What is HCM Software?
Any businesses’s “Human Capital”, is its most valuable asset. While recruiting and hiring staff is a major function of the HR department, ensuring they are the proper fit for the role follows closely. One loose end in the equation can be apocalyptical for the organization.
HCM (Human Capital Management) is all about workforce acquisition, workforce management, and workforce optimization so as to attain better business results.
Simply put, HCM is a set of practices aimed at recruiting, managing, and optimizing the performance of employees.
HCM software comprises of a collection of tech-powered HR tools and applications to help firms manage and maintain their employees through recruitment, onboarding, attendance & time tracking, leave management, training, payroll management, performance management, and various other functions.
While core HR software is focused on employee management, HCM software contains all those features, plus analytics and data visualization capabilities for strategic workforce analysis, planning, and optimization based on solid data.
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Let’s catch a glimpse at some of the best HCM software HR teams are using in 2020.
Top 7 HCM Software for 2020
One of the leading HCM solutions providers, the all-in-one SAP SuccessFactors offers time and attendance management, core HR and payroll data, learning and development, and recruiting & onboarding solutions. HR analytics, workforce planning, and performance management offered by SAP come in handy in addition to consulting and support services. Workforce Planning and SAP Digital Boardroom are some of the most sought-after features for enterprises to make intelligent business decisions. A big con- there is no flat pricing for the suite.
ADP Vantage offers talent management, time and attendance, payroll, and beneﬁts solutions to large U.S. based MNCs. With an extremely intuitive user experience and customizable suite of offerings, ADP Vantage provides users with seamless data management capabilities.
Kronos Workforce Ready
Designed for firms of all sizes and industries, Kronos Workforce Ready is a cloud-based HCM suite that assists companies manage full-time and part-time employees around the world. It leverages automated and scalable tools to manage the entire employee lifecycle – from pre-hire to retire phase. Its user-friendly interface is a great plus, in addition to the mobile application for remote access.
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This cloud-based HR software for businesses of small and medium sizes provides subscription-based HR process automation tools that are handy in numerous languages and various currencies. Apart from the HRIS and ATS that it offers, HR professionals and managers can also track organizational data including employee retention and turnover. Access rights can also be modified for different employees and mobile apps are available for both android and iOS users.
UltiPro, a product by Ultimate Software, combines the functionalities of HR, payroll, and talent management in itself to enhance productivity, gather insightful data, and keep a check on employee turnover. Employee file management system, benefits administration, and success management tools are some of the highlights of UltiPro.
Oracle HCM Cloud
With advanced HCM controls, robust dashboards, and insightful analytics, Oracle HCM Cloud is purpose-built for enterprises with 1000+ employees. It is all for providing HR teams with an end-to-end solution to meet dynamic business needs. It helps increase employee engagement with personal employee experience and attains results faster with the use of AI/ML. Mobile access and chatbots further enhance the employee experience.
The provider of on-demand HCM solutions, Workday HCM offers recruiting tools, workplace planning, compensation, talent management, employee benefits, payroll management, time management, and attendance management solutions. Its all-in-one solution is the preferred choice of some big brands out there including Amazon, AON, HP, and Netflix, to name a few.
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