A competent and engaged workforce is an essential element of a successful business. Although, before getting there, you need to put in plenty of effort and invest resources to develop the skills and establish a strong relationship with your employees. It is a demanding task, but with robust HCM software at your disposal, you can proceed smoothly to achieving this goal and overcome the obstacles and difficulties in the path.
12+ HCM Software
2. SAP SuccessFactors
3. Oracle HCM
5. Kronos HCM
9. ADP Workforce Now
13. Ceridian Dayforce HCM
What is HCM Software?
HCM (Human Capital Management) Software is a digital solution helping businesses to manage their employees within several phases of the employee lifecycle. This software digitizes staff management operations and integrates them into a centralized platform. That said, you can input, access, and edit data and pivot business strategies by using digital devices such as a desktop computer, laptop, or smartphone.
Also, with this human capital management solution, you can gather essential data analytics and measure metrics for tracking employee performance and gaining insight. In addition, it has functionalities to help you with processing payroll and simplifying the activities involved in compensating employees.
When you use this technology for your HCM responsibilities, you can access its business process automation capabilities for streamlining repetitive and manual activities. Also, it stores electronic documents in its database, eliminating the need to print hard copies. That said, with this software in your toolkit, you can reduce expenses and lessen your workload.
There are plenty of HCM solutions in the software market. The software vendors have tailored varying software to specialize in distinct aspects. Also, each company offers multiple software packages and subscription plans with different prices and varying supported digital devices. That said, with this almost unending list of options you can choose from, selecting which one to equip in your business may prove to be challenging. A helpful tip is to consider essential factors such as your management needs and the size of your business. In addition, take these factors into account:
- Time and attendance tracking tools
- Leave management functionalities
- Employee management capabilities
- Talent management tools
- Training and onboarding system
- Employee productivity tracking capabilities
- Analytics platform and dashboard
- Third-party applications integration
Top 10 HCM Software
When you use this software, you can access applicant tracking and incentive management tools. They have 132,000 people in their team and have a revenue of 40 billion dollars.
2. ADP Workforce Now
Employee management functionalities and an employee database are examples of features in this software. They have generated a revenue of 14 billion dollars and have employed 58,000 people.
This workforce HCM software has tools for streamlining candidate tracking and benefits management. They have 12,500 employees and have 4.32 billion dollars in revenue.
4. Kronos HCM
You can streamline workforce management and schedule management with this human resources software. Its developer, UKG, has 3 billion dollars in revenue and has 13,000 employees.
5. SAP SuccessFactors
With this software, you can utilize recruitment management and employee scheduling functionalities. They have 694 million dollars in revenue and have 3,627 people working for them.
Paycor is a payroll solution with background screening and compensation management features. They have 1,945 people in their team and have a generated revenue of 327 million dollars.
This talent management software has assessment management and attendance tracking capabilities. They have 600 employees in their team and have 126 million dollars in generated revenue.
This HCM software for small business and big businesses has applicant tracking and deduction management tools. They have 105 million dollars in revenue and have 500 employees.
Functionalities for activity tracking and 360 degree feedback are accessible in this software. They have a generated revenue of 76 million dollars and have 400 employees.
GoCo is a software that provides its users with document management and electronic signature capabilities. They have employed 323 people and have generated a revenue of 61 million dollars.
What are the various components of strategic human capital management?
One of the components contributing to the success of your human capital management processes is measurable, realistic, and specific goals. Also, aligning your implementation to your expected outcomes is another essential element. Not only that. Another component is gathering data analytics for monitoring the performance of your strategies and methodologies.
What are the differences between HRM and HCM?
People use the terms HCM (Human Capital Management) and HRM (Human Resource Management) interchangeably, and it is for a reason. These two practices have overlapping functionalities making the line that separates them a little blurry. Despite that, these two have glaring differences. For one, HCM encompasses a range that focuses more on filling in talent management gaps and ensuring quality employee training to maximize productivity and efficiency. On the other hand, the latter focuses more on the functions and processes for managing employees to improve employee experience.
Why is human capital management essential?
Businesses aim to improve their human capital management practices to sharpen the skills and capabilities of employees to maximize their potential. Organizations then leverage this crucial resource to grow their business. Also, HCM helps prepare the employees for possible issues and challenges. In addition, it ensures that the right people are on appropriate teams to optimize business functions.
The innovations brought by digital technology have opened new opportunities and offered new means that significantly change human capital management. That said, ensure to keep up with these developments and choose to go digital. Not only can you minimize effort, but you can also optimize results. Manage your human capital seamlessly and with high proficiency with just the tips of your fingers. Secure the best HCM software from this article.
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