A common practice now, HR departments continue to further progress into more specialised roles of human capital management (HCM). Previously, there was little to choose from in terms of HCM solutions for the APAC region, however nowadays you can find a plethora of them, each offering something unique to their clients. We’ve compiled a simple guide to help you compare HCM systems so you can find the best HCM solution for your organization’s HR needs!
What is a HCM Solution?
Designed to help organizations manage and maintain their workforce more HCM solutions include the following functions:
- HR administration functions: Managing organizational and employee data, transactional employee and management self-service, benefits and payroll administration
- HR service portal: Access to policy and procedure guidance, case management, document management
- Talent management: Performance management, compensation planning, career and succession planning, learning and development and workforce planning
- Workforce management: Absence management, time and attendance management, task management, turnover monitoring, budgeting forecasting and scheduling
Fueled by the latest technologies into HR analytics, HCM solutions help organizations scale up quickly, automating tedious processes and providing users with quick access to company specific HR insights.
Why you need HCM Solutions to Succeed in Driving Business Strategy
For every investment, HR professionals are pressured to provide a rationalized cost and are accountable for the delivery of value to the business in terms of hard-dollars.
Currently, there are many different HCM solutions out in the market, but not all are made equal. To find a solution that benefits your organization, you need an HCM solution capable of addressing your organisation’s pain points, providing clarity and direction to HCM professionals.
The key to a successful HCM system is one that not only helps manage and organize data, but also provides you with insights on how to drive the workforce.
Comparing HCM Solutions for Your Organization
Determine your needs
Identify certain priorities for your organization. What metrics and reporting capabilities do you need or want? Depending on the number of locations your organization covers, you may want to find a solution that is capable of delivering to multiple locations. Consolidate the fields that are important to you in a checklist.
Improve your HCM solution knowledge
Set aside time to research the different HCM solutions in the market. You can start by reaching out to peers and learning what works for their organization. Connect with different vendors so you have a better understanding of their products and services.
Clarify your budget
Depending on how much your company is prepared to spend, you may get a general idea of the capabilities that are accessible to you. If your organization operates in many different locations, you may want to invest more in finding an HCM solution that can accurately integrate with various systems.
Narrow your selection
You may consider a request for proposal (RFP) or demo with a handful of vendors. This process is more time-consuming but will allow you to get a more thorough understanding of each system, giving you a feel of the HCM solution and the type of support you’ll get.
Make a decision
Consolidate the information you’ve gathered and compare the HCM solutions to come to a decision on the best one for your organizational needs. Make sure to take into consideration not just the competence level of the HCM solution itself, but also the servicing staff as this will give you insights into their level of customer service.
3 Key Takeaways:
Determine your key challenges
With so much to shoulder, there is a lot that falls under the HCM professionals’ line of responsibility. Identify your key pain point so you can find a solution that addresses it.
Proactively collect information
While there’s a lot that you can find online, to get a fuller understanding of the different HCM solutions – ask for a demo. This way you get a more accurate idea of what the different systems offer and are capable of.
Take note of the service coverage
Be careful to clarify what your HCM system covers for. On top of features and integrations, it’s crucial to make sure that they have the capacity and sufficient experience to cover for the locations your company operates in.
The future of HCM comes down to the future of technology – which is bright. The last few years have seen strong, promising advances in the industry, and it is predicted that 50 billion devices will be connected to the Industrial Internet of Things (IIoT) by 2025, in a report released by McKinsey & Company. HCM systems will continue to grow whilst embracing technology, staying focused on people, and understanding how a company succeeds.
Featuring consolidated reporting, smart payroll dashboard capabilities, and integration to leading HCMs, Links One is your one HR & payroll solution to grow with your company across Asia Pacific. Want to know more? Contact us today and we’ll be in touch with you!