Top 6 Reasons Why Human Capital Management Software Benefits Your Business
Human capital management (HCM) software is an application that blends different support tools and automation in a single platform to help strategically manage the employee lifecycle. Businesses turn to modern solutions to reduce the burden associated with human resources management by implementing a flexible ad calculated approach through a preferred HCM.
If your organization is unfamiliar with an HCM, we can assume your HR team is likely very familiar with spending far too much time manually entering employee data and battling a variety of administrative fires at one time. From running payroll, managing employee development, recruiting, and onboarding an HCM is a single solution to manage all of your HR administrative needs.
Still not convinced? Here are our top six reasons as to how the addition of an HCM will benefit your business.
- The more good data you put in, the more good data you get out. Additionally, an HCM allows you to get the data you want when you need it. All of your HR data is in one application and available when you need it! A cloud-based HCM is designed to manage payroll, human resources, and benefits administration all in one place at the same time.
- Between the Family Medical Leave Act (FMLA), Fair Labor Standards Act (FLSA), and Equal Employment Opportunity Commission (EEOC), among others, employers are faced with the weight of staying abreast of ever-changing and confusing regulatory compliance rules and changes. The platform of choice may not be able to automatically make your business compliant, but should be designed with regulations already in place, and equipped to handle updates as regulations change.
- Automating processes is one benefit, but organizations like yours may actually find their ability to accelerate processes more impactful. An HCM will allow the business to streamline existing HR operations and apply updates to existing processes across all users.
- Most workforces are seeing an increase in the multi-generational span of their employees. With a wider range in employee generations comes a need to provide a more competitive employee benefits package. Millennials, for example, are 55% more likely to take a job with an organization that is offering a robust benefits package that speaks directly to their needs even with lower compensation.
- When it comes time to start recruiting for open positions across your organization, a good HCM will allow hiring managers and the HR or recruiting team to track and evaluate the best candidates as they work their way through the hiring process. From job posting and interview tracking to managing the onboarding process, talent acquisition, from start to finish, can be routed through a single application.
- Taking all of the different HR-related administration software tools a business is using and condensing into a single application can lead to substantial savings. Reduced manual entry and duplicate entry elimination, in addition to automated and accelerated processes, can help increase the return on investment for the HCM.
When a business decides to cut the cord with multiple systems, there are immediate benefits for the affected departments and the organization as a whole. Users are finally able to accomplish business-critical functions through a robust and powerful reporting tool. Contact Human Capital to learn more about our HCM solution, Vfficient. Our team of experts is available to guide and assist you with all your questions and issues as they arise.