosen based on CB Insights data on total funding, recency of funding, quality of investors and strength of Mosaic score. The HR tech category broadly includes software in workforce management, payroll, benefits administration, employee development, along with recruiting and staffing platforms and excludes staffing agencies, event and office space management software, and operations companies that provide office cleaning and management. The periodic table  categories into- flexible hiring, candidate management, staffing/scheduling, tech hiring, job board/resources, HR automation, compensation/benefits, workplace culture, screening/vetting, career development and college/graduate hiring. Read more at: https://www.cbinsights.com/blog/hr-tech-startups-periodic-table/

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The Future Of Work: The Intersection Of Artificial Intelligence And Human Resources

According to authors, AI and Machine Learning algorithms, introduces us to an era of intelligent conversational environments , by  bringing about a paradigm shift in technologies and strategies ,thereby collaborating the rate of progress in business and process for automation, thus making an enterprise more smarter ,flexible and conversational. AI mainly focuses on making support systems more efficient across a multitude of applications, processes and business domains, bringing about intelligent collaboration capabilities to the emerging Conversational Workspace platforms, improving workflows, automating repetitive tasks and initiating automated interactions via voice assistance ,thereby, helping an organization to take better decisions and grow. Read more at https://aitrends.com/speech-recognition/idg-contributor-network-the-growing-impact-of-artificial-intelligence-on-workplace-collaboration/

 

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Product Platform

Five of the 10 most valuable companies in the world today derive much of their worth from their multi-sided platforms. Many MSPs are more valuable than companies in the same industries that provide only products or services. However, companies that weren’t born as platform businesses rarely realize that they can turn their offerings into one. And even if they do realize it, they often wander in the dark searching for a strategy to achieve this transformation. In this article, four specific ways in which products and services can be turned into platforms and examine the strategic advantages and pitfalls of each are laid out: (1) opening the door to third parties; (2) connecting customers; (3) connecting products to connect customers; and (4) becoming a supplier to a multi-sided platform. Read more at: https://hbr.org/2017/07/finding-the-platform-in-your-product

 

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AI and aerospace

The aerospace companies are now studying ways to make safer the current autopilot technology. In near future, the crew will be removed from the plane. According to Boeing Vice President Mike Sinnett, the most important tool for making autopilot safer is Artificial Intelligence. The autopilots should potentially reprogram themselves according to situations which are not possible without AI and Machine learning.Read more at:https://www.entrepreneur.com/article/295609

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Reskilling is the best option

A huge amount of digital data is getting piled up every day and to deal with that the technology recruiters are valuing the skills in data visualization, data science, machine learning and data analysis the most. These skills in data analysis help the companies to give more insight about the data and help to predict a better future. With the courses on data science people are now showing immense interests in machine learning and data visualization tools. Professionals are willing to upskill to keep pace with the automation. Read more at: http://economictimes.indiatimes.com/jobs/techies-reskill-to-log-on-to-big-data-deluge/articleshow/58103804.cms

 

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