Human Capital Management
Human Capital Management (HCM) is the comprehensive set of an organization’s practices for recruiting, managing, developing, and optimizing employees in order to maximize their business value. Human Capital Management, or HCM, is the effective acquisition, employment, and development of a company’s employees through strategic and tactical practices, processes, and applications in order to maximize their economic value.
Human Capital Management is essential for acquiring and retaining high-performing employees.
In short, a HCM system plays an essential role in helping the organization’s HR department increase the overall productivity and happiness of employees. In turn, productive and happy employees work harder and care more about the success of the organization.
An article from Forbes states that happy employees are good news for organizations: The stock prices of Fortune’s “100 Best Companies to work for” rose 14% per year from 1998 to 2005, while companies not on the list only reported a 6% increase.
Having an automated system to oversee a company’s Human Capital Management System saves organizations valuable time and money in hiring the right people and being able to retain them.
The Benefits of Having a GOOD Human Capital Management System
1. Recruiting is Made Easier
By utilizing the data collected from your Human Capital Management System, you can
- attract quality resumes,
- identify the most qualified candidates &
- manage qualified candidates.
2. Employee Retention Increases
Human capital management systems (HCMS) dramatically improve managing and developing talent via an integrated platform. Specifically, this platform allows for managers and peers to easily provide input into performance reviews. When employee competencies are assessed and gaps are determined, the HCMS has built-in action items. For example, company-endorsed training modules or peer-to-peer mentorship. A good HCMS also has automated scheduled performance reviews which can help assess future salaries and compensation.
3. Unified Platform for Payroll, Scheduling & Human Resources
Providing your business with an integrated platform that syncs and automates all these moving components is imperative for the success of your business. Easily share data between these divisions, sharing need-to-know data and information to managers is possible, and quantifying your business results helps you better plan for success in the future.
5. Measurable ROI
Quantifying results in today’s business world is everything. With more in-depth reporting, you can see
- when absenteeism peaks and during which seasons,
- track overtime for the whole year,
- better track ROI’s and performance of individuals,
- and more!
Features of Our Human Capital Management System
- Talent Management
- Payroll and Tax Management
- HR Reporting and Analytics
With one seamless Human Capital Management System and unified platform, we can ease the burden on your staff so you can get back to focusing on your core business while experiencing higher revenue. Our full suite of unified Human Capital Management solutions help you recruit, staff, manage and pay your employees all while tracking valuable data which can save you time and money in the future.