Human Capital Management (HCM) Technology 101
hcm-technology-discussion

Human Capital Management (HCM) Technology 101

What does Human Capital Management (HCM) Technology Offer?

As a human resource professional, where do you spend most of your time? Working with colleagues to solve big business problems? Implementing employee development programs aimed to increase retention? Or is your day mired in the day-to-day of collecting paperwork, hand-coding the data into a spreadsheet and trying to keep up with endless files?

If you’re like most HR professionals, the answer is the latter. To help combat this administrative nightmare and allow HR to focus on bigger-picture initiatives, organizations are investing in Human Capital Management (HCM) technology.

What’s HCM, you ask?

Think of HCM technology as a one-stop-cloud-based-shop designed to consolidate and simplify ALL your people management needs from recruiting and hiring, to paying, managing and developing employees. If you’re currently mixing and matching solutions, finding unified technology that houses all the tools you need to find, develop and retain employees will make you more efficient, reduce the chances of error and improve employee satisfaction.

Here’s a look at the 7 key features and functionality HCM technology offers:

  1. Applicant Tracking System
  2. Onboarding
  3. Time & Attendance
  4. Reporting & Data Analytics
  5. Payroll
  6. HR and Benefits Administration
  7. Learning Management

The Key to Attracting Top Talent

An Applicant Tracking System (ATS) is designed for HR and recruiting teams that care about hiring the right talent quickly and effectively. The way candidates are applying to jobs is changing. People are no longer willing to spend 30 minutes on one application, nor do they always do it from their computer. A quality ATS will allow applicants to apply from anywhere, on any device, at any time. It will also provide the metrics you need to determine where your best candidates are coming from, find bottlenecks and catch missed opportunities.

Set Your People Up for Success from Day One

A study found that highly engaged employees were 87% less likely to leave their companies than their disengaged counterparts. With an onboarding solution, employers are empowered to connect with new hires in a more engaging way by reducing the amount of paperwork to accelerate productivity. Employers can also reduce compliance risk by ensuring all proper documentation and onboarding materials are reviewed and completed in a timely manner. Onboarding no longer means sitting in a room for hours filling out paperwork. The right onboarding program can help you connect with your people and create a meaningful start.

hcm-planning-discussion

Monitor and Control Time & Payroll Costs

Accuracy between time and payroll is no longer a nice to have – it’s a must. Manually tracking hours via time sheets and re-keying employee hours can lead to payroll errors and frustrated employees. Or if you’re using a solution that requires you to import or transfer files, there’s a better way. When time information flows directly into payroll, you have a single source of truth that increases efficiencies and ensures you’re capturing the right information.

Dive Deeper into HR Data

According to McKinsey, the average employee spends 19% of their workweek searching for data. Imagine if instead of spending countless hours digging for the information you need, HR data could be displayed visually via interactive charts and graphs. Many HCM solutions are offering human resource data analytics tools to help identify key business insights by extracting and compiling data across their HR, payroll and time solutions.

Make Benefits a Competitive Advantage

Traditional benefits are essential but they’ll never become a competitive advantage if organizations don’t have unique and tailored benefits for a multigenerational workforce. HCM technology provides the tools to help businesses reduce administrative tasks associated with open enrollment and benefit elections.

Improve Employee Development

When it comes to helping employees grow and develop in their careers, offering an HR solution that prioritizes performance management and offers employees easy access to view goals, participate in training and development and communicate with managers is key to increasing overall engagement and making employees feel valued.

Payroll Doesn’t Have to be Stressful

For decades, payroll has been a manual process that’s the root cause for many HR headaches. From eliminating compliance concerns to reducing administrative effort, HCM technology can completely automate payroll, making the entire payroll process seamless. With a single system for HR and payroll, you’ll never have to worry about re-entering employee updates. Changes made in HR flow directly to payroll, ensuring employees are paid accurately and on time. And with technology built to ensure tax compliance, your payroll solution can eliminate the challenges tax season present.

Engage Your People Throughout Their Career

Forty-five percent of organizations point to employee training as one of their toughest challenges. Why? Because employers are spread too thin to create dedicated courses and individual training programs that meet the learning needs of employees. But with a dedicated learning tool, you can create training courses that deliver personalized content and track course completion. Take compliance training for example. Employers are required to provide staff with the proper training, but without a solution to provide an accurate tracking record, how will you prove what’s been completed in the event of an audit?

Paycor helps more than 30,000 organizations manage their most critical asset, their people. We offer a unified HCM platform, with payroll at its core, that streamlines and optimizes nearly every aspect of your organization. From the way you recruit and onboard, to the way you engage, train, and retain employees, we can help you make a difference in your organization. Click here to take a guided tour of our platform, or if you’d like to go in-depth on each of our solutions, check out our product brochure.


Subscribe to Our Resource Center Digest

Enter your email below to receive a weekly recap of the latest articles from Paycor's Resource Center.

Check your inbox for an email confirming your subscription. Enjoy!

More to Discover

DOL Final Overtime Rules: Quickstart Guide for Employers

DOL Final Overtime Rules: Quickstart Guide for Employers

On September 24, 2019, the Department of Labor issued its final overtime rule to increase the minimum salary threshold for executive, administrative and professional exemptions from $455 per week ($23,660 annually) to $684 per week ($35,568 annually). The new rule goes into effect January 1, 2020.As your organization considers how to prepare and comply, we’ve created this guide which outlines the new ruling, provides tips to manage impacted employees and offers a checklist of key details to follow to mitigate risk. Click below to instantly download the guide.

Active Shooter Policy: What Employers Need to Know in 2020

Active Shooter Policy: What Employers Need to Know in 2020

Always Be Prepared for Emergency Situations in the Workplace It’s a sad reality that many people have a looming fear of active shooters in the workplace. Unfortunately, their fears aren’t misguided. According to the FBI, 60% of active shooter incidents occur in businesses. However, as an employer there are actionable steps you can take to prevent an active shooting, ease employee concerns and protect your people. Step 1: Form a Planning Team It’s important that your planning team has representation from departments across the business, as well as first responders. In the same breath, the planning team should be small enough to encourage close collaboration, yet large enough that it doesn’t put the burden on any one person. The planning...

What are W-3 Forms? FAQs and Helpful Tips for 2020

What are W-3 Forms? FAQs and Helpful Tips for 2020

As a trusted HR & payroll provider, Paycor gets hundreds of questions about Form W-3 each year. To help HR professionals mitigate risk, our compliance experts answered the most frequently asked questions around Form W-3. What is a W-3 form? Technical answer: Form W-3 is used to total up all parts of Form W-2. Both forms are filed together and sent to Social Security Administration (SSA) every year. Form W-3 is also known as “Transmittal of Wage and Tax Statements.”What employers really need to know: As an employer your responsibility is to review all W-2s for your workforce, summarize employee wages and tax information and then combine that data into one W-3 form. What’s the difference between Form W-2 and Form W-3? The difference...

Employer Breastfeeding Laws by State

Employer Breastfeeding Laws by State

Breastfeeding, ACA and FLSA When President Obama made the Affordable Care Act (ACA) the law of the land in 2010, new amendments to the Fair Labor Standards Act (FLSA) addressing breastfeeding in the workplace went into effect. The new guidelines require all employers in every state to provide reasonable break time for an employee to express breast milk for their nursing child for one year after the child’s birth. States are Making Changes While the federal government laid the foundation, 32 states have built upon the basic law. Some states have clarified whether these breaks are paid or unpaid and some have extended how long breastfeeding mothers are protected by the law.Where does your state stand? Use the chart below to find out....