What Is A Human Capital Management (HCM) Software?

What do you need to know about human capital management (HCM) software?

1. Definition of human capital management
2. Definition of human capital management software
3. Benefits of HCM software
4. Considerations when choosing an HCM software

Human resources professionals have so much to do, but so little time. From attendance, payroll, and others — having to manually do each task is tiring and time-consuming. So, how can you manage all HR tasks without having to add more people to your team? Fortunately, there’s a solution for you. In this article, we will be talking about HCM software! Keep on reading.

Definition Of Human Capital Management

Human capital management (HCM) refers to the practice of managing, recruiting, and developing a workforce. These tasks are usually managed and overseen by a human resources (HR) department for an organization.

Below are the elements of HCM:

• Recruitment and onboarding
• Payroll
• Time and attendance
• Benefits
• Training
• Reporting and analytics
• Compliance

HCM is important because people are the heart of an organization. By having the right HCM approach, you can find the best people, help them grow, and guide them to success. It also allows you to retain talent for a long time.

Definition Of Human Capital Management Software

An HCM software brings the multiple aspects of HCM into one platform, eliminating manual processes. This helps the HR department manage HCM processes more effectively and support the workforce.

The term HCM is often interchanged with human resource information systems (HRIS) and human resources management systems (HRMS). But the main focus of HCM is the management of employees in the organization.

EasyHR, one of the cloud-based software developed by Human Incubator, integrates HCM, HRIS, and HRMS. It offers the following features:

• Automation of manual HR tasks, such as daily time recording (DTR) and payroll computation
• Centralizes record-keeping of HR-related files and provides easy reporting
• Provides an Employee Portal for easy viewing of leave application, overtime application, payslip, loans, and DTR
• Loan management and leave management capabilities

Benefits OF HCM Software

The right HCM software will help your HR department in their tasks, so they can be more efficient! It will also improve employee experience and help your business grow too. Below are just some benefits you will experience if you decide to invest in one:

Remove Paper-Based Systems

If you’re still using paper-based systems to keep track of leaves, attendance, and employee records, you’re wasting time and space. Managing and organizing piles of paper documents can take too much of your time. You need to sort through numerous files just to find the piece of information you need. And it also takes up physical space in the office too! An HCM software removes the need for a paper-based system.

Keep All Files In One Place

An HCM software like EasyHR allows you to manage all your HR-related files in one place, so you can access them anytime! You don’t need to keep separate files and folders. And the best thing is, since it’s cloud-based, the data you need is accessible via the Internet.

Free Up Time For Other HR Tasks

Computing attendance and payroll can take too much time, since not every employee have the same shifts, number of leaves, lates, and salary! With an HCM software, you can automate the computation of attendance and payroll, which frees up time for other important tasks.

Automate your payroll processing with easyHR’s cloud-based software solution

Click to Learn More.

Automate your payroll processing with easyHR’s cloud-based software solution

Click to Learn More.

Ensure Accurate Computations

Since HCM software can automate attendance and payroll computations, it reduces error-prone data entry. With accurate computations, employees will receive salary and benefits fairly.

Help Make Data-Driven Decisions

With access to HR-related documents in one place, it’s quicker to generate reports, which can be helpful when it comes to making decisions for the company and the employees.

Can Grow With Your Business

A cloud-based HCM software can grow with your company, whether you welcome more employees, need more storage for an increasing amount of data, or others!

Secure Important Data

An HCM software allows you to ensure that all HR-related data are kept safe. Compared to this, paper-based systems and spreadsheets are easier to access by anyone.

Considerations When Choosing An HCM Software

If you’re interested in trying out an HCM software in your organization, there are some things you need to consider:

List Of Requirements

Make sure to find an HCM software that has all the features your organization needs. For example, if you free up time for your HR department, so they can focus on other important tasks, the software should be able to automate manual tasks.

User Experience

No matter how many features an HCM software has, you won’t be able to maximize it if’s too complicated to use. In this case, you might have to hold training sessions for users to be able to properly use the software. If you want to lessen the learning curve, look for something simple and user-friendly.

Cloud-based Software

A cloud-based HCM software is accessed via the Internet, so you can work anywhere, anytime. You also don’t need to worry about maintenance, because the cloud service provider will often do it for you. You also get to have the latest updates, always!

Key Takeaway

Many companies are happy with their HCM software because it can help them automate tasks, keep data safe in one place, and make data-driven decisions! If you’re interested in cloud-based software for your HR needs, you can contact us here at Human Incubator. With EasyHR, you can manage your human resources with ease!

Automate your payroll processing with easyHR’s cloud-based software solution

Click to Learn More.

Automate your payroll processing with easyHR’s cloud-based software solution

Click to Learn More.