6 benefits that make HCM software brilliant

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6 benefits that make HCM software brilliant

Remote working, remote learning, automation, the virtual employee experience, data-driven HR… All trends that have risen is response to a global pandemic shifting the ways in which we work. Permanently.

Human capital management (HCM) practices are focused on organisational need and fall into three categories: workforce acquisition, workforce management and workforce optimisation.

In simpler words: HCM guides an organisation’s approach to hiring, managing and optimising how your workforce do their job (this includes developing employee capabilities).

If implemented correctly, HCM practises improve productivity, support your business’ strategic goals, streamline operations and help you grow.

HCM software

Adopting software to put your HCM practices into place streamlines everyday procedures and leaves your HR and payroll teams to take on a more strategic role.

Depending on the HCM software you adopt, HR functions such as onboarding and payroll can be automated. This can improve workforce efficiencies and even help to mitigate compliance risks to your business. More on that later.

What can HCM software bring to your organisation?

1. Automation

Quite possibly the sexiest word out there in today’s time-poor world. Studies constantly show HR managers spend most of their time in meetings and on admin, followed by risk and compliance-related tasks. Where’s the time for strategy?

This is where automation enters the scene to help you get more work done, in less time. Automated workflows can handle repetitive HR and payroll admin tasks and replace paper-based workflows. Examples include CV screening when looking for new talent, segmenting candidates, managing timesheet calculations and updating leave balances in payroll once a request is approved.

2. Enhanced employee experience

Today it’s all about placing the power of payroll and HR into the hands of your employees to manage timesheet submissions, leave balances and requests, update personal details and access payslips. Good HCM technology will also include a mobile app for self-service on the go.

As an employee’s first touchpoint with an organisation’s HR processes, HCM software can also transform the onboarding experience. Expedo’s own advanced onboarding includes WH&S inductions and employee background checks integrated in the one journey online, leaving them to have a better first day experience that doesn’t include paperwork.

3. Centralised data

Good HCM software will integrate with your payroll, finance and accounting systems to create one source of truth across your workforce. This consolidation of real-time workforce data and ensuing visibility gives you more actionable insights that can help guide your organisation’s growth and improve long-term strategic decision-making.

There’s also loads of information that needs storing on your employees, such as contact details, contracts, licences, work rights and training certifications. Centralising this data in the one place online allows for better monitoring and security.

4. Data security

Speaking of security… As part of meeting compliance, HR must ensure private employee and organisational information is secure. HCM software collates, encrypts and stores all employee records and other operational data within one secure system in the cloud and allow you to set access permissions depending on role requirements.

5. Compliance, compliance, compliance

So important we’ve said it three times. The use of technology to drive compliance has become necessary with the growing number of remote and contingent workers today.

HCM software can help identify if your organisation is at risk from a regulatory point of view, sending workforce alerts when work rights or contracts are due to expire or if there is a change in legislation that impacts you as an employer.

Expedo has been architected with a compliance framework and uses workflows defined by in-country employment experts to guide all HR processes such as how to engage a new hire correctly based on their worker type e.g. independent contractor vs a permanent employee, as well as how to performance manage or terminate a worker without claims of unfair dismissal.

HCM software with multi-jurisdictional capabilities can also offer contracts, policy documents and letter templates that are regularly maintained in line with the latest employment legislation in your country of operation.

6. Cost savings

While HCM software doesn’t necessarily mean replacing people, it can certainly deliver more tangible cost-savings. If software can simplify and reduce time required to manage the admin side of things, it leads you to assess just how many HR heads are needed across your employee headcount.

Meet Expedo

Keen to learn more about how HCM software can transform the way you work? Speak to an Expedo representative today.

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