Top HCM platforms offer data analytics tools and act as a single source of truth.
FREMONT, CA: Human resources are no longer a singular entity manageable by a single piece of software. Different software is needed for core HR tasks and for devising cutting-edge HR strategy. The human capital management (HCM) platforms are more sophisticated as compared to HR Information systems (HRIS) and HR management systems (HRMS). While HRIS and HRMS are designed to solve specific problems such as employee records management, benefits administration, payroll processing, and more, all-in-one HCM software handles a wide range of basic HR tasks. It digs deeper by examining individual and organizational performance, employee sentiments, and everyday activities in the company.
Top HCM platforms offer data analytics tools and act as a single source of truth. The platforms assist managers in understanding employee communication and their interaction in their workspace. Softwares in the market provide visibility to various departments into their human capital by accessing data from the HCM platform. For instance, the finance department can create detailed labor cost reports without requesting data from the HR department in a separate spreadsheet.
Organizations are creating Big Data across all areas of business, even human capital management. That transforms HR software into a reliable business intelligence tool. Few platforms in the market provide clients with more than 100 configurable charts and metrics, which help in succession planning with current and future talent needs. Conventional HRIS/HRMS document the performance, goals, projects, behavior, attitude, and development feedback. Whereas HCM platforms take it a step further and capture data trends such as the type of activities employees perform, their feelings, what they think about their role, projects, technology, and the organization as a whole. With this availability of data, the organization can evaluate the needs of their human capital.
To choose the right HCM software, organizations should evaluate the number of functions it can automate to make the HR and the employee's life easier. With emerging technologies such as cloud and mobile, HCM platforms have become more agile and user-friendly. To create a better working environment for HRs and employees, organizations are enhancing the platforms with functionalities like the conversational component, which allows workers and managers to pull up data and manage requests using voice and chat commands. According to experts, an upgrade to all of HR is required so that it is productive and meaningful.
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