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eVerge Insights

June 23, 2020

Human Capital Management: Improving HR Practices with Cloud Software

Human Capital Management (HCM)
HR Benefits

Human capital management (HCM) is a comprehensive set of human resource practices or processes of an organization to maximize the business value of its workforce. It includes the recruitment, management, and development of employees.

An organization considers its workforce a valuable business asset that needs investment and management. With HCM, an organization can acquire and retain high-quality employees, improve overall productivity, and increase the satisfaction of the workforce. When employees are happy and productive, they are more inclined and equipped to drive the organization’s success.

Bringing HCM to the Cloud

Bringing HCM capabilities to the cloud is quickly becoming the new norm. Cloud-based HCM streamlines the processes, lowers the costs, and improves the agile response to organizational and business changes.

Some of the functions that an HCM solution may provide are:

Talent Management

Manage the entire lifecycle of your employees:

  • Talent acquisition: Using innovative technologies to find the best candidates for a position
  • Performance management: Optimizing employee performance with frequent checkpoints based on key performance indicators
  • Career development: Bringing employees closer to their goals by identifying career opportunities and creating a development plan
  • Employee engagement: Motivating your employees by offering tools for wellness and fun activities
  • Talent review: Proactively planning for succession in critical roles

Workforce Management

Automate processes, control labor costs, and streamline compliance for the entire workforce, whether they’re working remotely or in an office.

  • Strategic HR: Tracking employment information, managing documents, and predicting employee performance
  • HR service: Providing a helpdesk for sensitive human resource cases
  • Compliance: Safeguarding employee data and improving workforce health and safety

Workforce Rewards

Improve employee retention and maximize the accuracy of your payroll.

  • Compensation: Using HCM to add performance metrics to payroll calculations, as well as analyzing and budgeting compensation plans
  • Benefits: Creating and delivering benefit program options based on employee and business needs
  • Payroll: Complying with regulations by providing accurate payroll and tax reporting

The Benefits of HCM Software to Your Organization

By incorporating technology into your human capital management system, you can support your current and future strategies. Here are the benefits of a unified HCM solution to your organization:

Streamlined processes

You’ll find all records in one place for all HR-related needs, ensuring data compliance and real-time access to reports. Managers will find it easier to assign the right people to the right tasks to meet customer demands.

Reduced administrative burden

Streamlined and simpler work processes lessen the time that managers spend on HR-related tasks such as approving overtime requests and monitoring attendance.

Engaged employees

Employees have better control of their work lives by having access to HR functions on their mobile phones, tablets, or desktop computers. HCM solutions lessen the time wasted on inquiries with line managers or the HR department for concerns like requests for days-off, payroll, and employment documents.

Fewer errors

With automated attendance management, the processing time is shorter, and payroll errors are fewer or non-existent.

Less dependence on IT

You don’t have to buy and maintain servers and software to accommodate the expanding volume of HR records. All of these documents are automatically stored and filed in the cloud.

Your workforce is one of your organization’s most valuable assets, and you want to make sure that you meet their needs. With reliable HCM software, you can take care of your workforce, comply with regulations, and streamline HR tasks.

Find the right HCM software for your organization. At eVerge Group, our expert consultants will work closely with you to find a cloud-based solution that will drive employee engagement and business performance.

Human Capital Management: Improving HR Practices with Cloud Software

June 23, 2020

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