If you’re running a small to medium-sized business, you probably have thought that using an HCM Platform is just too expensive and unessential. This technology, however, can be of great advantage to businesses regardless of size if the features were considered carefully to meet the unique needs of your company and boost employee engagement.
Cloud adoption in HR’s agenda is the future of business as evident to more organizations of all sizes migrating their HR processes to the cloud. A study by PWC found that the number of organizations embracing cloud adoption surged to 73% in 2017 compared to 68% two years ago. The top three motivations for the move include quick releases, less dependence on IT, and lower cost of ownership.
With cloud HR software that enables you to save information directly, businesses no longer need mass filing cabinets. You also need not worry about too much data usage slowing down computer functions.
Still unconvinced how modern technology can be beneficial to your business? Below innovative features of Human Capital Management platform.
7 key features of Human Capital Management platform
1. Employee scheduling
Various types of HRIS software can help companies message and schedule workers in industries such as consulting, retail, restaurants, healthcare, and services. Some advanced features allow employees to clock in via time clock, web or mobile app. The mobile app also enables them to manage their schedules.
2. Compensation and performance management
With human resource management system, innovative companies can monitor and reward staff performance with bonuses, reviews, and feedback. It makes it convenient for managers to prepare periodic staff performance review through direct reports and feedback from peers. A decent solution allows you to set objectives, identify vital result areas, and comment to staff, including 360-degree feedback. It may also come with talent management tracking capability to help you keep tabs on the competencies and skills of each staff member.
3. Applicant tracking
HCM platform software has integrated or built-in functionality that helps companies source and hire staff. A full applicant tracking system comes with essential tools from employer branding and job posting to a digital job application form. As soon as a candidate is hired, his data passes through to payroll and HR so training can start. More sophisticated technology can even aid in offsetting your payroll tax liability by helping you find hiring tax credits available in your area.
4. Leave tracking and management
HCM platform software have the capability to track sick leave and other time-off, while they manage paid time-off and accrual balances. Advanced HR solutions provide standard forms to capture staff data as well as leave, travel and training requests. The data are all stored with the staff record and thereby save companies from having to maintain individual paper staff files.
5. Payroll processing
Cloud HR software has integrated or built-in payroll processes that allow essential information such as employee’s name, hours worked, and pay rate to pass seamlessly to the company’s payroll system.
Most HRMS solutions have an advanced attendance and time system that does not only manage clock-ins and out but also provides labor costing metrics. The payroll usually has integrated time worked data that could save you manual data entry.
6. Reporting and analytics
HR cloud technology comes with an easy-to-use database enabling managers to report on staff information. Outstanding features allow you to customize reports depending on the information you require to make decisions. Some software also has standardized reports for easy access to information. Many provide a keyword search function for great ease in looking for a report.
7. Employee self-service and on-boarding
A decent feature of HCM software enables employees to view and update their own information via self-service access to an app or HR portal. Some even provide employees electronic documentation, handbook and compliance forms. Others have an integrated learning management system that enables companies to track and assign employee training.
Should you invest in an HCM Software?
After reading the feature of Human Capital Management software, if you still haven’t invested in an HRMS software to leverage your team development, you’re missing a lot. You can’t attract and retain top talents when your technology is way behind your competitors. Slow application and hiring processes are major turn-offs to the prospective workforce while inaccurate on-board and prone to error payroll systems are great discouragers to existing staff members.
Moreover, HR now entails a more strategic approach prior to making decisions as it is no longer a simple administrative function. It requires the appropriate tools and capabilities to generate and analyze data efficiently and accurately to identify problems or establish a strong case in the business.
Another great advantage of having an HCM platform is it's feature that can save you time in several areas of your operation – from more efficient team collaboration like pros to reduced labor. Formulas and automation make it also less prone to errors and thus save you valuable time that you can spend on other essential tasks.