Did you know a recent Harvard Business Review survey found that 86% of respondents said siloed data prevents the CFO, CHRO, and CIO from making informed workforce decisions? [1] In contrast, an HR Research Institute study shows that only 21% of surveyed organizations have the ability to blend HR data with non-HR data (i.e. finance or operations data), and of those nearly 50% have barely used [data] integration. [2] The same study concluded that organizations seldom make high or very high use of predictive analytics.
Enter ‘The ‘Great Resignation’: resulting in 25 million people leaving the workforce in the first seven months of 2021 [3], with more to leave given a 40 million total year projection [4].
Considering that employers are spending an average of 33% of a worker’s annual salary to replace just one employee [5], the cost of employee turnover on its face is astronomical. But, the cost of its impacts in every corner of the business could prove more worrisome.
The Unified ERP and HCM Imperative
Given current workforce trends and its associated expenses, a front-and-center benefit of unifying ERP and HCM is gaining real-time visibility into business health through a single common data model. Using AI-driven analytics across your back-office allow you to uncover and connect latent data to identify critical areas of focus, predict business outcomes and learn what to do about it. Suddenly, extraordinary questions that help seek connections between HR data and finance and/or operations data become ordinary as answers are easily attainable for quick, accurate decisions. For example,
Is absenteeism impacting sales, the spike in late product deliveries, or the surge in call center payroll expenses? What are the top retention issues in ‘X’ locations in country ‘A’, and how do they stack up to our competitors? Which business units are forecasted for high turnover risk and what can we do now to avert it?
The 3rd edition SaaS For Dummies® ebook makes it easy to learn more about how you can capitalize on this real-time visibility benefit and other benefits of a connected human resources, finance and operations platform.
| Business Continuity | Streamlined Processes | Real-time Business Snapshot | Lower Cost of Ownership | Continuous Innovation |
| Ensuring business continuity with one secure HR, finance, and operations cloud | Digitizing connected business processes that scale and drive data seamlessly through end-to-end transactions | Gaining visibility into business health through a single common data model that can deliver intelligence-driven outcomes | Lowering total cost of ownership by reducing complex integrations and maintenance | Continuously innovating with quarterly software updates |
Connected Workforce Intelligence
We’ve discovered most companies understand the importance of unifying data across ERP and HCM but are ill-equipped to do so, and rarely use predictive analytics. The 3rd edition SaaS For Dummies® eBook states, “You need to work with a cloud provider that can deliver a unified view of all your business data from all your different sources.” Oracle Fusion Analytics can connect data across HCM, ERP, and Supply Chain Management domains for holistic workforce insight, and allow access to other Oracle and non-Oracle data sources with 50 native self-service connectors. Using cross-functional analytic views (i.e. workforce trends and impacts) can foster synergistic partnerships among the CFO, CHRO, and CIO to improve decision-making, forecasting, planning and cost savings.
To learn more, download the 3rd edition SaaS For Dummies® eBook here and visit Oracle Fusion HCM Analytics and Oracle Fusion ERP Analytics to learn more about Oracle’s machine learning-based analytics solutions.
Sources:
[1] Harvard Business Review Survey, https://www.oracle.com/explore/finance-hr-unified-solution/hbr-report-cio-finance-hr?lbmode=overlay&source=:ow:o:s:mt::RC_WWMK210115P00043:NA21_ERP_Q3_C13_M0601_S041YZ17_DS145_T10&intcmp=:ow:o:s:mt::RC_WWMK210115P00043:NA21_ERP_Q3_C13_M0601_S041YZ17_DS145_T10
[2] HR Institute Research Survey, https://www.oracle.com/a/ocom/docs/applications/human-capital-management/hrt-talent-analytics-hrdotcom.pdf
[3], [4]: “The Pandemic Pushed Millions of U.S. Workers to Join The ‘Great Resignation.’ Here’s Why”, https://www.pbs.org/newshour/show/the-pandemic-pushed-millions-of-u-s-workers-to-join-the-great-resignation-heres-why
[5]: “The Real Cost of Employee Turnover in 2021”, https://www.verstela.com/blog/cost-of-employee-turnover/
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ABOUT THE AUTHOR
Stephanie Foster
Stephanie Foster is the Senior Director, Cross-SaaS and Industry Product Marketing for Oracle
