Talent Management - July 2008 - (Page 50)

dashboard by Paige Vesuvio Make HR a Proﬁt Center: Automate Technology to Gather Tax-Credit Data Talent managers probably are more familiar than they’d like with the phrase “the bottom line,” but government-sponsored tax credits for new hires is one way to make money while executing a necessary talent function — and technology can help . During the past 10 years, the C-suite view of the HR function has changed dramatically. Part of this change has come as numerous demographic, economic and business trends have converged. An enduring war for talent, the accelerating pace of business, intensifying competition and deepening globalization all are forcing businesses to differentiate and grow on the strength of their talent benches. And as talent issues loom even larger on CEOs’ radars, so do the people and processes responsible for identifying, recruiting and developing that talent. Yet, as much as growing C-level attention to HR strategies has elevated HR executives’ corporate standing, it also has increased scrutiny of their departments, as well as heightened expectations for what those departments must achieve. With economic pressures weighing heavily these days, recruiting and retaining talent that will grow a business isn’t enough for today’s high-level talent manager. HR executives must do all that and lower costs, or even generate new revenue streams. Dialogue in HR circles increasingly is focused on strategies to transform human resources into a proﬁt center. But the conversation, while lively, has been more theory than practice for many organizations. Some companies have generated HR department-driven revenue streams by launching consulting practices through which they’ve sold their HR expertise and best practices, but that’s a strategy applicable to very few. There are a growing number of companies, however, that have been able to make measurable progress toward HR proﬁtability goals by leveraging sophisticated HR technologies in innovative ways. These companies are learning ﬁrsthand that HR technology solutions aren’t just about automating manual processes. The most effective technical solutions help companies streamline existing processes in ways that add new value. One of the areas generating the most interest from employers — and the most revenue — is using technology solutions to make better use of state and federal ﬁnancial incentives. These have been available to employers for quite some time, but it’s often too difﬁcult or too labor intensive a process for companies to actually make good use of them. Leverage WOTC Beneﬁts More Effectively As HR professionals are increasingly using technical systems to streamline hiring processes and decrease time to hire, automated hiring management solutions are becoming more prevalent. According to research conducted by the Aberdeen Group, “in-house or hosted automated hiring management systems are rapidly becoming commonplace in companies of all sizes. These systems, which manage the recruiting, application tracking and hiring processes, are used by 85 percent of companies with 5,000 to 10,000 employees and 69 percent of ﬁrms with 50 to 1,000 employees.” Automated hiring management systems also provide organizations with an opportunity to turn their human resources departments or talent management functions into proﬁt centers by screening all job applicants for tax-credit eligibility. The Work Opportunity Tax Credit (WOTC) is a ﬁnancial incentive provided by the federal government to en- 50 July 2008 talent management magazine www.talentmgt.com http://www.talentmgt.com

Table of Contents Feed for the Digital Edition of Talent Management - July 2008

Talent Management - July 2008 Editor’s Letter Human Performance Leading Edge Learning Connections Guest Editorial Passive Candidate Recruiting: Evolving with a Changing Workforce How Do They Feel? Sec Regulations and Executive Compensation Performance Management: A Retail Perspective Train the Non-Trainer Management-Go-Round: Developing Future Leaders Netflix Creates Its Own Script for Talent Management Intuit Spotlights Strategic Importance of Global Employee Recognition Make HR a Profit Center: Automate Technology to Gather Tax Credit Data Offshoring and the Impact on Talent Management Advertisers’ Index Editorial Resources Full Potential

Talent Management - July 2008

For optimal viewing of this digital publication, please enable JavaScript and then refresh the page. If you would like to try to load the digital publication without using Flash Player detection, please click here.