HCM – (Human Capital Management) the blending of HR strategy with HR technology to manage employees. Practices in Human Capital Management include, but are not limited to:
- workforce planning
- workflow management
- benefits administration
- employee self-service
- retirement services
Human capital management software is often used to handle many of the functions and processes needed for effective and streamlined workforce management, saving your HR team time, as well as money. HCM software is sometimes called a Human Resource Information system (HRIS) or Human Resource Management System (HMRS).
HCM addresses most business' most significant investment: people. Investing in your people often leads to a boost in employee satisfaction and productivity. If your company fails to utilise HCM and HCM software it can result in missed opportunities, lost revenue and higher labour costs.
(insert links to HRIS and HRMS glossary pages)
The major benefits of a HCM solution include the connection of all HR processes, including recruiting, global HR, compensation, benefits, talent management, learning, work-life balance strategies, and payroll. With HCM solutions, businesses can make quicker, better-informed decisions. This allows them to deliver the best possible employee experience, and improve their efficiency with artificial intelligence (AI) and automated workflows.