Introduction to HCM – Human Capital Management
HR department carry many responsibilities in an organisation all of them with the underlying goal of advancing the business by helping employees to be more productive & innovative. Human Capital Management (HCM) is the part of enterprise resource planning (ERP) that deals with employee records. These records provide managers with the information they need to make decisions that are based on data.
Companies are using business process automation in HCM to lower operational costs by eliminating time consuming HR processes. HCM software streamlines and automates many of the day-to-day record-keeping processes and provides a framework for HR staff to manage benefits administration & payroll and document such things as personnel actions and compliance with industry and / or government regulations and at the same time making information more transparent and accessible to employees thereby help them to be more productive, successful, processes / policies compliant & content.
HCM modules, consist of workforce management processes and analytics that span the employee lifecycle. It assist to understand the cost level of employees employees across the company, HCM having feature rich options of employee attendance trend, leave patterns, turnover rates and analytics helping senior management to make decisions and retain the essential talent that makes the organization successful.
Core components of HCM includes mainly three modules for employment management processes:
- Workforce management, including Time & attendance, Leave management
- Human capital management, including employee records, payroll and HR & statutory compliance
- Performance and compensation
- Learning management including training administration and content management
- Recruiting, including workforce planning, requisitions, applicant tracking
- Employee and manager processes
- Management reporting and analysis
What are the few things one should look for in an HRMS for HCM process automation?
- Easy Customisation. Automated processes are easily designed, built & modified without programming.
- Eliminate Bottlenecks Converting routine task into paperless, hands-free and error-free processes.
- Automate single/many processes across the company simultaneously. Add capabilities and upgrade as process automation requirements grow.
- Integrate processes and data with accounts /finance and ERP applications.
- Easy to Use. HRMS should be very intuitive and user-friendly, requires minimal user training, enforcing standards and best practices for consistency and compliance.
- Strong controls. Role- and rules-based privileges and access controls protect information in processes by defining levels of access for document or data.
- A cost-effective model. HRMS can be deployed quickly and cost effectively on a cloud (SaaS) model. Pay only for what you use.
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