The Top 5 Reasons HCM Software Leads to Workplace Efficiency
Employee management, staffing solutions and payroll nuances can be difficult to navigate for just about any company, but these tasks aren’t impossible. Modern tools for human resources have become quite sophisticated in the past several years, and perhaps the biggest innovation in this industry is human capital management software.
HCM Solutions Have Come a Long Way
Most professionals are familiar with human resource information systems (HRIS) if they’ve worked with HR technology before, but few know that HCM solutions have taken all of the great things offered by HRIS and added talent management, analytics and other features to become better suited for a modern workforce.
HCM software provides a platform that allows your employees to become empowered in their own development. According to Tech Target, HCM allows managers to communicate exactly what they expect from their employees and also fosters an online environment that encourages career growth.
HCM has become a common term in HR; however, many people are still unsure of what it entails. There are a lot of practical benefits that have come from these advances in technology. Here are the top 5 reasons why HCM software leads to workplace efficiency.
1 Payroll Benefits
Payroll is undoubtedly one of the biggest challenges for any company, and a lot of it has to do with data entry. When there is too much information to add into your platform and a lot of steps to process payroll, human error is bound to occur. This can get even more complicated when you’re trying to manage payroll across multiple departments. With some companies, all of the information you need for salaried, hourly and commissioned employees will need to be reset every time a new payroll batch is processed– which takes up a considerable amount of time and effort.
With HCM software, you can shorten these steps with limited data entry. By using a payroll “step set,” your company can process these tasks across HR, accounting, benefits and payroll departments without the red tape and headaches. Newer HCM platforms often accomplish this with just two stages – view and process. And, to make the process even simpler, all of it can be accomplished on a single point of entry page.
Payroll can be stressful on its own, so it’s important to have your software solution as streamlined as possible.
2 Employee Information Changes
Taking care of your employees’ needs should be one of the biggest goals you have as a manager. However, with HR, payroll, benefits and other accounting efforts to consider, it can be hard to focus on the other employee-centric efforts you’ve put on the backburner. In a lot of cases, employers are still using a paper trail to keep track of employee information changes. Not only is this impractical in the age of the internet, but it also doesn’t update employee data in real time.
For instance, with modern HCM software, your employees can update their marital status, W-2 information or other onboarding materials through the employee portal. Once you approve these changes, you’re all set. It’s that simple. There’s no need for digging through piles of paperwork or waiting on a paper trail.
As an added bonus, this technology makes your job a lot easier during mergers and acquisitions. At such a huge time of change for your company, the last thing you want to be spending time on is employee entry and data uploads.
Using a paper trail to keep track of employee changes is not only impractical in the age of the internet, but also doesn’t update employee data in real time.
3 Working Across Departments
Many companies today require employees to work across departments, and that’s a good thing. According to The Economist, it brings numerous benefits to organizations, allows many ideas to be shared and helps managers see the bigger picture in terms of sales and scale. However, as companies grow and share departments, issues like payroll and communication tend to fall through the cracks.
Having a single platform with HCM software allows you to enter all of this data, even if your processing needs are scaling up or down. Your company should be able to grow and access communication between all departments without any restraints from the HR department, and that is what makes HCM software so valuable.
4 Franchise Owners and Multi-State Locations
Let’s say you have offices in California, New York and Texas. Obviously all three of these states have their own policies, laws, benefits, tax rates and wages. Calculating these figures across different departments and state lines can easily turn into a nightmare if you are operating with multiple systems.
Managing the HR factors that come into play across state lines doesn’t have to be strained when you have HCM software. In today’s growing global economy, where an increasing number of people relocate and work remotely, companies need HR solutions that can handle different parties and data, regardless of where it is located. With HCM software, mass messages can be sent to all employees through a portal, and parent companies can also manage each franchise according to its own details, making workflow a lot easier for everyone.
5 Document Storage
In the digital age, cloud storage is crucial. Long gone are the days when files and downloads ruled. Today, cloud-based systems are becoming the norm and the same should be true for your HR solutions. Thanks to HCM software, you can allow for cross-departmental requirements as well, so you can rest assured that the right employees are viewing the appropriate documents when they need to.
With clearly defined benefits and talent management capabilities, HCM software is truly the scalable solution your company needs for modern workflow.
Thank you for your interest in our whitepaper, Top 5 Reasons HCM Software Leads to Workplace Efficiency. We hope you find it a valuable resource.