5 Top Features of Human Capital Management Software

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Samita Nayak
Samita Nayak
Samita Nayak is a content writer working at Anteriad. She writes about business, technology, HR, marketing, cryptocurrency, and sales. When not writing, she can usually be found reading a book, watching movies, or spending far too much time with her Golden Retriever.

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Investment in any new or top human capital management (HCM) software requires an understanding of the requirements. Every organization has its size, scale, industry, and future, as well as basic demands. Each HCM solution has a different approach and technicalities. It helps you streamline and automate your human resources.

A human capital management software can manage and execute some functions for the organization. They are:

  • Track essential functions like payroll, recruitment, time tracking, and performance
  • Manage features like applicant trackers, learning management systems, or attendance tools
  • Carry out benefits administration, performance management, compensation management, etc.

When deciding on the top human capital management solutions, look for the features that suit the business needs. Here are some for your consideration.

Payroll Processing

Payroll processing consists of five steps:

  1. Schedule the payment dates
  2. Add employee info
  3. Calculate the gross amount
  4. Determine deductions
  5. Create payslip and distribution

Although the process is simple when it comes to large organizations the quantity of employees is huge. Ensure that your HCM solution can support the volume and calculate the appropriate amount based on the correct data provided.

Employee Data Storage

The HCM solution should be able to gather, organize, and retain the employee data regularly from storage. Your HCM system should be the storage location of all the employee data and related information with enough memory capacity. It also has to ensure the smooth workflows happening from recruitment to resignation and final settlements.

Time Tracker

Your human capital management solution should be able to record the time of each employee – work hours, login, log out, work on-site time, etc. It helps track the attendance issues and helps you manage the labor costs. As most of the corporate pay scale is based on the time worked in hours, the time tracker can get accurate data in real-time allowing the company to save some expenditures.

Talent Management

Talent acquisition is important in any organization. This feature lets the HR associates keep track of incoming applications, auto-check qualifications, schedule interviews, verify certificates, manage the onboarding process, and the integration into the organization.

Business Intelligence

Business intelligence on the HCM platform provides insights and analytical capabilities to the system. It aids in tracking the activities of the employees, workforce planning, behavioral analysis, and more. Top HCM software allows HR to gain filtered employee data using customized reporting tools.

What we’ve just discussed are the basic features of the human capital management software that exists in the market. Other features include, but are not limited to:

  • Benefits administration
  • Position control
  • Recruiting tools

When it comes to the selection of the best human capital management software keep in mind the following points.

  1. Consider what the company wants from the solution
  2. Clarify the customer service options and future upgrades
  3. Select the HCM solution that suits your industry and field of work

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