The Benefits of
HCM Software: New Year,
New HCM Solutions
As the current year wraps up and preparations
for the new one begins, businesses should
ensure that human capital management (HCM)
software is on their agenda. Why? The benefits
of HCM software can influence every aspect of
your business as you look to drive efficiency
and growth.
A successful HCM strategy has many components,
but a strong and impactful HCM software system
is the foundation. It could be the key to helping
your HR team fulfill their potential and reach goals
in the year ahead. While older HCM software
can help with many perennial HR challenges,
the pandemic, growing mobile workforces, and
increased attention to diversity and inclusion in the
workplace have put a new emphasis on business
efficiency and information access. Here›s a closer
look at why new software should be in your budget
and strategic plans for 2021.
What is HCM Software and What are the
HR Software Benefits?
HCM provides a framework that helps businesses
use the latest data, improve business processes,
and focus on recruiting and retaining the right
people to optimize a healthy, engaged workforce.
When understanding what is HCM software, think
of it as the engine the powers the HCM tools
and operations a business uses to implement
certain tasks such as recruiting, hiring, managing
people, and analyzing workforce trends. The right
software allows a business to streamline tasks,
improve overall efficiency, provide on-demand
access to HR-related information, increase
employee benefits, reduce human errors on critical
recordkeeping, and get the right data analysis
to leadership so they can use it for important
decision-making.
Human Capital Management Industry
Trends in 2020-2021
HCM has become an essential tool for businesses,
providing them a methodology and technical
framework to stay organized through the
numerous and dramatic changes experienced
in the workplace this year. HCM trends include
improvements in existing HCM software
capabilities and addressing new challenges.
43 Article STATE OF THE INDUSTRY RESEARCH
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