Human Capital Management (HCM) solutions have changed the face of the human resources landscape, and it’s difficult to overstate their value. Entire departments have been transformed by the flexibility and power that an HCM affords their team.
But is an HCM right for your team? What do you stand to gain from making the switch? Chances are, it’s more than you expect. HCM solutions can increase your productivity and profitability, and lots more besides. Here are just a few ways you can expect to benefit from an HCM solution.
What an HCM Can Do for You
Everything you need in one system
No more disparate systems, no more fragmented data. An HCM is an all-in-one solution that allows you to manage almost every aspect of HR from one comprehensive tool. Everything your team needs to manage human resources is all under one umbrella: talent acquisition, payroll, benefits, timekeeping, attendance and more.
Having all of your tools and information in the same place makes your people more productive and reduces the amount of time they need to do admin and data entry tasks. Your HR team will be able to work more efficiently and effectively and focus on more important tasks that drive innovation and move the needle at the company.
Your data will be more secure
Using an HCM is a great way to ensure the security of your employees’ data. As a company, you use a great deal of sensitive data from your workers: addresses, bank accounts, social security numbers, and more. It’s critical that you keep this information secure, and an HCM can help you do just that. Most HCM solutions use modern encryptions and security features and have a proven record of safety and reliability when it comes to priva
Improve your employee experience
Your people are your most valuable resource, and an HCM solution helps you deliver an exceptional employee experience. Track and manage your employees’ lifecycle all the way from resumé to retirement, and have a single spot where helpful company information is kept.
With an HCM, you also give your employees easy and secure access to their own personal HR information, letting them view and manage it from anywhere, on their own time. It offers your employees a host of features that make their lives easier and their work experiences richer, like being able to enroll in benefits, view accruals, manage time, track performance, and submit time off requests.
Get valuable insight from your workforce data
One amazing benefit of having all your information stored in one place is that it’s easier than ever to create reports and visual insights. You’ll be able to track valuable information about your employees, including their efficiency, cost, performance, attendance, and turnover. Actionable analytics will help you identify both areas where your team is performing well and areas of improvement and growth. The system also helps you set and track goals, and it streamlines the entire employee review process.
Easy to scale and cheap to maintain
HCM solutions are designed by nature to grow and expand along with your company. There’s no limit to the amount or the kind of information that can be stored and organized in these systems, and many have access to a marketplace of specialized HR solutions that can be easily integrated. Also, the cost of maintaining an HCM is lower in the long run. You’ll only be paying for one system, and it’s easy to get your team up and running on it, reducing training costs and downtime. Not only that, the software will always stay up to date with new updates and improvements.
Whether it’s managing payroll and timekeeping, tracking employee performance, talent acquisition, tax compliance, employee self-service tools, or all of these things, it’s no surprise that HCM technology is the standard of growth-driven HR teams. Talk with one of our FastPay experts today to see how an HCM solution is right for you.