Human Capital Management (HCM) Explained In 7 Steps
According to webopedia.com “Human Capital Management (HCM) software is a digital repository of human resources applications pertaining to employees and applicants. HCM software brings all company paperwork and forms into a centralized platform, usually cloud-based, so that HR personnel can access employee data and manage job candidates. HCM software, like other HR platforms, typically includes employee management, talent acquisition, and limited employee self-service features”.
Essentially, Human Capital Management (HCM) is an all-encompassing application that helps organizations eradicate paper-based systems. Today’s modern HCM solutions, like ATSTimeWorkOnDemand encompasses; Time and Attendance, Machine Learning and Workforce Planning and, many of the above- mentioned modules of a human capital management solution.
Here are 7 benefits of a human capital management (HCM) solution by Mary Girsch-Bock in a recent article for CPA Practice Advisor:
- “Time and attendance: To pay employees properly, you’ll need a system that employees will quickly adapt to that will track time worked properly.
- Payroll: Of course payroll plays an important role in HCM. Paying employees correctly and on time is part of a good management strategy.
- Talent management: If you have hundreds or thousands of employees to manage, it’s easy to overlook some of them. Using talent management resources can help to retain your good employees while also pinpointing those that may need some additional assistance.
- Training: Training and talent management go together. To be successful, employees need to be properly trained. Human capital management makes it easy to manage all levels of employee training from initial orientation to management training.
- Benefits: If you offer benefits to your employees, you need a way to manage them properly. HCM makes it simple to offer the benefits that your employees desire, and once offered, makes it simple to manage them properly.
- Reporting: Is your business doing a good job managing its employees? The best way to find out is to have access to various reports and analytics that can point out successes as well as areas that may need more attention.
- Compliance: Much of HR and payroll requires some level of compliance. Using an automated system where all employee-related tasks are centralized can help keep your firm or business compliant”.
To learn about ATS Human Capital Management (HCM) or to attend one of our bi-weekly webinars, go to our website. And, to reach an account executive by phone, call: 866.294.2467.
ATS offers a broad portfolio of time and attendance solutions that streamlines the collection, calculation, and reporting of employee hours for workforce management and eliminates the manual tasks of payroll preparation, increasing efficiency and reducing errors in corporate payroll departments.
Thousands of organizations across North, Central and South America and Europe- including more than half of the Fortune 500 – use ATS TimeWork OnDemand, Workforce Planning, Employee Scheduling HR and payroll solutions to manage their workforce. ATS cloud services offer rapid deployment, support services, software updates, and enhancements; and consulting and training services.