A human capital management (HCM) system is a software solution that allows human resources (HR) teams to operate electronically or digitally. Put simply, an HCM is a one-stop-shop for employee data. Employees are typically able to access all of the application tools through a single sign-on (SSO) portal.
HCMs providers offer a variety of solutions that allow HR teams to choose the specific product that would be of the most benefit to their business. However, the price is not the main analysis point when comparing HCM platforms—simplicity is. Additionally, the HCM you choose should contain:
- Core HR
- Time and Attendance Tracking
- Employee Onboarding
- Employee Self-Service Portal
- Benefits Administration
- Paid Time Off Requests and Tracking
- Applicant and Recruiting Tracking
When searching for the right platform for your organization it is important to verify the completeness of the solution. Most business owners would prefer to use one program for all of their team needs and processes vs. using multiple single-use platforms to accomplish the same job. From training and implementation to integration and reporting, users must be comfortable and confident in each aspect of the solution.