There are many aspects to running a Human Resources department, and organizations understand the importance of utilizing technology to mange their most important asset – their employees. Human capital management software is one such way that companies can manage their employees and ensure a welcoming and productive work environment.
What is Human Capital Management Software?
Human capital management (HCM) software, also known as human resources information systems or human resources management systems, is a set of software with the specific purpose of aiding human resource departments. Just as the software QuickBooks is geared specifically towards helping companies with accounting, HCM software is geared towards human resources.
Aspects of Human Capital Management Software
In general, having HCM software brings companies into the digital age by cutting back on paperwork, and it reduces the chance of human error and repetitive administrative tasks by creating automated systems.
Common HR aspects of HCM include the following:
HCM software keeps track of each employee’s salary and benefits and allows for easy changes if an employee is promoted or leaves the company. Management can also look at this information to monitor how much the organization spends on compensation in relation to other spending.
Hiring and Onboarding Processes
Automated onboarding processes benefit new hires as well as HR departments. HCM software can easily generate contracts, offer letters, requests for references, and more, making it easy for HR departments to collect needed information and store it conveniently and consistently.
Training and development modules that are online through HCM software make it easy for employees to access the content and work through it at their own pace. Depending on the software, managers can customize training by assigning specific topics to specific employees, which eliminates redundancies for employees and ensures that they are maximizing their productivity.
Time and Attendance Monitoring
Employees can easily submit for time off and see their vacation days through HCM software that includes time and attendance monitoring. HR departments can respond to these requests more quickly if this information is all in one online portal.
Reporting and Analytics
Companies need the capability to generate reports that distill information on business as well as information about employees, and HCM software allows for companies to generate tailored reports on their employee’s progress and task completion. Organizations can also run reports that examine employee turnover, recruitment spending, and overall performance.
Types of HCM Software
With many types of HCM software available, here are some of the top products in today’s market.
Workday HCM boasts software that incorporates not only HCM aspects but finance and planning as well. The company believes that companies thrive when they are able to see all data in one place as opposed to fragmented and sectionalized data. That’s why they’ve developed fast and efficient systems that compile a variety of data into one place. Their clients include Adobe, Comcast, MGM Resorts International, and Netflix.
Kissflow HR Cloud
Kissflow HR Cloud centers around the power of simple, and aspects of their HCM software include workflow management, case management, project management, and collaboration. With clients such as Domino’s, Pepsi, HubSpot, and Michelin, Kissflow utilizes simple systems to achieve thorough results.
The heart of Bamboo HR is people, and that’s why their software focuses on five aspects specific to employees: compensation, culture, people data and analytics, hiring, and onboarding. Their software is tailored for small and medium-sized businesses, and their award-winning customer support ensures that companies can successfully implement their software with no worries.
Questions to Ask When Considering Different HCM Software
Before jumping in with HCM software, it’s important for companies to understand where they stand with their HR department and what they want to achieve. They should identify areas of weakness and look for software that can push companies towards success. Specific questions to ask include:
- Does this software fit in my budget?
- What will I gain from this software?
- What are the features of their customer support? When will I be able to contact them, and who will I be speaking to?
- Does the software’s reporting capabilities give me the information I need to make decisions and shape the future of my company?
- How can employees utilize the software? Is it user-friendly?
It can be overwhelming to pick a HCM software that benefits your company, so turn to the experts at Bhr Consulting! We understand that finding the right HCM software is incredibly beneficial, so we’ll look at your company goals and see which software is a good fit for your company. Contact us today to learn more!
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