At Oracle, we make our customers (and their employees) the focal point of our business. We focus on providing the right applications, cloud technologies, and best practices to help our high-growth customers succeed. And we have the customer stories to prove it. And the key to that success is helping our small-to-medium business (SMB) customers measure their business outcomes.
Therefore, we worked with many of our Oracle HCM Cloud customers to gather data points around productivity and those improvements that directly impact productivity. Based on the customer data we collected, first-year improvements from Oracle HCM Cloud were impressive.
The key capability that derived the greatest value for customers with an Oracle HCM Cloud implementation was an improvement in “financial reporting productivity.”
With Oracle HCM Cloud, customers were able to provide a consistent reporting environment thanks to a variety of self-service tools. Reporting productivity improved a whopping 79 percent on average. Specifically, our customers realized improved capabilities thanks to a variety of self-service tools that reduced process inefficiencies and the number of manual reports that had to be generated. They were able to take full advantage of Oracle HCM Cloud’s analytical capabilities to identify trends, areas of improvements, and were they hit home-runs. Finally, by providing reports with context provided actionable insights to executive decision-makers, making talent acquisition and retention a much easier process.
Thanks to the robust self-service tools within Oracle HCM Cloud, HR staff members were able to reduce the time spent on routine activities; enabling them to focus more on strategic activities like employee engagement, learning management, succession planning strategies, recruiting strategies, etc. In all, HR staff productivity increased by 34 percent on average.
Engaged workers are productive workers. In fact, companies that placed a priority on employee engagement saw an 81 percent increase in productivity. With Oracle HCM Cloud, customers (whether they are focused on engagement or not) enhanced employee engagement by 15 percent, all from a cloud platform that provided a more effective performance and goal management process and being able to align employee goals with their company’s strategy and vision.
Finally, Oracle HCM Cloud customers were able to decrease their overall attrition rates by 11 percent. They were able to get the right people in the right jobs. A breakdown of labor turnover statistics from the U.S. Dept. of Labor show that resignations constitute 60 percent of total separations (far higher than the highest number of layoffsꟷat 30 percentꟷand retirementsꟷat approx. 10 percent). Losing an employee and all their tribal knowledge and then working to replace that employee is very costly. In fact, for all positions, except for executives and physician’s jobs that require particular skills, the typical (median) cost of turnover was 21% of an employee’s annual salary.
Customer evidence shows that your employees are critical to driving transformational strategies—as well as improving the customer experience and innovation. With Oracle HCM Cloud, customers gained the time to analyze the needs, wants, and skillsets of their employee base to improve employee engagement, provide more learning activities, and reduce voluntary attrition.