Why Your Business Needs Modern Human Capital Management
What is human capital management (HCM) software, and why does your business need it now, when disruption and uncertainty are so significantly impacting your market? It is precisely because of the changes happening across the world that you must modernize your human resource and payroll processes to capture the most value from them and position your team for success. Technology enables you to connect your siloed business units and pass data freely (but securely) between each touchpoint, empowering your HR management to better streamline operations.
Modern HCM solutions allow you to bridge disparate databases, collect and extract the right information seamlessly, and automate your decision-making on those figures without losing accuracy. Leveraging the latest tools like mobile and cloud computing for real-time visibility, your system will ensure access to up to the minute insight into your human resources for their role duration. With support and guidance from a partner like SWK, your solution will be customized according to your specific needs and reflect the up to date reality of your HR and payroll processes.
Here are nine reasons why your business needs HCM software:
Using HCM Software to Reduce Time, Cost and Data Silos
Implementing the right human capital management system will enable you to seamlessly integrate your application with your existing processes, and tailor data fields to accurately represent your unique requirements. With this system deployed, you will be able to automate previously manual tasks and begin reducing the time and costs associated with repetitively completing those activities by hand. Doing so will also open up opportunities to consolidate touchpoints and start progressively eliminating closed-off data silos that slow down or obstruct your HR team.
The Drawbacks of Manual and Legacy HR Systems
The benefits of a modern HCM solution are obvious when comparing its abilities to the time needed to complete traditional processes and the mounting costs of hiring additional people for repetitive tasks. However, it is easier to overlook the drawbacks of legacy human resource management software that will inevitably force you to revert to the same type of manual procedures. Outdated systems – and those that cannot be integrated – will still require users to exit in and out of menus and eventually finish many activities by hand.
Business Continuity for Human Capital Management – Remote Work
The pandemic reinforced the importance of streamlined human capital management as it forced many businesses to migrate to a distributed workforce for the first time. Ensuring that HR and payroll functions persist while everyone works from home is a vital aspect of a good business continuity plan (BCP), as is maintaining cybersecurity for all the new endpoints connected to your network data. COVID-19 illustrated that having a dependable, well-defended HCM system is a mission-critical asset and enables your employees to work remotely when they lack access to physical processes.
Digitizing Human Resource and Payroll Management in the Cloud
With telecommuting demonstrated to be an efficient and cost-effective workforce model in the face of coronavirus and more, now is the time to consider what other on-premise investments can be dropped. Migrating your HR and payroll to the cloud will allow you to digitize manual procedures, taking advantage of automation, electronic recordkeeping, and the scalability of digital environments. Human capital management software delivered as a service consolidates or outright removes the requirement for onsite resources, and grants seamless – and cybersecure – access to data to remote workers with role-based permission.
Customizing HCM for Your Industry and Size
There are many unique circumstances in your day to day, from your employee count to your specific industry micro-vertical, and legacy human resource systems cannot handle these pain points seamlessly. The solution to these requires flexibility, scalability and customization, and only modern HCM software implemented by an experienced partner like SWK will fulfill all three without introducing new hurdles. The human capital management consulting team at SWK Technologies has helped customers in a variety of positions find the right system for their needs, and will ensure that your application is tailored to return the best value.
HR and Payroll Compliance Automation and Reconciliation
Processing all of your human resource and payroll activities will inevitably produce a lot of data, and unfortunately all of it has to be combed through meticulously to ensure compliance. Additional factors like your size and industry only help make existing labor and tax regulations more complex, as do changing environments like the one brought by the pandemic. Modern HCM software will deliver the features you need to automate these tedious procedures, reconcile errors that show up and consistently track your records even as operations evolve.
Integrating HCM with ERP and Accounting Software
Implementing an HR solution that is compatible with your current Enterprise Resource Planning (ERP) and accounting software will save you significant time on migrating data between your applications. Ensuring that your payroll is an integrated part of your technology stack gives your human resource team seamless access to the right information in real-time. Legacy software will force users to have to manually track and process entries through spreadsheets – HCM automation connected to your ERP will streamline and capture a full view of your operations.
Employee Lifecycle Visibility and Talent Management
The most important feature you require from your human capital management technology is the ability to extract end-to-end visibility into the lifecycle of each employee. From recruiting to onboarding to exit management, the right integrated software will enable your HR team to quickly call up this data for each worker and act on it as needed. Most importantly, comprehensive talent and performance management can be tied to your corporate objectives and payroll to allow managers to seamlessly implement merit-based compensation.
Preserving Company Culture Through Social Technology
HCM software will help you streamline employee training and development with digital automation and features such as learning management systems. Modern applications allow you to replicate and leverage the social networking technology that is already integrated into your personnel’s lives, and keep your remote workers engaged in your company culture. Comprehensive self-service portals and other internal channels provide additional means to maintain close employee involvement with your corporate activities, and your solution will enable you to keep track of all of them.
Discover the Right HCM Software Fit for Your Needs
There are many modern HCM solutions – from ADP Workforce Now to Kronos to Sage HRMS – but the best software is the one that fulfills your current needs and growth objectives. Let the human capital management technology team at SWK help you review your options to discover the right fit for your unique and specific requirements.
Sign up here for a free HR and payroll technology assessment to allow you to identify your gaps, opportunities and best path forward to implementing the right HCM software.