The evolution of organizations treating the employment relationship as administrative to a relationship that is strategic has been reflected in rapidly evolving human capital management solutions. Human capital management solutions now comprise of technology that supports overarching company strategies and the optimization of people resources. Successful human capital management solutions embody a myriad of complexities that come together to manage the employee investment.
Today, employers demand their HR systems provide a single employment record for all functions in a cloud-based environment. They are looking for their human capital management providers to bring HR expertise to the table as well as exceptional customer service and technical support.
Key features to look for in modern human capital management solutions include:
Talent Management and Onboarding
Strategic human capital planning is critical to improve an organization’s business value. Talent acquisition solutions that simplify and mobilize recruiting efforts as well as aid in streamlining employee onboarding are an integral part of today’s HR technologies.
Time and Attendance / Payroll and Tax
Efficiency and accuracy is the hallmark of workforce management. Part of human capital management, time and attendance tracking has become mobile with data available anytime and anywhere via the Cloud. Payroll relies on this information to ensure timeliness of employee pay checks, tax filings and tax payments. Organizations are looking to realize a low cost of ownership by partnering with vendors that can host and secure their time and attendance, payroll, and tax compliance functions.
Benefits not only attract top talent to your organization, they keep your organization competitive to retain your human capital investment. Organizations require human capital management solutions that will help them analyze their benefits spend and make strategic decisions that align with company growth and success. Human capital management software automates the benefits enrollment process, benefits plans, carrier tracking, premium tracking, and real-time eligibility tracking. Ideally, it is one cloud-based solution that integrates the benefits function with payroll and other areas that require benefits information to be shared.
HR Management (Self-service, HR Reporting and Analytics)
Modern human capital management systems are self-service ready, allowing employees to update data anytime from anywhere. Managers and HR Administrators must have the ability to approve and update changes as well as report on this information through standard and easy-to-use ad-hoc reporting tools.
Managing compliance issues from ACA to COBRA to I-9 reporting continues to be a challenge for organizations across the board. HR professionals want to feel confident that the right systems are in place to keep up with the complexities of regulations that change and shift on a regular basis. Anything less puts the organization at risk for accruing financial penalties or facing legal consequences. Today, all human capital management systems should have compliance at the top of the requirements list.
Investing in Human Capital Management Technology
Implementing the right human capital management system for your business is more critical than ever. Almost every area of Human Resources can be improved through the proper expertise and technology working hand in hand. By understanding processes and internal gaps that create lag time or can be potential risks for liability, organizations can leverage available technology to fine-tune their HR structure and ensure that HR remains a strategic force for their overall business success.
With one seamless human resources platform, EPAY Systems can ease the burden on your staff so you can get back to focusing on your core business. Our full suite of unified human capital management solutions help you recruit, staff, manage and pay your employees.