Attract. Retain. Optimize.
As a business executive, your role is to boost performance and profits for your organization. You invest time and money into the business with a hope of a promising return. But where do you spend to get the most significant return? Studies are pointing to the strongest asset in your company: your team of people.
Human Capital Management (HCM) solutions provide answers to workforce problems via automation, technology, and analytics. With cloud-based software providing accessible information quickly and efficiently, taking care of those taking care of your business has never been easier.
Tackling the key pain points: Attracting, Retaining and Optimizing
Attracting the Right Talent, Timely
We can all admit that hiring is a daunting task that can be a total timesuck between writing job descriptions, to finding out where to post jobs, to reviewing resumes and getting frustrated by all the nonqualified candidates. All of that before you even start calling people for interviews. On top of that, because we all know it’s a chore, we tend to put it off as other items are pressing, so great candidates that are applying are going unanswered and are lost to the competition.
HCM solutions provide an Applicant Tracking System (ATS) which automates most of the functions from recruiting all the way to onboarding. Automation performs processes that save time and reminds all parties of the next steps in the hiring process. Starting with recruitment, integration with job boards, and prescreening candidates for qualifications, ATS can significantly whittle down the talent pool, leaving you with only the right people.
ATS services keep communication, interactions, notes and test results stored neatly and securely, helping you stay organized and on top of your current talent prospects.
Finally, with a self-service system that provides all forms and documentation you need for new hires, you can be sure that you are complying with company and governmental recordkeeping requirements. Many systems check for errors and send reminders as well, so if a new hire has not filled out a box on a form, or is slow to submit a document, there is no last-minute scramble. New hires can even handle their benefits and 401ks through the all-in-one system, taking one more tedious task off your plate.
Retaining the Right People
HCM software provides integrated time tracking systems, monitors PTO and absences, and contains scheduling tools which significantly alleviate the stress of manually following those things in multiple places. This function saves not only time but dollars upon dollars by providing a clearer picture of how to allocate hours during various periods of demand. Through forecasting, companies can perform at maximum capacity without empty hours or burnout, which equates to increased production, revenue, and sales.
Furthermore, this benefits the people in your organization as they find balance and a comfortable workload as action is taken based on the data. As a bonus, HCM systems can go so far as to help keep you in check with tax rates and labor laws from state-to-state and globally.
Another essential piece of keeping your workforce happy involves how easily they can access and navigate information critical to their lives. Many HCM solutions provide an all-in-one system with Employee Self-Service (ESS) tools. In the ESS, your employees can access timecards, paychecks, benefits information, significant life changes, time-off requests, and performance reviews. By eliminating the back and forth between employee and HR for everyday information, the employee finds value in the ease and speed of access, while the company gains value in time saved regarding hours being utilized on more pressing issues.
Finally, managing your employees will never be a hands-off task. Quite the opposite actually, as your team is your biggest capital resource, and as people, they require human understanding. HCM software manages all the repetitive tasks tying up HR so Human Resources can tend to your most valuable asset.
Optimizing People, Positions, and Performance
HCM software offers some incredible features and functions, but what is truly impressive are the reporting and analytics tools available. With years of research and data driving the system, robust HCM solutions can offer measurables and insights previously unseen by management. Using this information, business leaders can better see where successes and failures are happening everywhere from recruiting, training, production and billable hours. Additionally, companies are finding value in trend analysis and are better prepared for economic developments.
However, optimization is not only about strategic movements. Optimizing your workforce involves investing in and building up the actual people behind the progress. Many HCM offerings include learning management systems that can provide training to your team while tracking their scores, improvement, and areas of weakness. Through training and testing, your company can adequately develop the right people for the right positions in your organization, creating maximum production and profitability.