Human capital has replaced financial capital as the new source of competitive advantage. As one of the largest items on the balance sheet, organizations are concerned with how well they manage this asset in order to maximize their investment and generate superior performance. Over two-thirds of HR leaders cite leadership and technical talent gaps as their top obstacles to meeting this challenge. And 45% of business leaders believe that fresh college graduates do not have the entry level skills they need to start work without training.
Learn how HR leaders can leverage on video-enabled business applications to empower their human capital strategies.
The best talent for the job might be located anywhere in the world. The best companies know this and have widened their talent pool accordingly to recruit the best talent.
- 14 of the 100 best companies to work for have over 50% employees outside the US
- 27 of the 100 best companies to work for have over 25% employees outside the US
Making globally dispersed workforces effective and productive requires innovative uses of unified communications technologies to keep everyone engaged, facilitate teamwork, and drive better, more informed decisions faster.
The use of online video in the hiring process jumped a staggering 320% from 2010 to 2011. Why? Not only is the process faster, but the results are also better.
- 95% retention rate for candidates chosen through online video interviews
- 54% of employees screened through video interviewing achieved goals on time as opposed to 43% hired the traditional way
- 82% of candidates chosen via video interviews delivered 12-month milestones on time
Not only is video interviewing more effective, but it is also less costly. Video saves as much as 67% of travel costs associated with in-person interviewing
Onboarding people effectively and efficiently is critical to any organization. But it is typically a lengthy and costly process. The average position takes about 45 days to fill, but many positions take much longer, especially as vacancies appear higher up the corporate ladder.
Live video interaction is a practical human resource solution and improves many aspects of onboarding:
- Eliminate travel and reduce scheduling complexities
- Create an effective training environment for remote participants when using integrated video and content sharing
- Achieve critical mass for training sessions by having geographically dispersed employees participate together
- Join from anywhere using a computer and webcam or video-enabled mobile device
- Record sessions for on-demand playback and subsequent onboarding
Newly hired employees get a fairly standard “probationary period” of about three months to prove themselves. But an astonishing number, from hourly workers to executives, do not succeed.
- 1/2 of all hourly workers leave new jobs within four months
- 1/2 of senior outside hires fail within 18 months
HR plays a huge role in whether new hires succeed and in whether the most successful new hires stay on. Many are using integrated video, audio, and content collaboration to:
- Support flexible working/telework and home/remote office work as an incentive beyond remuneration
- Create a productive work environment where employees can easily communicate and work through video collaborate with peers, management, and experts across the organization
- Establish mentorships without regard for geographical location
Offer on-demand and remote access to live training using video to support career development and personal growth plans
HR leaders rank “growing talent internally” as their top strategy to meet the human capital challenge. This takes great training and many human resource tools. Bersin & Associates found that organizations with a strong learning culture are:
- 92% more likely to devise novel products and services
- 56% more likely to be first to market
- 53% improved at responding to customer needs
But globally distributed workforces present challenges to the corporate training budget and obstacles to its effectiveness.
- Only 20% of all online courses are ever completed because the training is not engaging
- As much as 50% of the average training budget is used for administrative tasks such as planning and coordination
Video collaboration technologies can help solve these challenges, but also critical is video asset management, so that the right training is available to employees at the right time when they can take advantage of it.
A recent Wainhouse Research/Polycom survey on the usage of video telepresence found that for individuals, video helps remote workers feel more connected to their colleagues: 87% said that video conferencing allows them to work remotely without feeling disconnected.
In a world where as much as 70% of workers say they are not engaged at work, improving engagement and making employees feel more connected is critical.
But so is ensuring security of communications across all networks and devices, and ensuring that it is all easy to use so that employees will actually use it.