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Does an HR & employment risk cost saving software application(s) exist?
If corporate absenteeism alone costs businesses more than $100 billion annually, (not including turnover, grievances, rehiring, training, hiring mistakes, workers’ compensation claims as well as employee civil litigation,) wouldn't there be an immense need for a “real-time,” proactive human capital/workforce risk-management system? Wouldn’t C-level executives find it a necessity to have cutting-edge, early warning, decision support tools to address HR and employment risk at their earliest stage to improve financial performance and the retention of “high-value” employees. What if management had a secure 24/7, virtual MRI of their employees that could predict where and when employee problems are occurring, so management can proactively intervene? Would it not be important to address their issues before the company's net profits are affected? This would enable a company to identify and help ineffective managers and employees at a very early stage. A system that ties worker effectiveness as well as worker impairment with financial correlates provides C-management, with financial metrics showing the costs/benefits associated with absenteeism, tardiness, complaints, harassment, stress, discipline warning, injury, trauma, worker’s compensation claims and the solutions implemented. If a "real-time" program had the ability to proactively alert senior management by identifying problems at the individual, shift, department, division and/or subsidiary levels, and prevent costly employee problems from escalating, management would show a remarkable increase in net profits and shareholder value. Is anyone aware of such an application that ties worker effectiveness and impairment with financial correlates?
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2 Answers
Glenn, this is a really cool idea. Is this what SuccessFactors and the like are after? Admittedly, they don't have any predictive capabilities and lack the ability to correlate worker effectiveness with financial metrics. But like most enterprise software vendors, they will head in the direction of "prediction" and "financial impact" - they always do.
I do have one big question for you - can yo share a specific use case of how this would work? I'm very curious.
Jake - You can develop a list longer than your arm and I suspect, be it: SuccessFactors, Bersin, Booz, CedarCrestone, Hewitt, IBM, Kronos, Oracle (all would consider it the answer to "the $64K question.")
There are many successful cases. The answers are right under most executive's noses but connecting the dots means looking outside the box. Can you share why the interest, especially in a specific use case? I would be very interested in your background?
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