One of the main reasons many companies are switching from traditional point systems to integrated Human Capital Management (HCM) solutions is the ease of a single solution; you don’t need to maintain multiple systems, passwords and processes. With a unified, single solution HCM platform, you sign in once and have access to all of the tools you need to manage your workforce.
In addition to the convenience and simplicity of a single sign in for managing your workforce, integrated HCM platforms have been proven to:
· Improve productivity
· Increase sales and revenue
· Decrease systems training, development and cost
· Enables executives to focus on strategy, not worry about administration
According to the Human Capital Management Institute, 55 percent of executives with unified HCM solutions indicate that their HR technology improves their strategic planning process; compared to just 23 percent for executives with non-unified technology
As a follow up to our first article on HCM, here are the primary components of a holistic HCM solution:
· Payroll – Classifications, direct deposit, garnishments, taxes and reporting
· Benefit Administration – Eligibility, enrollment, tax advantage plans and wellness programs
· Human Resources – Workforce planning, recruiting, hiring, orientating and onboarding, skills management, training and development
· Time and Attendance – Hardware, software, alerts, reporting and accessibility
· Talent Management – Recruitment, onboarding, performance reviews, rating systems and succession planning
· Compliance – COBRA, EEO, ERISA, FMLA, GINA and HIPAA
Infinisource’s Newsroom will be highlighting each one of these categories over the next few months as part of our series on HCM. We will be sharing cost savings examples, key considerations and we will list key compliance requirements. As always, we ask for your input on specific areas of interest and appreciate comments and questions on all Newsroom content.