We’re witnessing a historically good job market—good for job seekers, but ultra-competitive for employers. And while there continues to be a lot of emphasis on finding and recruiting new talent—which is all well and good—don’t forget the importance of growing and developing the talent you currently have in your workforce.
One way to put the focus back on talent development is to re-think the way we talk about HCM software. If we think about HR technology from a “human resources management” or “human resource information system (HRIS)” perspective, the focus is on streamlining the HR processes. Which is important insofar as it saves your HR team from excessive administrative work, but it only gets you so far.
Instead, think of your HCM suite as a performance management platform or a talent management suite. Ask yourself: Does my current human capital management system help me engage, retain, grow and develop talent? This is a critical question because industry-leading HCM platforms will offer true workforce capability, not just administrative HR.
How HCM Tools Help Develop Talent
An industry-leading talent management system should deliver a best-in-class experience and work with any existing systems you currently use for workforce management. When evaluating HCM software, make sure it’s the right fit for your workplace. For starters, make sure it has the following features:
- Onboarding — If you’re not reaching out to your employees before their first day, you could be missing a key opportunity. Show them they’re joining a supportive team by answering questions, offering encouragement or giving instructions ahead of time. Make sure they start their first day on the right foot.
- Time & Attendance — Give the power to the people! With employee self service, individuals can search your company intranet to find information or answers to lingering questions. They can also manage their own PTO and keep an eye on their schedule.
- Learning Management — Make learning accessible for anyone. Design various learning tracks for different work groups and let employees learn at their own pace. Maximize the learner’s engagement and retention.
- Performance Management — Create and maintain employee reviews with customizable online forms, weighted scoring and side-by-side feedback.
- Benefits — Use HCM technology that helps you select the most attractive benefits for a diverse, multigenerational workforce.
- Payroll — Confidently pay employees accurately and on time. Nearly 80% of American workers live paycheck to paycheck (according to a recent CareerBuilder study), and you don’t want your employees to disengage because they’re worried about not getting paid.
- Modern HCM tools should be intuitive and offer you every opportunity to engage and retain your workforce. From selecting the perfect benefits package to registering for a financial-planning seminar, your employees should have easy access to all HR has to offer.