HCM Strengthens Company Strategies
Tuesday March 24th, 2015
Estimated time to read: 1 minute, 30 seconds
High HCM demand
Employers that utilize cloud-based human capital management (HCM) solutions quickly experience faster processing and reduced support demands while benefiting from anywhere, anytime accessibility through desktop, laptop or mobile devices. Comprehensive HCM solutions are rapidly replacing multiple applications, integrating business functions into a single source to reduce costs and increase efficiencies.
You need more than payroll
Small and midsized enterprises (SMEs), those with 50 to 1,000 employees, are finding comprehensive HCM solutions are now available to them, delivered via the cloud. With today’s compliance requirements and changing legislation, employers need a solid platform that delivers a unified payroll and HR solution to run their businesses and engage their employees. An optimal HCM platform enables the customers, not make them dependent on a provider.
HCM data provides better results
HCM technology delivers an unprecedented comprehensive view of a company’s workforce without running multiple reports in separate systems, resulting in better information to those who need it, when they need it. Employers can integrate their benefits, payroll, time and labor and human resources into a single solution HCM platform. HCM technology answers the critical need for consolidated business functions.
HCM technology for the SME marketplace must be easy to use, and that’s especially true of the system’s reporting. Data that is not accessible doesn’t lend itself to strategic business decisions that drive company growth. The key to a successful HCM deployment is the accessibility and usability of the analytics by supervisors, HR staff and executives. Users should be able to easily create reports that consolidate numerous data points and execute complex calculations, without manual intervention, additional costs or the required ability of crafting SQL statements.
Mobile engages employees
By empowering employees to manage their own information, companies experience an increase in data accuracy, a reduction in HR inquiries and less employee frustration. Increasing employee engagement is a natural benefit of HCM technology. Accessing their data when and where employees need it not only improves the HR/employee relationship, but saves human resource staff time from facilitating benefit enrollment, time and labor tracking, time off requests and more.
The future of HCM
The need for comprehensive HCM solutions will continue to increase as employers realize a unified platform is the most efficient way to manage their workforce and maintain compliance in the face of constant regulatory change. The HCM technology will also continue to adapt to the marketplace, adding new components, advanced mobile features and fresh functionality to help SMEs meet new regulations.
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