In the post-pandemic world, employees are redefining what success means to them by prioritizing mental well-being and balancing it with their career growth. This has forced organizations to rethink people strategy with an increased focus on employee experience.
To help organizations put their employees at the forefront, Oracle has added employee recognition and rewards capabilities to Oracle ME, the employee experience platform within Oracle Fusion Cloud’s Human Capital Management system (HCM).
The latest updates include Oracle Celebrate, a unique recognition and rewards offering that helps HR teams boost employee performance, engagement, and retention by providing workforce insights and tools to deliver a more personalized and meaningful experience.
In an interview with Deepa Param Singhal, the Vice President of Cloud Applications at Oracle, we get insights into why and how the tech giant developed an employee experience platform.
Changing Workforce Dynamics
As we settle into a conversation, Deepa draws parallels between her current role at Oracle and her previous stint leading LinkedIn in India. Her journey, a fusion of technology and human resource leadership, converges seamlessly with her current responsibilities at Oracle, steering their cloud applications roadmap.
Her experience led to a profound realization – in the modern workplace, the employees of an organization are often its most potent competitive advantage.
This realization was validated by Oracle’s AI at Workplace study. The study highlights three core findings:
- 85% of employees want technology to help define their future.
- 85% of employees aren’t satisfied with their employer’s support of their careers.
- 87% believe their company should do more to listen to their needs.
These crucial insights for organizations and HR leaders were pivotal to the development of Oracle Celebrate, which is a part of the Oracle ME employee experience platform inside the broader Oracle HCM suite.
The Foundation for Oracle Celebrate and Oracle ME
Oracle launched Celebrate as part of Oracle ME at the Oracle CloudWorld 2023. Talking about Oracle ME, Deepa shared that the platform’s roots can be traced back to Oracle’s HCM’s foundational work in addressing data-related challenges for HR teams.
Once Oracle had the foundation, they wanted to go one level up – focusing on productivity and understanding every individual’s aspirations, needs, and motivations. That’s why they invested in building Oracle ME, a comprehensive employee experience platform.
Deepa added that the Oracle ME platform’s narrative was shaped by years of engagement with the market through the Oracle HCM suite, solving a perennial problem for organizations struggling to have a “single source of truth for HR data.”
The Oracle Fusion Cloud HCM, which encompasses the Oracle ME platform and Celebrate, gives a unique advantage to organizations because it is innately interconnected to other application suites within Oracle – from finance to marketing. Deepa says it’s also one of their key differentiating factors, making them a 2023 Gartner Magic Quadrant leader.
Personalizing Employee Experience with Rewards and Recognition
Delving into Oracle Celebrate, Deepa emphasized that it is an interesting product offering because it’s very personalized. It focuses on delivering a meaningful experience for employees and, at the same time, helping organizations demand more engagement and performance.
Oracle Celebrate takes reward and recognition to the next level by tailoring it to individuals. The platform intends to make peer-to-peer recognition more timely and natural.
Success Stories and Industry Recognition
Deepa gives concrete examples of Oracle’s transformative impact on organizations across diverse industries. From healthcare providers like Apollo Hospitals to leading banks such as Kotak and ICICI, Oracle’s solutions have revolutionized HR processes, employee health tracking, and performance management.
Speaking about how banks leverage Oracle, Deepa cited the example of Kotak and how Oracle managed to completely digitize and transform their processes for a huge database of more than 30,000 employees.
Deepa affirmed that the HCM business is one of the cornerstones of Oracle’s suite of applications and has grown exponentially.
Oracle’s customer-centric approach to product development
As our conversation transitioned into Oracle’s customer-centric approach to product development, Deepa expounded on the collaboration with various Global Business Units (GBUs) and Oracle’s golden rule – all innovation must be driven by what customers want.
Speaking about the immediate focus in Oracle’s HCM roadmap, Deepa stressed the need to keep pace with technological advancements and address the concerns of CHROs through forums. Since technology is evolving rapidly, Oracle learned from customer forums that a key concern of CHROs is addressing the skills gap.
Generative AI in Oracle's Fusion Cloud HCM
Our discussion also centred around Oracle HCM and ME’s profound capabilities in generative AI, designed to discern individual employees’ aspirations, needs, and motivations.
She emphasized that GenAI will play an important role in personalized career development by enabling employers to know their employees better.
Deepa adds that this is an area where GenAI is definitely touching upon and transforming employee experience because it includes assisted authoring, suggestions, summarization, etc.
In the ever-evolving landscape of HR technology, the Oracle Cloud HCM stands out not just as a platform but as a strategic ally. It’s a beacon of innovation, unlocking the full potential of organizations’ most valuable asset – their people. As the narrative comes full circle, Oracle ME’s odyssey represents more than a technological solution; it symbolizes the fusion of human and technical elements, creating an experience that transcends the conventional boundaries of HR.