What is Human Capital Management?



HCM and the Back Office

Human Capital Management (HCM) consists of a broad set of business practices that assist with both the management and acquisition of human resources within a company or organization. In order to identify HCM best practices, companies will often use Human Resource Management Systems (HRMS) to assist with the organization and implementation of HR processes.

HCM is often used as an umbrella term to capture many distinct procedural processes within a business, such as recruitment, training, scheduling, payroll, performance management and benefits planning.

What are the benefits of connecting all Human Capital Management processes into one system?

Bringing all the varied HCM processes onto a single software platform provides a number of benefits for businesses. First, it enhances collaboration by connecting traditionally separate departments such as Human Resources, Management and Sales, together into one work system. Employees can directly manage benefits and request time off, management can share insights and metrics across departments and with employees, HR and management can collaborate throughout performance review processes, and HR can identify best practices for recruiting and training.A single HCM platform also makes it easier for all employees to locate information across departments. And because these platforms are often connected via business social networks like Chatter within Salesforce1 Platform, communication becomes infinitely easier.

What tools does Human Capital Management software provide for Human Resources?

HCM software streamlines and simplifies almost every aspect of HR. Recruitment becomes largely automated and employee retention is improved through smarter training and onboarding processes. Not only do human capital management solutions help HR share workflows and processes, but these apps allow for more self-service capabilities and social tools for employees. Some features of human capital management systems include performance reviews, goal management and compensation planning, as well as the automation of time collection and absence management.Human capital management allows HR to forego spreadsheets and enables accurate historical, current or future records to be recorded. Benefits programs are also largely automated and are easier to define and manage. For example, updates to dependents and beneficiaries are much quicker to process.

Why do companies choose cloud-based HCM solutions?

Cloud-based HCM platforms offer greater mobility and connectivity all while reducing costs. Making scheduling changes or sending an employee his or her monthly performance review can be done from anywhere with an Internet connection. Companies also save money on IT costs by eliminating the need for additional server infrastructure and expensive software upgrades.If you manage a global workforce, you no longer need different solutions for every country – HR can take care of any task from anywhere in the world.

Need help choosing a cloud-based HCM solution?

2017 Beginner’s Guide to Evaluating Cloud HCM Software

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2017 Beginner's Guide to Evaluating Cloud HCM Software

What are the benefits of FinancialForce HCM being on the Salesforce Platform?

The Salesforce Platform is intuitive, user friendly and easy to communicate on, making it the perfect fit for FinancialForce HCM. Even better, the platform is run by thousands of businesses already as their CRM, which allows FinancialForce.com customers a quick and easy transition into their new HCM solution. The Platform also allows you to share workflows and approval processes across the company. Shared reporting and analytics tools across the company make for easier collaboration and smarter decision-making.

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