Looking into 2020, we see Human Resources (HR) departments further progressing into the more specialised role of human capital management (HCM).
Whereas previously, there was little to choose from in terms of HCM solutions for the APAC region, nowadays you can find a plethora of HCM solutions, each offering something unique to their clients. The following is a simple guide to help you find the best HCM solution for your organisation's HR needs.
What is HCM Solution?
Before we go into the nitty gritty of how you can find the best HCM for your company’s needs, we first need to understand the purpose of HCM solutions and its key features.
Designed to help organisations more accurately manage and maintain its workforce, human capital management solution (HCM solution) generally include the following functions:
- HR administration functions: Managing organisational 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 organisations scale up quickly, automating tedious processes and provide users with a quick access to company specific HR insights.
Why you need HCM Solutions to Succeed in Driving Business Strategy
As a driving element of business strategy, it is no longer enough for HR leaders to go on experience alone. For every investment, HCM professionals are pressured to provide a rationalised cost and are accountable for the delivery of value to the business in terms of hard-dollars.
Currently, there are many different HR solutions out in the market, but not all are made equal. To find a solution that benefits your organisation, 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 organise data, but also provide you with insights on how to drive the workforce.
Finding the Right HCM Solution for Your Organisation
Determine your needs
Identify certain priorities for your organisation. What metrics and reporting capabilities do you need/want? Depending on the number of locations your organisation covers, you may want to find a solution that is capable of delivering for multiple locations. Consolidate the fields that are important to you in a checklist.
Improve your HCM solution knowledge
Set aside time to research about the different solutions in the market. You can start by reaching out to peers and learning what works for their organisation. Connect with different vendors so you have a better understanding of their product.
Clarify your budget
Depending on how much your company is prepared to spend, you may get a general idea of the capabilities that is accessible to you are your price range, giving you a better idea of the type of vendor to approach. If your organisation operates in many different locations, you may want to invest more in finding a 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 come to a decision on the best HCM solution for your organisational 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 to their level of customer service.
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, the best way is to 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 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.
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