Human resources in the cloud offers anytime anywhere access to HR, payroll and employee KPIs, but going public means a business has to be careful about the software they choose for cloud based HR.
Going public is a massive transaction that requires new levels of transparency and reporting while increasing the demand for security. When preparing for an IPO, businesses often do not have the enterprise technology systems they need to handle reporting and compliance for publicly traded businesses. The cloud offers quick implementations and costs savings, but recent concerns over cloud security make it difficult to pick a solution that is right for public companies. With that in mind, we created a series of blog posts on going public in the cloud to help you make more informed decisions about you next enterprise management solution in the cloud. So far the series has covered:
In this third installment we will talk about Human Resources in the cloud for public companies.
For business owners, going public means they will be spending a lot less time in the office. Whether traveling for your IPO road show or meeting with stakeholders or seeking new business and acquisitions, being at the helm of a public company requires putting in mileage. It also requires investor relations and public relations experts to sell the business, and continue to drive interest in the company after the IPO.
Businesses with highly efficient human resources departments see improved financial performance over their competitors with less effective HR resources, according to a recent report from the Boston Consulting Group (BCG).
“HR functions need to connect by partnering with stakeholders both inside and, increasingly, outside of the company to improve operational and financial performance,” said Jean-Michel Caye, BCG’s senior partner and coauthor of the report.
Human resources and payroll will only get more complicated as a business grows its staff and reaches into new markets and new currencies.
“Companies need to create an impact by using KPIs and steering tools to support the organization and its strategic goals and by concentrating on developing talent pipelines and shaping organizational behaviors,” said Pieter Haen, former president of World Federation of People Management Associations who coauthored the BCG report.
While there are many standalone solutions for human resources in the cloud that can be rubber banded together with entry-level accounting, public companies need more sophisticated solutions. Companies that deploy enterprise resources planning solutions with integrated human resource functionality and customer relationship management (CRM) and reporting in the cloud will have a competitive advantage.
And when a solution is available in the cloud, business owners get anytime anywhere access to accounting, human resources, payroll and all other business information so they are never really away from the business while they’re on the road. But not all cloud solutions are suited to the requirements of publicly traded businesses.
Here are five questions to ask about human resources in the cloud when considering solution for public companies.
- Does the solution offer full cloud access so you can seamlessly manage your people while you’re on the road via a highly secure, compliance validated infrastructure?
- Does the solution offer fully integrated human resources functionality that lets you recruit and maintain the top talent, including investor relations and public relations experts?
- Does the solution deliver real-time employee KPIs for more strategic delegation and reorganization as you perfect your business model in preparation for going public and wooing new investors?
- Does the solution deliver role based user access restrictions, automated reports and integrated CRM workflows to improve transparency and give stakeholders access to information they need with read and write capabilities you decide?
- Is the solution flexible and scalable with simplified payroll and employee tax to help you grow your staff, while offering self-service employee portals that are protected by the highest levels of security, encryption and confidentiality?
Check back soon for the next article in the series, or watch this video to see how mobility can streamline processes from accounting, AP&AR and human resources and payroll.
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