Human capital management (HCM) solutions have evolved over the years from systems of record to sophisticated tools that can maximize a workforce’s productivity and profitability.
Providers once advertised…
“a single record for each employee”
“seamless integration”
“fewer errors and redundancies”
“lessened administrative burden”
While all are very compelling reasons to invest in human capital management technology, today’s sophisticated platforms provide these benefits and much more. Here, we examine two.
Mitigate Non-Compliance
Maintaining compliance with today’s ever-changing employment laws is a universal concern among employers, big and small. With good reason.
According to research…
U.S. companies have at least a 10.5% chance of having a charge filed against them.
The average cost of a lawsuit is $160,000 and takes almost a year to resolve.
Cloud-based HCM systems store and maintain all employee data in one place, which is essential to maintaining compliance. Having this data accessible 24/7 makes it easier to spot trends, set alerts, and configure workflows to help you identify and flag disparities.
Time and labor management software helps employers effectively calculate sick time accrual without relying on manual processes. It can also help satisfy the record-keeping requirements of sick leave laws.
Executive dashboards provide a high-level snapshot of a workforce’s demographic makeup, job titles and compensation packages in real-time. This information is essential in helping maintain adherence to pay equity laws.
Finally, standard and ad-hoc reporting capabilities allow for the running of reports necessary to analyze data and make critical decisions.
Better EX and Higher Retention
Creating a positive employee experience (EX) is critical to an organization’s success. A favorable EX results in a higher level of productivity and a lower incidence of turnover.
Many HCM tools can enhance EX. We’ll cover just a few, beginning with talent acquisition.
Applicant tracking software impacts EX in two ways. First it helps source better-suited candidates that fit the company’s needs and culture. Second, it provides ease of execution when it comes to applying for a job, which candidates expect. Technology makes the process faster, easier, and more streamlined. Employees carry that first impression of the organization throughout their career.
Once hired, onboarding platforms keep the positive momentum going. The ability to complete necessary forms online spares new hires from the dreaded first day paperwork.
Learning management systems (LMS) can provide the necessary training and career development employees crave. According to research conducted by our technology partner, isolved, 44% of employees say learning opportunities are what keeps them engaged at work – the top response.
Last, but far from least, employee engagement platforms are the solution for organizations who are looking for a comprehensive tool to connect and revive their workforce. Features like social media feed walls, survey functionality, crowdsourcing, goal-setting, and next-level performance reviews ensure employees are collaborating, communicating, and connecting.
Need Another Reason?
The experts at Counter Point HCM are ready to assist with all your compliance and talent management needs. Schedule a call today to discover how to leverage technology to meet and exceed your goals.
