Human Capital Management Software and Its Features
Human Capital Management Software
HCM software allows a business to manage processes & functions of acquiring potential talent & their retention. These are generally an enterprise-class HRMS software that has the ability of growth and allows automation of processes. This software also includes modules like payroll management, performance management, recruitment management and employee benefits management and much more.
A human capital management software is also known as HRMS software or human resource management system or human resource information system (HRIS). Though these three have a different name, the processes present inside are primarily the same.
HCM software that focuses on an organisation’s growth, allows the company to plan strategies for people for the future with the help of sharing data with other software like enterprise resource planning, commonly known as ERP software.
Top 5 HCM Software Features for 2019
Recognising the right features of different HCM software can help you decide the best software solution for your organisation. Let’s have a look at the top five features an HCM software needs in 2020.
1. Main HR Services
The most basic requirement for HCM software is the capability to carry out core HR services. This allows the software to integrate with payroll, benefits management, managing compliance and data management of employees.
2. Talent management
With the help of this software, the human resource team can manage recruitment, onboarding, performance management and talent management of employees.
3. Workforce management
Workforce management allows the HR team to manage the work and productivity aspects of the organisation that allows them to plan work efficiently.
4. HR service management
This feature helps the HR team to improve the overall employee experience since the work is employee-led, people-focused.
5. Business Intelligence
Since the world is data-driven, Data & analytics enable organizations to build an office culture that are focused on business excellence.
How to Find the Right HCM Software?
The first step to finding the right HCM software is to choose the right vendor who’ll provide the right HCM software solution for the organization. Since every business out there has different requirements that might include different strategies, the solution for these requirements will also be different.
Let’s have a look at the 4 steps in choosing the right solution for your organisation:
Step 1: Analyse your needs for today and tomorrow
In order to find whether the vendor who’s providing you with the HCM software is the right fit for your business or not, you must analyse what your needs are at that moment or in future. Once you have your wish list, just match with the features the vendor’s software is providing you.
Step 2: Assess integration capabilities
Once you have found the requirements for an HCM software, the next step is to find the one that can be integrated with other software being used in an organisation. With the help of integration, your HCM software can cut down a lot of costs.
For example, check whether your applicant tracking system or ATS can link with your on-boarding processes. The right one will allow you to grow your business exponentially.
Step 3: Ascertain compliance risks
With federal regulations always staying in a constant stream to incorporate, it has become necessary to manage human capital compliance. It’s important to keep your organisation up to date with new laws and amendments, which is why choosing the right vendors who is ready to evolve with these changes can be extra helpful.
Step 4: Appraise data security options
Choosing a vendor that ensures protection for your data & online security and has had a good record of managing both properly, is the best option here. Since these HCM softwares are essentially huge storage of data, having good security services are necessary. Other than that, these procedures have to evolve with time with any changes in the data, trends or processes in the organisation.
Selecting the right human capital management software for your business that has unique business needs is largely dependent on how well you understand what you require, the amount of research you have done to find the benefits and drawbacks of options you have, and finally the business goals you have for the future.