@jauhar123 | Posted 07 Mar. 2019
HCM, or human capital management, is the most comprehensive type of. An HCM platform integrates all your HR data in a single system. It provides a central point of access for not only storing employee records and processing payroll but also managing benefits, time and attendance, performance reviews and much more.
When you and your employees are easily able to access the information you need, when you need it, it can completely transform your organization. You’ll go from drowning in the tactical details of your business to becoming more strategic in your approach to human resources and your business as a whole.
What does having all this valuable information right at your fingertips mean for your business? Here are five ways an HCM platform can make life easier for you and your employees.
You’ll save time
If you don’t have an, this may sound familiar: Your employees’ data (such as contact information and hire date) are stored on an Excel spreadsheet. Your time-tracking software is separate from your automated payroll system. Performance reviews are stored with individual managers throughout the company.
Time saved equals money saved
Greater efficiency saves you time, which ultimately saves money. Imagine freeing your HR staff from data entry so they can begin helping you build a plan to grow your workforce or explore why a particular area has an excessive turnover.
Your data will be more secure
Security is perhaps the biggest problem with having your workforce information strung across several paper-based and disconnected on-premise systems. A human capital management system gives the right people role-based access to the employee data they need, but not information they shouldn’t see.
HCM helps keep you compliant
If you’re busy running your business, it’s practically impossible to stay ahead of the many rules and regulations imposed by city, state and federal agencies. A human capital management system, because it’s cloud-based, can seamlessly update processes and procedures that help keep your business compliant and on the right side of employment law.