Employee management softwares – or human capital management systems – are a suite of applications that helps businesses automate and streamline their HR processes, from recruitment to payroll.
Here are some reasons why you should use them.
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HCM Systems Benefits
- Streamlined automation. Embrace efficiency with modern employee management software that automates labor-intensive tasks such as payroll processing, benefits administration and performance reviews, saving time and resources while improving accuracy.
- Seamless communication. Foster collaboration and engagement with robust communication channels offered by employee management software, including instant messaging, email and video conferencing, enabling smooth communication between employees and managers.
- Efficient performance tracking. Stay on top of employee performance with comprehensive tracking features, including goal setting, performance reviews and feedback mechanisms, allowing managers to objectively evaluate performance and provide targeted support.
- Effortless time-off management. Simplify time-off management with user-friendly features such as leave requests, approvals and tracking, ensuring employees take the necessary time off while preventing staffing issues.
- Streamlined onboarding. Expedite the onboarding process with employee management software that provides tools such as employee profiles, training materials and onboarding checklists, helping new hires quickly adapt to their roles.
- Effective benefits administration. Simplify benefits administration with features such as benefit enrollment, eligibility tracking and claims processing, ensuring employees have access to the benefits they need without administrative hassle.
- Regulatory compliance made easy. Ensure compliance with labor laws and regulations with employee management software that offers features such as time tracking, payroll processing and leave management, minimizing the risk of fines and penalties.
- Data-driven decision making. Empower informed decision making with employee management software that provides reporting, analytics and forecasting tools, enabling data-driven insights for optimizing operations.
- Improved employee satisfaction. Boost employee satisfaction and engagement with features such as surveys, feedback and recognition offered by employee management software, resulting in a more motivated and productive workforce.
- Enhanced talent management. Attract and retain top talent with user-friendly interfaces, mobile apps and social media integration offered by employee management software, ensuring a skilled and engaged workforce.
- Efficient time tracking. Effectively manage employee hours, attendance, and overtime with accurate time tracking features, improving workforce management and payroll accuracy.
- Streamlined employee relations. Foster a positive work environment with employee management software that offers features for tracking and managing employee relations, such as conflict resolution, performance improvement plans and employee feedback.
- Reduced litigation risk. Mitigate litigation risks with employee management software that ensures compliance with labor laws, manages employee records and documentation and provides a clear audit trail of employee interactions, reducing legal exposure and protecting the business from potential lawsuits.
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Choosing Employee Management Softwares
- Features: The first step is to identify the features that are important to your company. Do you need a software that can handle payroll, benefits, recruiting and performance management? Or do you need a more specialized solution?
- Scalability: As your company grows, you will need a software that can scale with you. Make sure to choose a program that can accommodate your future needs.
- Ease of use: Employee management software can be complex, so it is important to choose a software that is easy to use. Look for one with a user-friendly interface and that is customizable to your company’s needs.
- Security: Employee management software can contain sensitive data, so it is important to choose a system that is secure. Make sure to choose a software that has been certified by a reputable security organization.
- Cost: Employee management software can be expensive, so it is important have your budget in mind. Make sure to compare prices and features before making a decision.
- Situational Capabilities: You may need a software than can cater to your specific situation. For example, perhaps they need experience with unionized businesses. Be up front about that as you send out your RFPs and make your evaluations.
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Best HCM Systems
The “best” option is going to depend on your company, industry and exact situation. While we can’t choose one “best” software for you, here are some of the more popular cloud-based HCM systems (in no particular order) and a brief overview of each:
- Workday is a human capital management software suite that provides a variety of features for managing employees, including payroll, benefits, recruiting and performance management.
- SAP SuccessFactors is another HCM system suite that offers a wide range of features for managing employees, including recruiting, onboarding, performance management and compensation.
- Oracle HCM Cloud is a suite that provides a variety of features for managing employees, including payroll, benefits, recruiting and performance management.
- PeopleFluent is a software that offers a wide range of features for managing employees, including recruiting, onboarding, performance management and compensation.
- Ultimate Software is a cloud-based HCM that provides a variety of features for managing employees, including payroll, benefits, recruiting and performance management.
- Monday.com is a little different than the others in that its more commonly used for project management than tracking employee data. (Though you can use it for that, too.) It has a user-friendly interface and can be customized to your company’s needs. It’s also a cost-effective solution for businesses that need a cloud-based HCM system.
Are you ready to upgrade your HCM system, or perhaps implement one for the first time?
Private and public companies as well as private equity firms and their portfolio companies can all reap the benefits of choosing the right employee management softwares.
Fortunately, you’re not in this alone. The Business Builders’ Network is full of experts who have helped companies like yours with industry specific-decisions about their human capital management software.
If you’re ready to take the next step and want an exact-fit third party to accompany you through the process, from start to finish, contact our research and operations team.
We already know the best possible partners for your niche-specific needs, and we’ll connect you in less than 24 hours after our initial scoping call.
