Overview on Human Capital Management

Human capital management (HCM) is an approach to employee staffing that perceives people as assets (human capital) whose current value can be measured and whose future value can be enhanced through investment.

An organization that supports HCM provides employees with clearly defined and consistently communicated performance expectations. Managers are responsible for rating, rewarding, and holding employees accountable for achieving specific business goals, creating innovation and supporting continuous improvement. HCM software streamlines and automates many day-to-day record-keeping processes and provides a framework for HR staff to manage benefits administration, payroll and create map out succession planning.

There are many excellent solutions that don’t attempt to do everything, but focus on specific functionality – such as recruitment, HR administration, or performance management. The Human Capital Management market is crowded, with many different vendors.

This list below is an attempt at capturing best enterprise-grade solutions that are proven, well-maintained, and being actively developed:

·         Workday

·         Ultimate Software

·         SuccessFactors BizX

·         Oracle Fusion

                                                                      

Workday Inc. is an on‑demand (cloud-based) human capital management and financial management software vendor. Workday Human Resource Management helps to effectively handle a global workforce. From hiring       employees to analyzing the workforce, Workday helps  to manage the processes. As business circumstances and requirements   change— including organizational structures, business-process rules, worker assignments, and reporting priorities, Workday  immediately adjusts for those changes.

Key features offered by Workday:

•        Intuitive User Interface

•        Business Process Framework /Advanced Work-Flow Capabilities

•        Actionable Reporting / Analytics

•        Total Workforce Visibility

•        Constant System Enhancements

•        No Database license, Server or Software Upgrade Cost hence less Cost of ownership ( TCO)

•        A Unified HR, Talent Management System

Three times a year, Workday releases updates to its HCM solution. Unlike traditional on-premise software that requires costly and time-consuming upgrades every 3 to 5 years, Workday's mulit-tenant architecture allows customers to move to the new updates in just a few days - at no additional costs - as part of their regular subscription fees.

Workday's HCM solution is designed to help a company to plan, hire, manage and analyze the workforce. People in the company are most valuable resource and Workday provides the tools to effectively execute HCM strategies.

 “Human Capital Management (HCM) is responsible for attracting, developing and managing the firm’s biggest asset: - People”.