Human Capital Management FAQs
Vfficient is Human Capital’s cloud-based, client-centered solution designed to manage a business’s payroll, human resources, and benefits administration. This single platform eliminates the need for multiple software systems or digital tools. Users can accomplish critical business functions such as hiring and onboarding, payroll processing, and scheduling.
Here are some of the most common questions around human capital management.
Q: What is human capital management (HCM) software?
A: HCM is a technology platform to help employers manage their employees. This platform typically has the ability to administer a full range of HR functions, including payroll, benefits, recruiting, and performance management.
Q: Are there benefits of implementing an HCM platform?
A: Benefits of an HCM go beyond that of the HR team as they have ways of touching every department of the organization. From helping to automate stagnant processes to grow into new markets and industries. New employees will be able to onboard faster so they can start producing earlier. The data collected within the platform is sophisticated enough to continually measure employees, drive engagement, and identify trends. Finally, ensure compliance and peace of mind with accurate and controlled records for each employee and department.
Q: Can the platform provide valuable data and insights that can be used across the larger organization?
A: Aside from organizational effectiveness, HCM platforms can provide an in-depth analysis of data tailored to your specific business needs. Measure employee retention and identify absence rates and patterns. Gather information to better understand your organizational gender pay gap and review employee performance, including target areas of performance that could be improved with team training.
Q: Will an HCM really save my business money over time?
A: When it comes to areas of employee administration such as benefits administration, payroll, onboarding, and time and attendance, all of the data is at the user’s fingertips. With this amount of easily accessible data, managers will be able to make informed decisions regarding employee performance and benefits at a moment’s notice, saving money on the spot. Employers will have faster reporting and be able to eliminate the need for extensions or repayments since their data will be correct the first time.
Q: What additional hardware or software will need to be purchased in order to support this new HCM?
A: Human Capital’s Vfficient platform is a cloud-based tool, available without the purchase of additional hardware or software. The employee portal can be accessed from any computer, smartphone, or tablet with an internet connection.
Contact Human Capital to learn more about our streamlined employee portal and cloud-based technology platform built with your business in mind.