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As companies work to remain competitive in today's economy, one of their biggest challenges is the effective management of human capital. To successfully address this challenge, a comprehensive, accurate and global understanding of employee data is required to effectively run the business and optimize the productivity of its workforce.
That's why managing employee data such as organizational structures, locations, career growth, training programs, performance appraisals and compensation is critical for a well-run Human Resources (HR) organization. With the increased frequency of reorganizations, mergers and acquisitions, employee relocation, deployment of new HR applications, and increasingly complex data privacy regulations, the benefit of establishing true governance over employee data that is shared by multiple business groups and applications is significant. At its best, employee master data enables a single view of employees, allows companies to adapt to continuing organizational changes, provides a better understanding of human resources, and improves overall human capital efficiency.