In any given day, HR professionals might be using up to 10 different platforms for the various tasks they perform. One for payroll, another one for recruitment and a completely different system for PTO. Multiply that by the number of functions they are performing and we’re talking A LOT of running softwares. But there’s a solution that can rectify the time and headaches involved with all these platforms – one true system of record keeping for every HR function on one platform.
Why Organizations need a People Management Platform
Innovative technology has taken over the world and how organizations run. No one cannot escape digitization, and these changes in technology and AI affect every department, including HR, within an organization. These innovative changes within the workforce require closer attention to employees’ life cycles as well.
Don’t forget, your employees are your best customers, and need a solution for their needs. Implementing a people management platform – human capital management platform (HCM) – not only addresses these needs, but does it in the most efficient way.
What is a Human Capital Management (HCM) Platform?
A true HCM platform is one that unifies all HR daily tasks into one people management hub. It is the infrastructure of the entire organization – a true system of records. It enhances efficiency and should integrate with supportive platforms under just one hub. Instead of reaching for various systems for multiple tasks, every duty will fall within the HCM platform.
Since these innovative breakthroughs, allowing for a stronger adaptation on true record systems, many organizations have begun to adopt HCM solutions. A recent study from IDC found that 13% of companies around the world are expected to adopt HCM solutions from 2017 to 2021, and this is just the beginning.
What to Consider when Choosing an HCM Platform
There are various functions that you should look for when selecting an HCM platform to work with, but the bottom line is that you want a platform that will fulfill your organization’s needs. Before you start “shopping around”, you should clarify exactly what it is you want the platform to do for you. Then you can start breaking down the various functions the solution can provide.
Here are 7 crucial components you should look for in an HCM platform:
A Smart Platform
One very important aspect you should look for is AI capabilities. Is the platform intuitive and flexible? Can it provide insightful information using intuitive measurements? These are exactly what you want your HCM platform to do.
All employee files should be digitized on an employee data system with easy retrieval access. If you have to browse for hours, looking for employee data, the platform is not doing its job.
This is a huge component in an HCM platform. The solution you chose should help you increase productivity and save time on all daily tasks. The key to time management is utilizing just one platform for ALL tasks. Everything should be consolidated on this platform – from time-off policies and tracking PTOs to reporting to payroll and establishing approval chains. It all needs to be there.
There are many platforms that provide the ability to create workflows, but the key is to find one where you can create customized workflows. Not all organizations have the same working methodologies, and you want to choose a platform that synchronizes to your particular way of doing things.
Reports & Insights
Finding an HCM platform that provides quick and easy access to all HR KPI’s and data insights should definitely be on your list! You want to be able to spot trends, query data and compare employee analytics across the board of your organization in order to improve where needed.
An HCM platform should not only benefit HR professionals, but also employees across the organization. Look for one with a notification and announcement system. You should be able to communicate directly to employees with anything HR related. It’s a great way to retain transparency and openness throughout the entire organization.
Last, but certainly not least, an HCM platform should contain performance, surveys, and evaluation methods. You want to have the capability to track all processes throughout an evaluation as well as integrating your own goals and measurements throughout.
3 Key Benefits for Your Organization
As we’ve mentioned throughout this post, there are many benefits of working with an HCM solution. From increased productivity and efficiency to work proactively instead of reactively, the benefits are a tremendous asset to any HR department. We also want to highlight 3 important values it brings:
- A Unified Solution – Create your own system of records in one, simple hub.
- Employee Lifecycle Management – Reduce the number of tools, systems and software used throughout the employee lifecycle.
- Strategic Growth – Creating an employee data infrastructure when a company is small is actually thinking big! It’s a huge step towards future company’s growth.
When is the Best Time to Implement an HCM Solution?
Now! It’s never too early to incorporate HCM services to your organization. Whether you’re in the early stages of creating an HR department or your company has existed forever, the best time to start is now. HCM platforms with open API’s most often offers a complete integration suite that can connect to any platform, which makes it convenient to implement at any time. And there’s never a better time like the present!