As the world changes around us, the way we work changes, too. Today, more people are working from home today than ever before — 42% of the U.S. labor force as of June, according to Stanford economist Nicholas Bloom. Changes like this can make it difficult to assess some critical benchmarks for a successfully run company, like employee productivity and engagement. To make matters worse, a remote workplace is harder to adjust, since employees’ needs may vary drastically — and that’s not even touching on payrolls and other financial transactions.
It only makes sense for businesses to employ special tools to fulfill these tasks. That is where human capital resource management software comes into play. HCM software offers a better way to handle all of this and more in one place. Here is how it works:
What Is HCM Software?
Human capital management (HCM) includes, among other things, the process of hiring employees and managing their jobs and positions as well as rewarding and managing talent. Essentially, the software allows for the management and development of a workplace. HCM software is an all-in-one solution that brings these functions together in a quick and easy way, saving time and eliminating menial tasks from employees’ schedules so that they can focus on more pressing projects.
Here are three benefits of HCM software to consider while you decide which provider is the best option for your business:
Recruit and Retain Talented Employees
Human capital management software providers can streamline the hiring process, allowing hiring managers to quickly source, recruit and track the most qualified candidates. HCM software can even carry out background checks. Once you’ve hired top-notch employees, HCM software can continue to help develop, manage and retain their talent, making performance reviews and competency assessments seamless.
HCM software can do wonders for productivity in all areas of the workforce. Using software to take care of various processes by automating them will cut down on tedious transactions and routine tasks otherwise done manually by HR and finance departments. HCM software also makes it easier to track and promote productivity throughout the entire business.
One study found that HR professionals believed that “maintaining high levels of employee engagement was the most pressing human capital challenge in today’s economic environment.” Luckily, HCM software providers can help. HCM software allows for employees to access their own information, make sustainable goals and track their career development. This leads to greater employee satisfaction, which in turn leads to higher employee retention rates!
Finding the Perfect HCM Software: A Matter of Need
There are many HCM software providers to choose from. Maybe you’ll want to join the best known corporations in using the all-in-one Workday HCM. On the other hand, perhaps you’d prefer Oracle HCM Cloud, which is best for businesses with over 1000 employees. SAP SuccessFactors offers unique features such as Workforce Planning and SAP Digital Boardroom; and Kronos Workforce Ready is versatile, user-friendly, and fit for any size business. Whatever type of enterprise you’re running, no matter the size, there’s an HCM software out there that’s a perfect fit for you.