HCM solutions provide a powerful tool for companies to create improved employee experiences. These solutions are unified end-to-end systems that empower employees and managers with real-time access to data.
Top HCM software also provides the tools to ensure compliance with local, state, and federal rules and regulations. This prevents costly violations and reputation damage.
Improved Accuracy
In the age of cloud computing, mobile devices, and social media, people are much more open to embracing technology in their work. That’s especially true in human resources, where various online tools are available for managing and streamlining HR functions.
A good HCM solution like Paycom API will provide a unified repository for employee information, ensuring it’s always up-to-date and accurate. This can help eliminate errors in preparing year-end forms.
HCM solutions can also make it easier to monitor employee engagement. Tools like pulse surveys and recognition schemes can help bridge the gap between what employees value in a job and what they get from their current roles, reducing the likelihood of disengagement and leading to staff departures.
HCM systems are more secure than traditional on-premise systems, vulnerable to cyber-attacks and natural calamities that could damage physical servers. The data stored in cloud-based HCM solutions is encrypted and protected, minimizing the risk of unauthorized access or breaches. Regular security updates ensure your company’s data is protected, even against new threats. This is particularly important for midsize companies that operate globally. An example of an excellent cloud-based HCM solution combines HR management, workforce management, employee time tracking software, and performance management into one suite.
Reduced Costs
The best HCM systems can reduce costs in a few ways. By automating time and attendance management, eliminating manual payroll processing, and enabling self-service for employee information, businesses can save on labor, paper, storage, and related costs. In addition, using an integrated system reduces errors and improves accuracy. Then, there are the savings associated with avoiding compliance failures, which can be costly and damage a company’s reputation.
An HCM solution can also be a powerful tool for improving workforce engagement. A growing body of research shows that the lack of attention is a leading cause of people leaving their jobs, contributing to what has been termed the Great Resignation Crisis. An effective HCM system helps bridge this gap by encouraging participation through rewards programs, pulse surveys, and other tools designed to engage employees.
An HCM system can also be a powerful tool for reducing the cost of hiring and recruiting. By providing automated and personalized job ads, tracking applicants, identifying high-potential candidates, and making more informed hiring decisions, a robust system can lead to lower turnover and better-quality hires. Lastly, HR technology can streamline onboarding processes by providing a more seamless experience for new hires. This can save on training expenses and help ensure that new hires are productive faster.
Greater Flexibility
Cloud systems are built on a platform designed to be easily adapted for future business needs. This flexibility offers businesses greater agility than the typical on-premise system. The scalability and efficiencies provided by a cloud-based HCM solution allow organizations to adapt to their unique workforce management needs without incurring significant upfront investment costs or spending additional time migrating from one system to another.
In addition to providing high user flexibility, modern HCM suites enable companies to streamline people management processes by integrating HR, time and attendance, payroll, and scheduling into a single integrated software application. The result is a more efficient and accurate way to manage employees.
Today, many employees work remotely and must fulfill their job duties from anywhere. This shift has been accelerated during the pandemic, but it’s expected to continue in the long term. HCM solutions must support this new world of work.
The ability to work from various locations and devices empowers employees to be more productive and gives businesses a competitive advantage in attracting and hiring the best talent. It’s also crucial for HR teams to have access to data from a mobile device to quickly and easily make adjustments to employee schedules when the need arises. This increases the workforce’s productivity, reduces missed meetings and deadlines, and allows for more efficient planning.
Increased Mobility
In addition to reducing costs, cloud-based HCM solutions offer greater mobility. For example, employees who work from home, at satellite offices, or on client support teams can easily access their information via mobile devices with a simple user interface. This is ideal for businesses that have a remote workforce or require managers who frequently travel to meet with clients.
Businesses that use an HCM solution can also save time and money by eliminating duplicative data entry and other manual processes. This allows HR leaders to focus on strategy and less on rote administrative tasks.
A sound HCM system can help businesses comply with city, state, and federal employment regulations. For instance, it can automatically update payroll and workforce management processes to ensure they follow the latest rules. It can also provide upper management with a dashboard highlighting key workforce trends to make better, more informed business decisions.
A cloud-based unified HCM system can integrate recruiting, training and development, employee self-service, time tracking, and payroll. It’s popular with small and midsize businesses in the hospital and healthcare industry, computer software companies, and non-profit organizations. One of the best systems offers core HR, onboarding, performance management, and more. Its pricing is quote-based. Others provide a single platform for payroll, talent management, learning, HR reporting and analytics, and more.