With an aim to jointly deliver a powerful, cloud-based global solution of workforce and human capital management, Kronos (News - Alert), a cloud-based workforce management solution provider, and SuccessFactors, a cloud-based business execution software provider, have signed a strategic agreement to provide a cloud-based offering incorporating workforce management, human resources, payroll and talent management capabilities.

Human capital management is one of the fastest-growing sectors. In a statement, the companies explained how the industry is going to benefit from this joint solution. Different countries have their own labor rules and pay policies. Thanks to a global clientele, both the partnering companies have acquired strong knowledge and experience in the field of labor rules and pay policies. The companies are going to leverage this expertise to create talent management solutions that can accommodate country specific labor rules and pay policies.

The cloud-based solution will help minimize the costs of deployment. The solution also simplifies the training procedure for managers and employees. Furthermore, with cloud-based workforce management solutions, it is possible to significantly expedite system-wide policy changes. The cloud-based solution will enable companies to be more responsive to globally changing labor information that flows quickly and can be viewed at a site, area, country or enterprise level.

The joint solution will also enable the companies to take quick measures for managing their business metrics with real-time alerts on potential labor issues. This not only simplifies the decision making process, it also improves responsiveness and efficiency.

By linking planning tools, the solution will help the companies achieve a greater understanding of employee costs, schedules and performance. This feature will help translate workforce strategy into business results.

Aron Ain, chief executive officer of Kronos, said joint customers will greatly benefit from this partnership between two market-leading cloud solutions providers.

“This partnership with Kronos is a win for our customers who are looking to preserve the investments they have made today as they move to the cloud. SuccessFactors is unique in the marketplace in offering   an end-to-end portfolio, from recruit to retire, integrating         recruiting, learning, goals, performance management, compensation and analytics with core cloud HR. And while we have the broadest set of applications in the HCM industry, HR is not an island. The Kronos partnership allows integration across the ecosystem, offering a consistent user experience,” president of SuccessFactors Shawn Price noted in a statement.