Human Capital Management Platforms are a major designed uniquely so that firms can leverage the multi-talented employees they hire and create a sustained growth plan around it. This task is not an easy one and requires professionals to really understand the many dynamics of a company. In fact, people use many different tools for understanding the people of the company. This is often referred to as people analytics and is one of the many features a human capital management platform offers.
One key factor in getting a good Human Capital Management (HCM) Platform is making sure that the implementation, as well as the user interface, is conducive for use. What I mean by that is that if the user interface is not easy to use and there is no help with implementing the platform, there is a very good chance that the platform will just be dismissed and put aside.
The market has platforms offering a variety of features, trying to fit the one size fits all category. But, what they often miss out on is that the industries are changing. As the industry starts to accommodate three different generations of people in the same workforce, there is a need to bridge the different gaps that come along with this unique atmosphere. Once these gaps have been identified by the organisation, the next step is to define what are the methods to solve them.
In this blog, we’ll be covering a lot of platforms but, not all of them. If you would like us to include other platforms, comment below what you think is missing and we’ll try to get them included as well! Here is a list of the platforms we’ll be referring to here:
List of Human Capital Management Platforms
Here are some features that are commonly seen in these Human Capital Management Platforms and how they impact a business.
1. Applicant Tracking Systems:
This is mostly used for acquiring new talent and streamlining the process so that the efficiency for getting new talent into the business is maximised. It divides all the stages of hiring someone - job posting, received an application, scheduled for an interview, selected, and onboarding. Now, each of these sections also has multiple abilities. For example, one of a kind feature that peopleHum offers is Resume Parsing. When someone submits an application, they send you their resume or CV and instead of having to read each and every line to set up employee information, this feature lets you see it all in a glance and feeds it into the database without having you manually take any action. peopleHum, unlike bambooHR, and beehive also offers a selection probability score by comparing the parsed resume to the job description you have created. The applicant tracking system or the ATS keeps a consistent track of where the applicant is in the process.
2. Appraisal Cycle Management:
Appraisal cycles globally take place in the month of January. It is a long and strenuous process and has an impact on virtually every employee. There is no doubt that each company has its own process of deciding the appraisal of an employee but something in common that works really well is feedback processes. When deciding on a platform it is vital to have a feedback system in place for the employees. There are many kinds of feedbacks, that can be used for assessing an employee but the best feedback received is a 360-degree one. Studies suggest that when employees get over 9 people to give feedback to them, they get the best results out of it. There are a few facets to this as well. Depending on how the firm wants it, anonymity should be a priority and ease of use should also be considered.
A lot of employees are also assessed on their performance on a particular project or activity. The HCM Platform should also account for the role these projects play. For example, Zoho does offer feedback and appraisal cycles but they don’t offer considering projects as a parameter for appraisal, instead, they ask the project manager to give feedback. This could be happening after months of having already worked on a project and the feedback hence is compromised.
3. Performance Management
Performance management is a very broad topic. It is an umbrella term that encompasses skill indexing, employee upskilling, knowledge base, feedback, and 1-on-1s. Each of these can be considered sub-features of performance management as a parent feature. Depending on the platform, you will get some or all of these features.
For example, Keka offers 1-on-1 scheduling, but, does not offer employee net promoter score and any form of analytics surrounding people. On the other hand, peopleHum offers all these features and gives Ai-enabled data analytics which improves the more you use peopleHum. This ties into the point made about implementation earlier. The usage of a platform is very important to the improvement of the firm.
As the name suggests, announcements that work across the firm can be very important sometimes. That’s not all, when teams are working in the modern gig economy and are working remotely - it is vital that information is properly shared across the team for good communication. There is an obvious benefit to communicating well but having an HCM Platform record these announcements also acts as a good mechanism to log intra-company communication.
When talking about announcements, it is important to consider if the platform has an app that the announcements are sent out making it accessible.
Payroll is very important for most firms and this is where the one size fits all fails. Since HCM platforms are made as one size fits all, the many legalities, as well as the differences in each country’s taxation system, making it nearly impossible to have a standardises system. GreytHR specialises in Payroll and customises the platform for the firm depending on the region they need it for.
Some platforms try to do this, like DarwinBox. They offer very basic amenities like tax declaration and payslip on the app but, the payroll software is still very limited.
6. Attendance Management
Attendance management is a very central feature for all platforms. Attendance impacts pay, task management and even HR reporting in the firm. In the gig economy, attendance is not just when people come into the office. There are pointers like geo-attendance, biometric attendance, leave management, goal-based attendance, etc.
These pointers are again customised to a firm’s requirements but most platforms offer at least one of these features. Here, I’d like to say that peopleHum does a very good job because it manages to offer all these features and I’m not just saying that because I am writing on peopleHum.
7. HR Reports
Reports act as a benchmark for the next evaluation period. Having a numerical basis for understanding engagement, leave analytics and other analytical components are vital to set goals for the future. There are multiple kinds of HR Reports and you can read about them here.
Many platforms don’t offer analytics, and if they do, they use some basic math formula which usually has a lot of errors. The power of artificial intelligence and machine learning has made it possible for analytics to become customised to a companies growth and overtime trends emerge. These trends are seen yearly, seasonally and weekly. This helps to make the best-informed decisions and create an environment of accountability in the workplace. peopleHum is the only platform the offers Ai-enabled data analytics and offers pointers like engagement index, mindfulness score, and selection probability.
Each of these features has it’s own sub-features and is usually customised to the needs of the organisation. When deciding which feature will act as your focal point, make sure you don’t compromise on the other because these solutions are made to make your work easy, not difficult. Each feature often has many sub-features and defining you current pain points will be a key factor in making a decision about the platform.
Of course, we endorse peopleHum as the best platform that you could use for your firm because we have made the comparisons. From price and user interface to implementation and support. We offer a product that is truly designed with the consumer in mind and that is why we have also been awarded the Best Human Capital Management Platform by CODiE awards (the Oscars for platform competition).