Unified human capital management systems make HR staff’s jobs easier by bringing all essential software applications under one roof. This saves time and eliminates error-prone data reentry from different applications.

These systems also provide a range of strategic planning tools. Through evaluation and selection support and impartial advisory services, TEC helps large businesses choose the right HCM solution.

Flexibility

As the world of work becomes increasingly flexible, companies need to embrace it in a way that benefits employees. Work-life balance is one of the top priorities for today’s workers, and employers who can offer flexibility will have a leg up in attracting and retaining talent.

To support flexibility, a human capital management solution must be capable of handling self-service tasks such as time-off requests and scheduling. Streamlining these processes makes the entire HR process more efficient, allowing employees and managers to perform routine tasks without needing assistance from an HR team member.

Human capital management solutions must also handle other employee-related functions like payroll processing, benefits enrollment and hiring. By automating these processes, an organization can eliminate the paperwork involved in manual processes and shrink the time it takes to get new hires up and running. It can also help with compliance issues, such as I-9 and tax reporting, to ensure all necessary paperwork is handled correctly. This makes the onboarding process much more pleasant and makes the company look professional from day one.

Scalability

The right human capital management system helps you develop strategies to retain top talent. It also enables you to implement professional development programs to support your employees’ growth and career advancement. It can help you develop key milestones and systems for tracking progress so that when a change in the organization happens, it’s easier to keep everyone on track and smooth transitions.

HCM software, including performance management software, can provide a central system of record for all employee data, with features to manage core HR processes like organizational planning, benefits enrollment, compensation, and performance management. It also offers tools to analyze workforce trends and data and a self-service interface for managers and employees on any device.

When choosing an HCM system, look for scalability in terms of both functionality and security. HCM systems often handle sensitive information, such as social security numbers and driver’s license numbers, so it’s important to have secure protections against cyber-attacks or unauthorized access. Additionally, ensure the HCM system you choose integrates with your other business-critical systems and third-party payroll providers.

Integrations

A key feature of HCM solutions is the ability to integrate with other business systems. With this integration, HR professionals can easily gather data from different approaches and consolidate it into spreadsheets, a time-consuming process that increases operational costs, is prone to errors and limits the ability to gain insights for strategic decision-making.

HCM integration enables organizations to streamline processes, improve data accuracy, and provide a better employee experience. It also helps maximize the benefits of best-of-breed technology for payroll, talent, and learning management.

An integrated HCM system allows employees easy access to their personal information, such as pay stubs, deductions, and benefit coverage. Additionally, it will enable employees to update their information easily and provide managers and HR administrators with a single source of truth. In addition, an integrated HCM system will allow for seamless transfer of payroll and HR-related financial data to a general ledger or accounting system. This ensures accurate cost allocation and reporting. This is important as businesses are increasingly relying on data to make decisions.

Security

Security is a top priority for any business, regardless of the number of employees. The right HCM solution will be able to ensure your employee information is protected by tight security protocols and access rights carefully customized for your organization. Many HR systems also provide secure file transfer options and the ability to export reports in multiple file formats.

Another area in which a human capital management system can be useful is creating and implementing a workforce development plan for each employee. This allows employees to develop their skills within the company and feel like they are part of a larger growth strategy that benefits them and the organization.

If you’re looking for a comprehensive HCM system, consider UKG Pro, a cloud-based suite that combines HR management, payroll management, leave and attendance management, talent management, and more into one solution. It’s a recognized leader in the HCM space and provides the technology you need to hire, manage, and optimize your people. Learn more today.

Reporting

HCM systems should have standard reporting for compliance purposes and the ability to customize reports for business intelligence. This enables HR leaders to analyze workforce data and identify areas for improvement and growth.

Another important feature to consider in an HCM solution is the ability to export employee data. This ensures all information is backed up and easily accessible even if the system fails.

Lastly, the system should have robust self-service features for employees to access their information. This allows them to update contact information, emergency contacts and shift schedules. It also enables them to view pay stubs and performance reviews.

The right human capital management solution helps to ensure that the company’s most valuable asset is optimized and nurtured. It does this by ensuring the organization has the right systems and processes to attract, retain and grow top talent. It also provides the tools to maximize employee potential through goal setting, learning and development initiatives and career progression opportunities. This increases employee retention and boosts the company’s intellectual capital.