What to look for while buying HCM solution?
Always ensure that you pick an HCM solution, which meets all your organisation’s needs. There are many solutions available today that don’t attempt to do everything, but focus on specific functionalities such as Payroll processing, employee data management or performance tracking module. Today, the HCM software industry is heavily crowded with many different vendors in the market.
We recommend you to review HCM Software in two parameters. First, perform a feature review focusing on the key points that are most important for your business. Secondly, a review of how the software will benefit your organisation especially in terms of human resource management.
We found that most of the top-selling HCM solutions offer the same features, but they can be customised depending on your requirements. Below are few features that we recommend you to look for in your HCM solution.
- Time and attendance module: To collect data pertaining to employee in/out times, shifts and absenteeism, overtime and payroll calculation.
- Leave management: Bid goodbye to manual tracking of leaves and dealing with leave requests with leave management module. Make sure that the HCM solution entails this particular module.
- Performance tracking and management: This includes performance appraisals, 360-degree feedback, performance records and alignment with organisational goals of employees.
- Career and development planning: Including competency management and Job description management
- Compensation or Pay for performance
- Succession planning: Including identifying and managing internal talent pools and move them at next level to leverage their proficiencies.
- Manage personnel information: Supporting different types of employees, contingent workers, and people of other working relationships.
- Manage positions: Reporting lines, position descriptions, organisational charts, matrix management, etc.
- Benefits administration:Monitoring and configuring programs like healthcare, pension, insurance, medical claims, etc.
- Payroll: Calculations for leave/absence, hours worked, overtime, bonuses and commissions, contributions, deductions, taxes and other payroll nitty-gritty.
- Learning management: Online course content, registration, social collaboration, compliance and evaluations.
- Social: Share expertise, recognition and performance of employee
- Workforce planning and analytics and a well-defined dash board for ease of access and navigation.
- Self-service portal: Last but not the least comes the employee self-service portal, which allows employees to access, update and check their personal details on the go from their handheld devices from any place and anywhere.
So now that you are aware of all the important modules that you ought to look into an HCM solution, its time to give it a chance and witness for yourself how the solution would reshape your HR management for you.