What are the Benefits of a Unified HCM Platform?
HR Leaders in Office

What are the Benefits of a Unified HCM Platform?

Transactional, so-called “routine” HR is a vital part of your business. Making sure people get paid, staying up-to-date with compliance and administering benefits are all mission-critical tasks. But without the right HCM technology and expert HR support, you’ll have no time to do anything else because those tasks, left unautomated, are overwhelmingly time-consuming.

Unfortunately, many human resources professionals find themselves in this exact situation spending entirely too much time drowning in a sea of paperwork, manually entering employee data into spreadsheets, and trying to keep up with countless files.

To aid in the battle against this administrative nightmare, smart medium and small businesses are arming their HR teams with a unified Human Capital Management (HCM) platform.

What’s a Unified HCM Platform, You Ask?

Think of an HCM platform as a one-stop HR shop hosted in the cloud and designed to merge and streamline all of your employee management requirements: from the start of the lifecycle with recruiting and onboarding, to running payroll, through managing and developing your employees. If your current HR toolkit consists of a mixed bag of disparate solutions that don’t “talk” with each other, you’ll end up spinning your wheels. Using a unified platform that contains all the tools you need to find, develop and retain employees will make you more efficient and reduce the chances of error, all while improving employee satisfaction.

A truly unified HCM platform will provide you with the following modules, which we’ll cover a little more in depth:

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

Attract Top Talent with an ATS

The ways candidates apply for jobs is changing. They no longer want to spend 30 minutes filling out a single application, and they don’t always do it from their computer either. A high-quality Applicant Tracking System (ATS) enables candidates to apply using any device, anywhere, at any time. It also provides the metrics HR needs to discover where the best candidates are being sourced from, find bottlenecks in recruiting and hiring processes, and capture missed opportunities.

resume-review

Successful Onboarding before Day One

The most recent Gallup® State of the American Workplace study (2017) found that highly engaged business units have 59% lower turnover than their disengaged counterparts. By using an automated onboarding solution, businesses can connect with their new hires in a more engaging way by reducing the amount of paperwork needed to kick-start productivity. They can also reduce recruiting compliance risk by helping to ensure that all appropriate documentation and onboarding materials are reviewed and completed in a timely fashion. With an automated system, onboarding no longer means leaving your new hires sitting at a desk for hours filling out tedious paperwork (containing data that HR then has to enter and file).

Pay Day Doesn’t Have to be Nerve-Wracking

Payroll has long been a tedious, manual process that has resulted in many HR headaches. By implementing HCM technology, your company can automate the payroll process, making it completely seamless. Automation can help reduce compliance concerns and also decrease administrative effort. When you have a single system that manages HR, payroll, and benefits data you’ll never have to be concerned about duplicating employee updates. Changes made in HR flow smoothly over to payroll, helping to ensure that your employees are paid correctly and on time. Furthermore, when a payroll solution has built-in technology to manage payroll tax compliance, end-of-year headaches are minimized.

Control Overtime and Payroll Costs

Speaking of payroll, having accuracy between your time and payroll systems is no longer an option – it’s a necessity. Manual tracking of employee hours using time sheets and keying in the data can lead to costly payroll errors and upset employees. Time data that transmits directly to your payroll system provides a single source of truth to increase efficiency and helps ensure you have the right information.

Get the HR Data You Want

A workflow and content automation company conducted a survey and found that 49% of employees spend too much time trying to locate documents, while 41% say they have trouble pulling and finding data. If this sounds about right to you, imagine if, instead of wasting hours searching for the information you need, your HR data could be displayed visually with interactive charts and graphs right at your fingertips. Human resource data analytics tools can help identify key business insights by compiling pertinent data across HR, payroll and time solutions.

Are Your Benefits a Competitive Advantage?

Providing a traditional benefits package is a baseline essential for businesses, but they’ll never become an advantage over your competition if your company doesn’t have benefits that are tailored for our multigenerational workforce. A unified HCM platform can provide the necessary tools to help reduce the administrative tasks associated with – and dreaded by HR and your workforce – open enrollment and benefit elections.

company learning session

Employee Development

Of course, you want to help your workforce grow and advance, so an HR solution that offers performance management is important. Having tools that enable employees to set and view their goals and objectives, take online training and development courses, and get feedback from their managers via a formal review process is key to improving engagement and making employees feel appreciated.

Engage Your People Throughout Their Careers

According to Gallup, 87% of Millennials claim that professional development and career growth are very important; however, providing solid development opportunities can be a challenge. Employers are already maxed out and many find it difficult to create personalized courses and training programs that meet the needs of employees. But with a dedicated learning tool, it’s simple to build training courses that deliver personalized content, as well as keep track of course completion.

A unified HCM platform is the solution. One set of data flows through every module, eliminating duplicate data entry, file transfers and human error. In summary, you can save a tremendous amount of time (which is money) because all modules talk to teach other using the same data.

Paycor offers a single source of truth for all recruiting, HR, time and payroll data, which is the best solution for medium and small businesses.


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

Getting a Handle on Employee Absenteeism in Manufacturing

Getting a Handle on Employee Absenteeism in Manufacturing

Absent employees represent a significant cost to any business, but it poses a particular problem for manufacturers. In factories, employees fill more specialized and skilled positions that play key roles in the manufacturing process. An absent employee may not only impact his or her immediate function but every other function downstream in the process. Some experts estimate employee absenteeism can cost the U.S. manufacturing industry $3 billion every year in lost productivity.Common Causes of Staff Absenteeism Many factors can have an impact on employee attendance but some of the more common causes include: Illnesses or injuries Stress and depression Low morale, disengagement or general job burnout Caring for a sick child or elderly...

Electronic Visit Verification for Home Health Care

Electronic Visit Verification for Home Health Care

As technology continues to impact and improve our lives, it also changes the way we have traditionally done things. In the healthcare industry, for example, one area of significant growth—COVID crisis—has been the home healthcare market. Even established brick-and-mortar healthcare facilities are exploring home healthcare options. As a result, the government has recognized the importance of establishing guidelines for tracking and monitoring home health care visits. What is Electronic Visit Verification? Electronic visit verification (EVV) is a way to confirm and track home health care services electronically. EVV was established in the 21st Century Cures Act of 2016 to keep better records of home health care services provided and...

Webinar: How to Build the Ideal HR Team (with Limited Time, Budget and Resources) - 2/18 @11AM ET

Webinar: How to Build the Ideal HR Team (with Limited Time, Budget and Resources) - 2/18 @11AM ET

Building the ideal HR team doesn’t happen overnight. But this webinar can give you a head start! Based on 30 years of working with HR and business leaders, along with lots of interviews and research, we’ve developed this webinar that highlights what it takes to build a high-functioning HR team (with limited time, budget and resources). Speaker: Katy Bunn Katy leads the Marketing Communications group at Paycor. She is responsible for overseeing brand, content, public relations, social media and community investments. Katy “grew up” in B2C advertising, leading word of mouth marketing and brand strategy efforts for brands like American Greetings, Shaw Floors, Formica and White Castle. Katy uses her background in B2C marketing to create...

Webinar: Gaining Credibility, Influence and Reach as an HR Department of One - 2/11 @11AM ET

Webinar: Gaining Credibility, Influence and Reach as an HR Department of One - 2/11 @11AM ET

HR in a small business will pull you in many directions. While HR is your focus, you can end up doing everything because that's who we are! You want to be involved in strategy and have the authority to make critical decisions for the business. Doing that isn't always about the title. Its often an informal place in the business where others know to come to you and things will get done - and you have the ability to do it! We will look at how influence, credibility and reach will drive your visibility and authority in the organization. You'll be the leader you want to know before anyone even realized you took the reins!Key takeaways: • Identify skills that your leadership team is looking for • Create connections throughout your organization...