The new product will facilitate identification, remediation, monitoring and management of risk, as well as segregation of duties and prevention of fraud.
Technology is playing a bigger role in the management of human resources today. Organisations are implementing technology in their human capital management system. Technology is enabling them to better hire, onboard, retain and engage employees. Implementation of technology is helping them get insights about their employees and plan activities to better respond to the changing workforce needs.
However, it is important that organisations have the right technology to successfully manage, retain and optimise the employee experience and respond to changes in workforce needs.
To better manage the workforce, Oracle has released the latest Oracle Human Capital Management (HCM) Cloud with new features. This HCM Cloud comes with three fresh applications, major user experience enhancement and extension to existing HR modules.
The release of Oracle HCM Cloud combines major HR functions on one platform to enable collaboration, optimise talent management, provide complete workforce insights, increase operational efficiency and make it easy for everyone to connect on any device.
The new release includes powerful recruiting features based on artificial intelligence (AI) as well as new health, safety, governance and risk capabilities.
Chris Leone, senior vice president, Oracle Applications Development, says, “The latest additions to Oracle HCM Cloud incorporate simple but powerful features that enable organisations to leverage the latest innovations, to anticipate and plan for the future”. He further added that “By combining innovations in AI and user experience with major enhancements to core HR modules, we are able to help HR leaders drive digital transformation and positive business outcomes.”
The new release has Oracle Recruiting Cloud—a recruiting solution, which provides more robust sourcing and comprehensive recruiting capabilities. With this product, recruiting organisations will be able to make proactive campaigns and identify future pipelines of talent ahead of its demand. Existing employees will have access to internal opportunities and potential career paths available in the company. They can judge whether their skills match the openings and whether their career preferences align. Also, they can find out if there is any learning opportunity available in the company.
On the other hand, external job candidates can access helpful chatbots to discover more information about positions of interest and the company’s recruiting process to help increase candidate engagement and conversion.
Human resources information technology (HRIT) organisations will benefit from the streamlined administration and ongoing maintenance that comes with everything being on a common platform. This will eliminate challenges of account management, single sign-on, data integration and reporting.
The new product incorporates a workforce health and safety management system. It will help in incident management, capturing critical event information with tailored data based on the type of incident reported. It will also be able to track actions to remediate the root cause of the safety issue, safety dashboards, and reporting support to help ensure proper action is taken in compliance with Occupational Safety and Health Administration (OSHA) US standards.
It will also help identify, rectify, monitor and manage risk. It can segregate duties and prevent fraudulent activities.