and Hotels, Non-Profit Organizations, and others throughout the world. Interact © HRMS is an integrated Human Capital Management System that is architected and engineered as a pure Web Based Technology that comprises more than sixty (60) integrated Recruitment, HR, Time and Leave Management, Compensation and Payroll, and Talent Management applications. Interact HRMS can be deployed in the client server(s) using LAN and WAN, as SaaS, or Cloud. Interact HRMS can also function as standalone HRMS applications or integrated with commercially available ERP solutions through Web Services or our own Open Inter-Application Communication Framework.
We believe that today’s global markets require global solutions and we therefore invest heavily in ensuring that our products can be deployed and used globally. Our HRMS applications and supporting middleware technology are architected and designed for the global market and are I18N and L10N Compliant.Our flagship product, Interact©, provides a full range of comprehensive software solutions in support of job classification, recruitment management, position budgeting, employment/hiring, contracting and hiring, leave management, attendance tracking, training, performance appraisal, manpower planning, compensation management, payroll and other HR business processes, with seamless integration with a number of ERP systems including SAP, Oracle, JD Edwards, Sage ERP, MS Dynamics GP, AX, NAV and SOL, and others. Interact is fully Web based application developed as a Rich Internet Application (RIA) that supports multiple databases and operating systems to give our clients the freedom of choice.Our HRMS solutions are constantly evolving to meet the changing needs of our customers globally. Interact HRMS Suite includes the following integrated applications:
The Interact HRMS applications are fully integrated and use one central database. The integration is achieved through:
The Holistic and Layered architecture of Interact HRMS that includes a mid-layer framework that implements a set of Business Objects that are used by all interact HRMS applications.
Interact Compensation and Payroll
Interact Compensation and Payroll System (iPay) is a comprehensive feature rich Compensation and Payroll Management application that supports four types of payrolls including:
Interact iPay© is a comprehensive Compensation and Payroll Management System which is seamlessly integrated with Employee Hiring and Contracting Management System (iContract), Attendance & Leave Tracking System (iTime) as well as External applications including GL (General Ledger) and AP (Accounts Payable), and Job and Project Costing.
iPay is a policy based payroll system which enables the definition and maintenance of multiple payroll compensation/remuneration, deduction, and tax policies. Compensation/remuneration, deduction, and tax policies can be defined at the employer level, employee group level, or selectively applied at the employee level. Supports multi-currency at the compensation level, where employee can be paid for one earning type using one currency, and for another earning or allowance type using different currency. Under iPay employees can be assigned more than one job, and paid different salary/rate for each job assignment. Employee can have different remuneration for each job assignment, and labor costing and distribution is handled automatically by the system.
iPay supports four types of payroll processes including Normal Payroll Cycle (NPC), which is recurring monthly, biweekly, weekly, or some other period, Off-Cycle Payroll (OCP), used to process payroll transaction outside NPC, Retroactive Payroll (RP), which is used to make compensation adjustments in the past, and the system will automatically calculate the employee pay based on the past adjustments, and End of Service (EOS) payroll used to calculate the compensation due to the employee upon termination. iPay supports multiple payroll calendars, where you can setup different pay periods for different employee groups depending on your organization payroll calendar.
iPay supports both salaried and hourly employees. Timesheets for salaried employees are generated automatically through the Automatic Timesheet (ATS) payroll process, while timesheets for hourly employees can be either imported from an external timesheet file produced from an attendance system or directly entered using employee self-service.
iPay© implements best payroll practices including ATS (Automated Timesheet) Generation, Default Time Sheet, Multiple Trial Payroll Runs, and Final Payroll Run with comprehensive audit trail. iPay© facilitates payroll check payment through check printing, electronic bank transfers, cash payments, and cash/debit card payment. Extensive standard payroll reports and multicurrency support are some other features provided by iPay©. Depending on the type of employees whether salaried or hourly, the leave and attendance application can be setup and linked to the Compensation and Payroll Management System (iPay©). In iPay© employees’ work schedules are setup and employee attendance is tracked using Attendance Sheets thus enabling a granular tracking of time reporting. Employee can complete Attendance/Time Sheets either through the employee self-service, or timesheets can be imported from Attendance Time Clock.
Leave accruals are automatically calculated for each leave entitlement based on the accrual method defined in the leave policy, if iTime is installed and activated and the leave policies are defined and assigned to the employees, then at the end of each pay period, the system will automatically calculate the accrued time for each leave policy assigned to the employee based on the corresponding leave accrual rate.
Labor distribution is provided to distribute the earnings by cost center (organization unit), project, or contract, or activity, whereby for each earning defined, the distribution of the cost of the earning can be defined at the employer level or by organization unit, project, contract, and/or activity, thus providing a flexible payroll cost accounting method.
iPay© is a multiple job based payroll system, where an employee can be assigned one primary job and multiple secondary jobs and his/her payroll can be charged to each job depending on the amount of time/effort spent on each job. Thus, if an employee is assigned to multiple projects, he/she is paid from each project budget depending on the amount of time spent on each project. This same concept can be applied in the setting where granular cost accounting is required at the department level and where an employee provides services to multiple departments. Then the employee can be assigned to multiple jobs, one job for each department and this time can be distributed by job by department.
Recognizing the difficulty in setting up a payroll system, iPay© is designed to make the payroll policies setup easy using a powerful inheritance concept where all the payroll policies including the Payroll Calendar, Holidays, Leaves, Earnings, Benefits, Allowances, Bonuses, Deductions, Taxes, Salary Grades, and Steps are defined at the employer level, and inherited by employee groups as well as organization units based on the user selection and the user modification of these policies by employee group. Once an employee is assigned to the employee group he/she will inherit the payroll policies assigned to the group, and these can be modified at the employee level. This inheritance paradigm makes it easy to setup and administer Interact payroll.
iPay© is designed to provide a seamless integration with external systems, specifically Financial Systems, Fixed Assets Management Systems, Bank Management Systems, Project Management, and Job Costing Systems, where all information pertinent to the accounts to be used by the Payroll is passed from the external GL (General Ledger) system. The summary payroll transactions (Payroll Journals) to be posted to the GL are generated and passed by iPay© to the Financial System at the end of each pay period. In addition, all bank information is passed from the Banks Management System (incase there is one) to iPay© to define the banks and bank accounts that are used for the payroll. Deferred payroll payments such as accrued vacation, deferred benefits, and others are passed from iPay© to the Financial System to be posted as payables. Assets such as PCs, phone, car, and others that are under the custody of an employee are passed from the Fixed Asset System to iPay©, and once released using iPay© they are checked back as available under the Fixed Assets Management System. If a Project Management or Job Costing system is used, then project/contract labor/time distribution data is passed from the external Project Management or Job Costing System to iPay© for automatic labor/cost distribution by project, contract, or organization unit.
Variable multiple payroll calendar where a single payroll calendar can be defined at the employer level and applied to all organization units and employee groups, or multiple payroll calendars can be used for different employee groups and/or organization units. Payroll calendar can be mapped directly to the time calendar using monthly periods where each period is associated with one calendar month, or you can define your own pay period across calendar months, where the pay period starts in one calendar month and ends in another calendar month.
iPay© provides comprehensive export/import features which enable the user to import/export employee data, employee contract data, payroll time sheet, etc. iPay© system thus provides the required tools to pass payroll data from existing systems to iPay© and export payroll data to MS Excel or other analysis tools for HR, financial, budgeting, operational analysis and reporting.
iPay© uses MySQL database and has a published data dictionary. Any external reporting tool (e.g., Crystal Reports or other report builder) that can access ANSI SQL database tables can be used with iPay© to generate user defined reports. In addition iPay© provides standard built-in reports which cover payroll operational reports as well as payroll accounting and financial reports.
As part of Interact HRMS products, iPay© is architected and built from the ground up as a pure Internet application, the only application required on the client side in an Internet Browser. It is fully internet-based application and all processes are run either on the server or in the browser on the client machine. Thus, no terminal server or other utility is required; the only thing needed on the client machine to run iPay© is an Internet browser.
iPay Main Features
Time-Reporting and Attendance Management
Interact HRMS provides four integrated modules to support and streamline employee time reporting and management. Interact iLeave, Leave Management, iSchedule, Resources Scheduling, iTime, Time Management and Tracking, and iClock, Attendance Management. These four Interact applications are seamlessly integrated and tightly integrated with Interact Compensation and Payroll.
Interact Time Management Applications are designed to provide a comprehensive integrated solution for managing, Leave, Resources Scheduling, Timesheets, and Attendance.
iLeave – Interact Leave Management
(iLeave) Application is used to manage the leave policies of the organization, the entitlement of the leave policies, leave accruals, leave scheduling, leave requests through employee self-service or centrally through HR, leave processing using the workflow. The main features of iLeave includes:
iSchedule – Interact Resources Scheduling
(iSchedule) is a comprehensive scheduling application that is seamlessly integrated with Leave Management and Timesheets Management. It enables the organization to prepare work schedules depending on the work requirements/operations requirements. It support work scheduling by Team, Employee, Location/Facility, Client, and Equipment/System. The main feature of iSchedule include:
iTime – Interact Time and Attendance Management
(iTime) is used to capture, review, approve, and post employee timesheets. It is seamlessly integrated with iSchedule (Resources Schedulng) and iPay (Compensation and Payroll). Additionally it is fully integrated with Interact iClock, which is Biometric Time Clock used to capture attendance (Clock-In/Clock-Out) transactions. The following are the main features of iTime:
iClock – Interact Attendance Report
(iClock) is a combination of software application and time clock hardware. iClock software can be used with third party time clocks providers. iClock is fully intergrated with iTime. The main features of iClock application include:
Interact iClock software can interface to third party Attendance Terminals. In addition, Interact has its own Attendance Clock Terminals, figure-6 shows the setup of Interact iClock Terminals. Interact iClock terminals come in a verity of models and are Biometric based Attendance Terminals. In the proposed Interact HRMS solution, we are proposing that Interact iClock Terminals be used. The main features of Interact iClock terminals include:
External Systems Interface
To support the requirement to interface easily with other systems to exchange data, preferably through web services, the proposed Interact HRMS solution provides the following types of interfaces to communicate with external systems (Figure-5 – Interact HRMS Interface Framework):
Interact HR-XML Web Services – This is the industry standard for Inter-HR Systems Communication Protocol, see www.hr-xml.org, The proposed Interact HRMS solution provides a set of Hr-XML services to enable Interact HRMS to communicate with external systems which are HR-XM Compliant.
Interact Web service – The second type of Interface to external system is Interact HRMS Web service, which can communicate with external applications/system through a SOAP based service using an agreed on messaging protocol with the external application.
Interact API – The third interface method provided through Interact HRMS, and specifically for external legacy systems is to communicate with the external system through the API of the external system. However, if such external system does not have an API, Interact will connect directly to the external system database through an ODBC connection and pull and send the required data/transactions.
Import/Export – The forth type of interface to external systems that do not support any of the above three methods, is Import/Export of the data using the Import/Export tools of Interact HRMS.
Integration with Organization Financial System
To support the Reliable two-way integration between the application and the organization’s financial system requirement, the proposed Interact HRMS has built-in interface to external financial systems including the following financial system:
Depending on the selected Financial System by the Auxiliary Organizations, additional interfaces to other financial systems can be built using Interact HRMS Financial Systems Interface API.
Interact Benefit Planning and Enrollment (iBenefit) is used to develop benefit plans or programs for employees and enable employees to enroll in desired benefit plan through employee self-service (employee login). iBenefit consists of two components, (1) Benefit Planning, and (2) Benefit Plan Enrollment. Where the first component (Benefit Planning), enables the user to develop/prepare preset Benefit Plans, such as Healthcare Benefit Plan, Cafeteria Plan, 401(K) Plan, etc,, and define what benefits are included in each plan as well as the plan eligibility and entitlement policies. Once the plan is defined, the second component enables the employee through the employee self-service to enroll in the desired benefit plan. A benefit plan can apply to the employee only or may apply to the employee and his/her eligible dependents depending on the benefit plan eligibility. iBenefit is seamlessly integrated with Interact iPay, iContract, iEmployee, and iESS. Figure-9 depicts the Interact iBenefit framework. The main features of Interact Befit Planning and Enrollment include:
Alternatively, if the organization does not use Benefit Planning and Open Enrollment, iContract (Employee Hiring and Contracting) in conjunction with iPay (Interact Payroll) can be used to assign, manage, and track employee benefits. Again, in this case the main features:
Interact Job Classification
iJob – A comprehensive job classification system that supports both grade and point classification systems combined with an extensive set of attributes that covers basic job information definition, job classification definition, restrictions, education requirements, experience requirements, skills requirements, job description, and default interview questions. The byproduct of the definition of jobs through the job classification system is a Job Catalogue that uniquely defines all jobs used by the organization. Once the job catalogue is defined, all job information and associated controls and rules are inherited by all iNTERACT© applications. The Job classification system ensures non-duplication of Job titles, thus assuring accurate planning, budgeting, and financial reporting across all applications. Additionally, jobs can be classified using either Grade-Step or HAY Classification system.
Interact Unified Employee Electronic Record
A unified permanent Employee Electronic Record that is automatically created on employee hiring. The employee record is automatically updated by all Interact HRMS application when an HR Action is processed that concerns the employee. Information segments maintained within the employee electronic record include:
Interact Employee Hiring & Contracting
iContract – Interact Employee Hiring and Contracting Application is a feature rich application that handles all aspects of hiring and contracting. It is designed to manage complex Employment Hiring and Contracting procedures and processes. iContract is a user defined contract review process, that lets you convert employment offer to employment contract, create a new employment contract without offer, amend contracts and also track the amendment history, renew and approve contracts, terminate contracts. Different contract types can be defined and a contract can be setup by defining the terms and conditions. With iContract, you can also control the promotion and termination of an employee, as well as perform HR actions that change the hiring and contracting terms. It is seamlessly integrated with the Compensation and Payroll Management application whereby all earnings, benefits, allowances, commissions, deductions, and taxes defined in the contract are inherited by the Compensation and Payroll Management System. Any change to the contract through the amendment is reflected in the payroll. Once employee hiring is conducted through iContract, the system automatically creates and employee electronic record which is used by all Interact HRMS Applications:
Federal and State Law Compliance
Federal and State Labor Law Compliance is supported throughout all Interact HRMS applications and specifically through Recruitment Management, Employee Hiring and Contracting, Compensation and Payroll, Leave Management, Time Management, and Benefits Management, and Employee Self-Service to ensure compliance with:
Self Service for Employees and Managers
Interact HRMS at its core is an architecture that is Self-Service Based. The system supports the following self services:
Each of the above self-services provide a functional scope based on the specific activities assigned to the users or services that can be obtained by the user. All the self services use Interact User Interface Model. Interact User Interface (IUI) Model is based on an intuitive rich UI utilizing MyPage Model., where each user of Interact gets specific MyPage that is tailored to the activities of that user. IUI MyPages consist of two types of MyPages, Internal Users’ MyPage, and External Users’ MyPages (Self-Service MyPages). MyPages are business entities specific and include:
All MyPages have the same look and feel and are accessible through the Internet Browser from anywhere using an Internet connection. While external MyPages including Organization Unit MyPage, Employee MyPage, Applicant MyPage, and Recruiter MyPage limit the user to accessing specific system features and data/information, internal MyPages including MyPage for Enterprise and Employer users can have access to all system functionality and data depending on the definition of the access provided to the internal user. The MyPage IUI concept is directly linked to a comprehensive granular access control based security system that provides flexible user access management while ensuring the highest level of data security and data integrity.
Once the employee joins the organization he/she has access to the employee self-service whereby the employee can view his/her contract, earning, benefits, allowances, bonuses, and commission, leave entitlement as well as leave accruals, submit leave requests, submit visa requests, submit time/.attendance sheet, as well as conduct specific related HR tasks such as conduct interviews of new applicants, conduct performance review of employees, and others assigned HR activities.
The Employee Self-Service provide the employee with the following:
Core HR functions – Workflow with Approvals
From the business process perspective, Interact HRMS core applications are developed to support HR Best Practices, while providing flexible tools to enable the users to define their own business practices in support of their specific HR business requirements. This is achieved through two separate Interact middleware technologies which are the heart of Interact HRMS applications: Workflow and HR Actions. Interact Workflow Engine is one of these middleware technologies, it is an R3/HR Based Workflow Management system known as iWorkflow that can be used to define all processes, activities/tasks associated with an HR processes or actions, and the required quality/performance indicators that need to be used in conducting each task pertinent to an HR action/process. Additionally, each activity is assigned as a role to the concerned HR officer. Once the instance of the process/HR Action is triggered through an HR transaction that is entered and processed through one of Interact HR applications, the Workflow Engine will automatically assign each activity associated with the HR action to the designated HR Officer, who will be automatically notified (MyPage, eMail, or SMS) of the pending activity. The workflow management system provides a Workflow Console that enables the HR manager or supervisor to monitor all HR activities to ensure that activities are performed in a timely manner and he/she has the authority to reassign each activity, if this is required.
Interact HRMS provides more than 300 standard report which covers detail transaction reports, operational reports, management reports which include statistical as well as financial reports. Additionally, through the Interact Key Performance Indicators module, various KPI reports are provided in both numerical/tabular format as well as graphical format.
Recruitment and Applicant Tracking
iRecruit – One of the critical services provided by HR department is recruitment. This service is critical where positions need to be filled within the shortest time possible, while selecting the most qualified candidates that meet the stringent requirements of the vacant position/job. The requirements to fill specific position are extensive and are usually addressed by the concerned department. The process of recruiting is usually lengthy; however, with the effective HRMS solution such as Interact HRMS, this process can be shortened and made effective without compromising the Recruitment Policies of the organization. Having said that, the proposed Interact RMS solution encompasses a comprehensive Recruitment Management system that supports both internal and external recruitment and fully self-service based and integrated with the position budgeting and other Interact application such as Job Classification, On-Boarding with Employee Hiring and Contracting. Under Interact HRMS, and depending on the selected model, Position Budget Controlled or Fund Controlled, recruitment commences by a requisition to fill a position/job, which goes through a review and approval process, and once approved, then the requisition is published on the Organization Portal or Job Board for applicants to apply for. Applicant register online over the Web, and once screened and approved, they are provided with a login ID and Password to the Organization portal (Interact HRMS). The system automatically matches applicants in the database to the Job Requisitions, and send notification email messages to those applicants who qualify for the job based on the requirements of the Job.
An applicant can apply for the job that matches his/her qualification, and once this is done the application is routed based on predefined workflow rules and roles to the appropriate Recruitment/HR officer for screening and evaluation. Once the initial screening and evaluation is conducted and approved, then application is referred to the concerned department to initiate the interview process, which is conducted through the system. Once the interviews are completed, and if the concerned department desires to hire the applicant, then an offer is sent by the HR Department to applicant through the system, and the applicant can either accept or decline the offer. All of the recruitment cycle is electronic and self-service based.
Interact HRMS On-Boarding Management application (iOnboard) is a comprehensive on-boarding application for plan based and stage based On-Boarding and is seamlessly integrated of Interact Recruitment, Probation Planning, and Employee Hiring and Contracting. And include:
Interact HRMS provides a 360-Degree Goal Based Performance Management Application that is seamlessly integrated with Competencies Management, Job Classification, Training and Leaning, Career Planning, and Succession Planning. The structure of the Performance Plan is user defined. 360-degree based performance evaluation system with user defined performance appraisal/evaluation dimensions and associated elements/factors. The Performance Appraisal system is goal based, where the first dimension in the appraisal process is the employee performance plan for the year, where the specific goals are defined and need to be achieved by the employee. The goals are aligned with the organization annual plan, and the employee is assessed on the achievements against the goals as defined in his/her performance plan. Additional performance appraisals dimensions and associated factors such as competencies, Hay factors, and/or internal factors can be defined as well. Based on the employee performance plan/goals, and additional dimensions and factors, system automatically generates of performance evaluation forms with multiple evaluation dimensions and elements and factors where each evaluation block/section with associated factors can be assigned to a different employee/supervisor for assessment and recommendations. Multiple evaluators per evaluation, unlimited number of evaluations per employee, predefined evaluation activities through the workflow with auto-notification and integrated with Career Planning and Training Management. Specific actions can be conducted as a result of the performance appraisal such as training and development, career planning, new job assignment, on the job training, coaching, salary increase, grade change, demotion, promotion, etc. The performance appraisal system is seamlessly integrated with other Interact applications including career planning, training and development, competencies management, succession planning, and compensation management. And Include:
Training and learning management
Interact HRMS Training and Leaning Management (iTrain) Supports both external and internal training management, with extensive tools for defining training courses and requirements, learning resources definition, internal and external instructors management, training budget, course/training scheduling, employee training registration, training attendance tracking, training assessment, and post-training performance assessment. Transparent interface to performance evaluation, career planning, and succession planning, and competencies management.
Interact Organization Management
Interact HRMS provides a comprehensive Organization Management (iOrganization) Application which is used to define organization units including branches, divisions, departments, sections, projects, contract, etc. When defining an organization unit, the cost center for organization unit needs to be defined. In order to answer the question, first a decision needs to be made as to where the organization units will be managed, meaning created, merged, made inactive, etc. If the organization units are to be managed by the Financial System, so it is the responsibility of the financial system to send Org change Transaction to Interact HRMS, it is not the other way around. As long as the Financial System send to Org Change Transaction, Interact HRMS will be able to receive it and process it. The format of the transaction will depend on the selected Financial System Interface Capability.
How is budgeting data from the GL or GM side reflected on the HR / payroll side (i.e., how does it get there)?
•For example, you don’t want employees to charge labor to a cost center that no longer has labor funding in it.
Position Budgeting and Manpower Planning
The process of developing a position budget leading to a manpower plan is critical, where based on specific load and desired scope and quality of services a position budget is developed that defines what job positions will be allocated to each organization unit/department/project based on the projected load. Once the position budget is appropriated, then all recruitment and hiring is conducted against this position budget. The proposed Interact HRMS solution provides a comprehensive Position Budgeting and Control application that supports the position budgeting cycle starting with the position budget worksheet, and ending with definition of positions by job within the approved position budget. The position budgeting process is conducted by Organization Unit whether at a department, or project level or section level and can include projects, committees, and contracts. Once the position budget is approved and positions are defined, all recruitment and hiring can be controlled by the position budget, given a stringent control over the positions that can be recruited for. The system automatically keeps track of the budgeted position, allocated positions, assigned positions, and vacant positions, while at the same time enabling the hiring against positions that are projected to be vacant in the near future due to non-renewal of assignments or employee termination. Additionally the system provides real time financial and statistical reports with regard to the Manpower Budget versus Actual Expenditures for the purpose of manpower financial planning, programming, and control.
Interact HRSM implementation and associated methodology are guided by the “Less is More” philosophy, and four principles:
The “Less is More” Philosophy calls for making things simple and this applicable to all facets of the project execution including planning, management, organization, documentation, communication, and other tools. The tools used in the implementation of the software need to be simple, flexible, and adaptable.
In support of the said “Less is More” philosophy, four guiding principle are used in the Interact Implementation Methodology:
Ease – The methodology and tools used in the implementation must be easy to learn, follow, and use.
Simplicity – In order for the implementation methodology to be easy to use, it must kept simple.
80/20 Rule – The 80/20 rule calls for focusing on the 80% of the features that are supported by the application, and leaving the 20% requirements which are less important to be addressed at later stage. In other words, do not let the 20% that is not there become the focus.
Focus – Focus is very in managing the implementation of a large enterprise software such Interact HRMS, thus once the plan is devised, we need to focus on achieving the milestones defines within the plan. We should not deviate from the implementation milestones, unless for good reason that adds value to the implementation timetable and the outcome of the implementation.
As previously stated, Interact Implementation Methodology is guided by the “Less is More” philosophy and the ease of use guiding principle. The methodology consists of six phases:
Planning – The planning phase is used to plan the project and consist:
Definition – This phase of the methodology is used to define and collect the data required for the implementation of the HRMS applications and consists of:
Implementation – This phase consists of the setup of the software and include:
Validation – This phase consists of the validation of the HRMS transaction and processes against the setup of the foundation and policies and consists of the following:
Deployment – This phase of the methodology consists of planning and preparing the software for go live and includes:
Delivery – This phase consists of the go live of the software applications and the production support and include:
Application Implementation Stages
As previously stated, Interact HRMS applications are implemented in stages, where a set of related applications based on prerequisites and co-requisites are grouped and implemented together, then the applications in the stage are put in production (Go Live). Based on the Interact software configuration purchased by client, there will be three Interact Application stages defined as follows:
Risk and Risk Mitigation
We recognize the risks associated with implementing advanced HRMS solutions, which are associated with lack of standards, lack of expertise, and end user learning of new structured and systemic approach to the management of HR Actions and processes. The later is the most critical to the success or failure of an HRMS project. This is specifically applicable to the introduction of advanced concepts, practices, and technologies applied to Talent Management. Few organizations, private and government have managed to successfully deploy an effective solution to Talent Management based on a systemic best practiced approach. But those who managed to introduce and use such solutions have benefited tremendously and have achieved a true Customer-Centric Culture within their environment. To mitigate the risks, 2Interact has adopted a Risk Mitigation program that is incorporated in the project management methodology.
The goal of this Risk Program is to enable engineers, managers, and other decision makers to identify, sufficiently early, the risks associated with software development, implementation, integration, and deployment so that appropriate management and mitigation strategies can be developed on a timely basis. Time is critical and the goal is to act early before a source of risk evolves into a major crisis. In other words, being mainly reactive in risk mitigation and control rather than proactive in risk prevention and control is at the heart of good risk management.
Clearly, the secret to effective risk management is the trade-off of mitigation cost against the potential adverse effects of avoided risk. In this context, the value of the methodologies and tools for software risk management is to manage more effectively and identify opportunities for continuous improvement, use available information and databases more efficiently, improve industry and raise the community’s playing field, and review and evaluate the progress made on risk management. Having said that, It is important to note that the developed software risk methodologies have three fundamentally different, albeit complementary, objectives:
1. Risk Prevention
2. Risk Mitigation and Correction
3. Ensuring Safe System Failure
The following seven risk management principles are instrumental in the quest to achieve these three objectives [Higuera 94]:
Sharing Product Vision
The above seven risk mitigation principles are incorporated in our Project Implementation Methodology to ensure that most of the risks are recognized and addressed, thus mitigating the risks and ensuring that the project meets it goals and objectives.