Today, human resources professionals are tasked with developing, managing and retaining a talented workforce while also adhering to legal, regulatory and compliance requirements. Human capital management (HCM) software can help any team of HR professionals accomplish key business objectives and improve HR processes across the entire organization with automation.
Taking care of often complex and time-consuming administrative tasks prevents you from focusing on the bigger picture for your business. HCM software helps you automate tedious tasks so that you can focus on employee satisfaction and culture. Up to 47 percent of HR teams say employee retention and turnover is their biggest challenge. Recruitment and management of corporate culture round out the top three challenges amongst HR professionals. So how do you choose the right HCM software to improve your business?
What Is Human Capital Management (HCM) Software?
Human capital management software is a suite of tools that combines a number of systems and processes to ensure the easy management of human resources, organizational procedures and data. Wikipedia explains HCM software as being used by businesses to combine a number of necessary HR functions:
- Storing employee data
- Managing payroll
- Employee recruitment
- Benefits administration
- Time and attendance
- Employee performance management
- Tracking competency and training records
- Meeting regulatory compliance standards
These functions are critical to the success of any organization and HCM software or automation offers a better way to run your business and helps make the day-to-day easier.
Choosing the Right HCM Software
The best way to choose HCM software is to outline the HR needs of your organization and align them with the services being offered by an HCM solutions provider. After extensive research, you should be able to identify which provider is most beneficial to your business.
Human capital management approaches HR challenges from more of a “big picture” standpoint compared to other sectors of HR software. HCM solutions have some features that serve individual staff members, but the software primarily specializes in managing a workforce. As a result, HCM software supports a strategic approach to human resource management that would be difficult to accomplish with other types of HR solutions.
A strategic approach to HR through HCM solutions allows companies to plan for success, adjust current HR processes, and respond to critical HR trends and innovations. The HCM database collects all types of HR data within the solution, facilitating an in-depth analysis of workforce performance and how HR contributes to achieving key business objectives.
Key Benefits of Human Capital Management Strategy:
- Better retention rate/lower turnover
- Improved employee satisfaction
- Improved employee experience
- Increased workforce engagement
- More efficient and successful recruiting processes
- Improved talent development
- Better quality of products and services
- Improved customer and partner experiences
- Greater ROI for human capital investments
- Maintaining a pipeline of skilled and experienced talent
- Adjustment of compensation according to labor market conditions
An HCM platform integrates all of an enterprise’s HR or employee data into a single system and serves as the central repository for storing employee records, processing payroll, managing benefits, time/attendance, compensation, performance reviews and more, depending on the application. Overall, HCM software enhances HR operations, enables data-driven decisions, assists in attracting and retaining talent and improves corporate culture.
Quanta’s Custom-Tailored Payroll and HR Solutions
At Quanta, we help you find and keep the best people by designing custom-tailored payroll and HR solutions. It’s hard enough to hire, retain and engage people without an irritating, non-responsive and unavailable payroll company. The HR software “big guys” take the service out of customer service. Trying to solve software problems on your own takes time away from more valuable work. You feel stuck, but switching seems like a huge hassle.
Quanta offers a better way to do business with our all-in-one HCM solution to fully manage your employee lifecycle. Our human capital management suite offers the following comprehensive services:
We’re trusted by millions of employees with a 99 percent customer retention rate because we know that great talent doesn’t grow on trees. Please do not hesitate to call or book a meeting with us to learn how we can help you manage your most valuable asset – your employees – from hire to retire. Improve corporate culture with the lifecycle specialists at Quanta.