Integrating HCM functions – core HR, recruitment, onboarding, benefits, payroll, workforce management – shown to drive efficiencies and cost savings for workforces with high turnover.
Chicago, IL - August 15, 2016 - EPAY Systems, a leading provider of human capital management (HCM) solutions, today announced the findings of a survey conducted in association with HR.com, titled The Impact of Integrated Human Capital Management Technology for Employers with Hourly Workforces.
To help organizations make the right technology decisions, EPAY Systems and HR.com surveyed large organizations with a significant portion of hourly employees, to examine the impact of integrated HCM technology. The study shows that, when these processes are automated and integrated, the cost savings are significant and highly visible.
- The most common benefits for employees were better access to information and that an integrated HCM system was more convenient to use.
- Time and Attendance, Onboarding and Learning Management to date are the least integrated HCM modules. Recruitment and Learning were the HCM modules companies most often wish they had integrated. (Note that these modules are particularly relevant to hourly workforces given the need to recruit candidates often, track their hours and acclimate a steady flow of new employees).
- 85% of organizations report an integrated HCM system led to easier access to employee data and 75% benefit from increased employee data accuracy.
- 38% of organizations identified reduced administrative cost as the main source of greater ROI. (Note that administrative cost is typically a bigger issue for the hourly workforce than the salaried workforce due to higher turnover.)
This report draws out the lessons for ensuring that organizations reap the benefits and avoid the pitfalls of choosing and implementing an integrated HCM system.
“It is easy to underestimate the challenges of recruiting and onboarding blue collar roles, as attracting the right talent even for simple service jobs is challenging due to high demand and competitive wages,” said Michelle Lanter Smith, Chief Marketing Officer at EPAY Systems. “As the quantitative data from the study show, organizations which invest in integrated HCM can expect to achieve more efficient HR processes throughout the entire employee lifecycle, especially during hiring and onboarding for companies that experience high turnover.”
In this study, integrated HCM refers to a single system from one vendor that handles a wide range of HR processes (e.g. HR, payroll, talent management, workforce management, and so on). This stands in contrast to having separate software from several vendors for different HR processes. The advantage of using an integrated HCM system is that, ideally, information flows seamlessly between the different modules and data only needs to be entered once. In fact, the need for information flow is so important that companies that buy a number of separate systems for different parts of HR usually invest in integrating them.
The full report can be accessed here.
About EPAY Systems
EPAY Systems provides completely seamless human capital management solutions that help businesses alleviate their HR burden, reduce labor costs, ensure compliance with labor laws and manage their employees more effectively. The company’s unified suite of technology and administrative services include recruiting and applicant tracking, new hire onboarding, benefits administration, HR management, time tracking, workforce management, payroll processing, tax management, ACA reporting and COBRA administration. Headquartered in Chicago, IL, EPAY Systems delivers HR solutions to over 75,000 worksites across the globe. For more information, visit EPAY at www.EPAYsystems.com or call 877-800-3729.