CRM Software: Human Capital Management Software (HCM)

What is Human Capital Management software?

Human Capital Management change HR divisions' conventional management activities, onboarding, payroll, allowance, and performance appraisal potential to promote cooperation, prolificacy, and business value. The personnel, like any other corporate asset, is viewed by HCM as a basic company asset whose worth can be maximized through judicious investment and management. 

You can include any functions your organization requires with a modular system.

Employee data is recorded and stored in a database via HCM software. Advanced analytics are available in leading systems, allowing organizations to obtain insight into the most effective ways to recruit and retain bright personnel.

What are the attributes of HCM Software?

1. Workforce administration

Human Capital Management software is a terrific way to organize and manage your company's personnel so that it fits the needs of the entire organization.

2. Management of Performance and Competencies

Line managers and their teams may find assessing team member productivity, providing feedback, rating, and establishing future goals to be time-consuming tasks, but HCM software automates the process by allowing them to finish and store suggestions, ratings, and performance reviews in the HCM performance management system module.

3. Allowance Strategy and Planning

The ease with which data may be edited and evaluated is one of the most significant benefits of using HCM software to track employee wage and benefit information. This means you can see your compensation spend in a variety of ways and use the information to plan your compensation strategy for the future.

4. Budgeting and time management

Without the need for manual forms or authorization requests, HCM software allows your employees to submit timesheets and expense claims swiftly and easily.

5. Recruitment

The most prevalent element of Human Capital Management software is recruitment, and it may be one of the most important aspects of a company. Recruiting new employees can be simplified by using automatically produced job descriptions and advertising and selecting individuals for interviews in real-time.

6. Orientation

Users can utilize the employee onboarding module to complete all of the operations related to new employees, such as drafting contracts and letters from themes, requesting relevant data, and creating new employee records, quickly and efficiently.

7. Data analytics and reporting

One of the most remarkable advantages HCM software can bring is its capacity to report on and evaluate some of the most essential corporate KPIs related to the persons side of the industry. Users can run pre-designed, customizable reports at the push of a button to track parameters like staff attrition, recruitment costs, and employee performance by the department.

8. Workflows

Workflows are the set of procedures that relate to a firm's numerous projects. You may create personalized HR workflows for various HR procedures using HCM software. In this way, various activities can be performed continuously, as part of a series, or with minimum human intervention.

What is the contrast among HRIS, HCM, and HRMS?

When dealing with various types of human resources software available, you'll see that there are three distinct sorts, each of which is characterized by a unique acronym. It can be tough to discern amidst all of three.  What each one means is as follows:

HRMS: Human resources management system

HCM: Human capital management

HRIS: Human resources information system

HRIS was created to help organizations manage their employees, rules, and processes.

HCM systems have some of the same functions as HRIS, but they also incorporate talent acquisition and other structural similarities like diverse language, currency, and localization settings, among other things.

Finally, HRMS software incorporates all of the features of an HRIS as well as many of the features of an HCM system. Features vary depending on the vendor, but any HRMS should, at the very least, contain payroll and time and attendance services.

What is the purpose of using HR software for your business?

HR software automates Hr activities that would otherwise be done manually, allowing them to be completed more quickly, correctly, and consistently. Many businesses of all sizes and in a variety of industries have begun to recognize the advantages that HR software can provide. As a result, the HR software market has exploded.

Key benefits of HCM software

• Payroll calculation is quick and error-free

HCM allows you to establish compensation elements and deductions depending on your annual salary and generates payroll for you quickly and accurately.

• For better predictions, uses intelligent analytics

HCM’s multi-layered analytics solution considers all aspects of HR operations and helps you make data-driven decisions.

• Management of the entire employee lifecycle

Every detail is documented in HCM, from recruiting to retirement, to guarantee that all HR operations function smoothly.

• Manage multi-location HR processes, a centralized system is needed.

HCM software features integrated modules that link HR processes across several sites for easy management.

• Allow third-party mobile app integration to improve the usability 

Centra HCM offers integration with third-party applications and plugins.

• Inter-company collaboration that is more effective

The software's robust communication algorithm allows you to exchange pertinent information with the appropriate department or staff in real-time.

• On-the-go data access

With our cloud-based HR management solutions, you can manage your personnel from everywhere on any platform.

Choosing the best HCM software provider for your organization

Human capital management software features and functionalities vary by vendor, as does the quality or concentration on specific components. That is why it is critical to thoroughly assess the available options to select the best HR software for your company, ensuring that it is a good fit for both now and in the future.

Centra HCM is a leading HR CRM software in Malaysia and Singapore presented by Focus Softnet. It's a fully customized human resource and payroll management system that lets businesses realize their full potential by embracing digital change. Centra HCM is a cloud-based HR and payroll software for the modern workforce. If you are looking for the best HCM software solution for your large-scale and small-scale business/ organization, then book a free demo and let us help you get the best-customized HCM system as per your requirement.