When Innovations Meet Human Capital
In today’s rapidly evolving digital landscape, technology is revolutionizing various industries, and Human Capital (HC) is no exception. The integration of technology in HC is driving a transformative wave, reshaping traditional practices and empowering HC professionals to become strategic business partners.
As a Human Capital team, we have played a critical role in shaping the company’s talent strategy, enabling us to attract top-notch professionals with the ideal combination of financial expertise and technological skills, all aligned with our company’s core values. Our focus on leveraging data-driven insights and emerging HC technologies has allowed us to optimize talent management and create a high-performing workforce.
At Space International, we are creating the first regional cross-border digital banking platform. Space was launched in Georgia in 2018, and at that time, only 20 people were working in the company, but as of today, the company has more than 300 employees. Consequently, the growth of the team was so fast that it was necessary to introduce modern changes.
Certainly, in a startup environment, when we were initiating our business and establishing our human capital processes, we had manual processes that were of critical importance to automate. The digitization of HC processes was one of the most significant challenges for our team.
I want to share with you the management and automation of performance management processes, as well as their digitalization, which has played a crucial role in improving efficiency, transparency, and overall employee performance and satisfaction.
Performance Management:
Performance management is at the core of every organization’s success, and it’s a field that has seen remarkable transformation in recent years. This process is all about evaluating employee productivity and engagement to ensure that their contributions align with broader business objectives. When done right, performance management not only motivates employees but also equips them to reach their maximum potential.
At our fintech company, we embarked on a journey to reinvent performance management, and technology played a pivotal role in our success. Our story is a testament to the power of digitization, transparency, and data-driven decision-making in fostering a high-performance culture.
The Digital Advantage:
What sets us apart in this process is our embrace of digital technology. We digitized the entire performance management system, streamlining it into a three-stage structure. Our highly customized software, tailored to our specific needs, played a pivotal role. It not only streamlined the process but also allowed us to recognize and store valuable data efficiently.
Moreover, our software enables us to visualize data in various ways, providing us with actionable insights that were previously inaccessible. This data visualization empowers us to make informed decisions and fine-tune our strategies for even better performance outcomes.
We consider several factors, such as how valuable someone is to the company, how well they perform, how engaged they are in their work, and the importance of their contributions.
Once we’ve gathered all this information, we create a personalized career plan for each person. This plan is built on what we’ve learned from the assessments and is designed to support their growth and success within our company.
Employee and Manager Collaboration:
Central to our approach is the active involvement of both employees and managers. They engage in a structured evaluation process, assessing each other’s performance using a concise questionnaire. Subsequently, one-on-one meetings are held to discuss these assessments, share feedback from both sides, and gather team input to establish clear goals for the future.
Supervision by the HC Team:
While employees and managers play the primary roles in this process, our dedicated Human Capital (HC) team supervises and ensures its proper management and execution. Their expertise and oversight are instrumental in maintaining the integrity of our performance management system.
The Power of Data-Driven Insights:
At the conclusion of this process, we utilize Human Capital (HC) analytics to gain a deeper understanding and summarize the collected data. For example, based on the results we obtain, we have the opportunity to assess the value an employee brings to the company and measure their level of engagement. This data-driven decision-making approach enables us to optimize talent management and foster a high-quality workforce, making it a game-changer for businesses in today’s digital age.
Embracing the Digital Revolution:
The transformation of Human Capital through technology is a game-changer for businesses across industries. It fosters a more agile, data-driven, and employee-focused approach. Technology empowers HC professionals to create a thriving and innovative workforce. Embracing this digital revolution is not just a strategic advantage; it’s a commitment to harnessing the full potential of human capital to drive sustainable growth.
Performance management is the foundation of any successful organization. It sets clear expectations, offers growth opportunities, aligns individual goals with company objectives, recognizes and rewards achievements, and enhances communication and engagement within the organization. By implementing a data-driven performance management system, we have not only modernized our approach but also elevated our performance culture to new heights. It’s a journey worth taking, and it’s changing the way we work for the better.
