Lastly, to retain talent, being proactive and respecting recruitment practices pay off, and can be improved by good growth practices. Having a crisis management team to handle exits is good. Software solutions support crisis processes by way of exceptions handling. In medical emergencies, rulebooks can be disregarded through management intervention. Exiting employees can be retained through changes in assignments, locations, and telecommuting programs - all of which might need exceptions handling, as decisions vary with the individual employee. It is not a good practice to attempt retention only through increased compensation, although this does happen, especially when the organization hasn't been able to keep up with the industry average.
Some new ideas include social HR and gamification, the success of which has been proven in selective scenarios such as P2P training and recruiting. At Ramco, the future road map includes an alumni portal, so that the final aspect of employee retention is also taken care of.
All business leaders need to measure ROI. How does one calculate ROI for the adoption of a SRP platform for an industry such as services, which has very few hard assets?
The ROI of a resource-centric industry is driven by the ability to link revenue, timesheets and payroll. This link provides the traceability required for measuring the services sector's ROI.
There are multiple ways of measuring the ROI of niche products such as SRP. One such method is to measure the level of automation achieved by the product, which in turn empowers users with the right information at the right time. The higher the level of automation, the better the user's networking and ability will be.
Another method is to measure the channel costs, where multiple disparate systems require more human effort than a single end-to-end product connecting all the departments of the organization. Better product coverage reduces channel costs, thereby reducing human effort and increasing ROI. As previously mentioned, it helps stakeholders derive more value from their human capital assets.
In the near future, which areas can we expect to see fresh innovation for SRP platforms?
SRP as a product is experiencing rapid growth alongside the developing needs and complexities of the services industry. In a recent innovation, Ramco developed a unique portal capability called 'Integra', which provides a common window for customers, employees, staffing agencies, and staffing associates to interact with one another. We are also working on applying client-specific policies to staffing associates, thereby providing a context aware environment for users to carry out transactions on a daily basis.
Going forward, the industry focus will be on enhancing the end-user experience, increasing the number of transactions available on mobile devices, making the product more context-aware and intuitive, and providing Google-based analytics. Documents abstracted for the customer, such as proposals and contracts, will be available as data models for future analysis.
Sign up for CIO Asia eNewsletters.