HR teams are tasked with multiple processes and job functions that are critical to your business. This includes attracting top talent, onboarding talent, managing benefits, tracking time, managing payroll, and much more.
Oftentimes, HR teams are using different tools for each of the job functions highlighted above. That process is simply inefficient and can create quite the headache for them.
A human capital management system (HCM) allows your business to integrate all of your critical HR systems into one platform. And the benefits are vast.
Benefits of an HCM
As we mentioned above, switching to an HCM allows your HR team to work out of one solution instead of several. This makes your HR more efficient in their work and allows multiple systems to work together to make their work more productive.
Payroll errors no longer have to be a fear of your HR team. Automation of time and attendance tools within the HCM suite allows for quick and easy payroll processing. As we mentioned, your tools within your HCM are able to work together.
Using an HCM solution helps your business to eliminate paperwork, switching between tools, and avoid all of the security risks that come along with that. An HCM system includes tight security measures that you’re able to customize based upon your business.
By having all of your HR tools within one suite, you’re able to create reports that have all of your employees’ information available. These reports produce real-time workforce data that can help your business make critical decisions.
Employees are able to easily access personal data, PTO requests, payroll information, benefits enrollment, and other important information pertinent to their job role. This keeps employee engagement high because they’re able to access what they need, when they need it.
The beauty of an HCM system is that you’re able to track employees’ entire lifecycle from pre-hire to retire. Employee data can be tracked all the way from the time they apply to your company until their time with your company ends. This enables you to find trends and forecast based upon the data.
It’s pretty easy to see how beneficial integrating multiple HR systems into one HCM platform can be for your business.
It’s why we are rolling out FastPay 360 - a human capital management system. Want more info on what FastPay 360 can do for your business? Download our free eBook below.