Human Capital Management (HCM) technology platforms, when properly deployed and supported by an HCM service organization, can truly transform a business.
Human Capital Management (HCM) technology and service providers can provide high ROI for companies in need of:
HCM services can help businesses shed cumbersome legacy processes and evolve into an efficient, modern workplace. This will help the employer attract and retain top-tier employees by empowering their staff with better technology and more convenient methods of communication. This increased communication between the employer and the employee will strengthen the overall company culture, where the HCM client’s own staff may end up being their most effective recruiters via word of mouth.
A big advantage of HCM technology platforms is that for the end-user, they are usually a “single database” experience. Thus, the HCM client admin user has one login to access all parts of the system and even access to connected/integrated third party services and applications. Employees would also only have to deal with one Employee Self-Service (ESS) portal. The employees will realize whatever access levels the client has granted them, and can access this ESS portal on their smartphones, tablets and computers.
As any experienced HCM technology admin user will tell you, employees are far more likely to engage and adopt a technology platform (aka ROI) if everything they need is located in one place – as opposed to straddling two or three (or more) platforms and respective logins, where one or more of these platforms inevitably is ignored or circumvented (aka lack of ROI).
The client can also be very specific about user access levels with an HCM system – even down to a specific employee via custom access profiles. This is because HCM platforms are designed to be custom configured for the client by the HCM service provider. This is probably one of the most important reasons to work with an HCM service provider – to have a team of “SME’s”, or Subject Matter Experts who know the right way to deploy an HCM platform and to help the clients achieve the ROI they are looking for. This custom configurability will undoubtedly create some added homework for the client, especially one that has not utilized an HCM platform before. The new client will have many options to consider such as custom dashboards, exports, integrations, notifications, widgets, workflows and so on. But an HCM implementation is also an opportunity to address one’s “wish list” and finally make needed fixes and improvements.
HCM technology available today is comprehensive and sophisticated, with deep capabilities and broad shoulders. It can support the administrative weight of a business and become the central hub for everything from the most transactional processes to the most sensitive employee engagement. Thus, a client would work with their HCM platform and service provider to accomplish any or all of the following: payroll (usually a required service), time & labor management, recruiting / applicant tracking, new hire onboarding, benefit enrollment & administration and workplace culture assessment – as well as a mobile app with access to most or all of these services. An HCM service provider can deploy and support this type of a solution, and usually produce the ROI that you’re looking for.
Speaking of your investment, here is a cost analysis of a typical HCM platform in terms of what % each service category (aka “module”) will occupy in the overall cost…