A lot of companies are starting to recognize that the most crucial component in their business is their human capital. Well-trained, highly-skilled and qualified employees are what separates the established companies from the struggling ones. Taking this into account, many organizations are starting to allocate more funds and resources in order to improve their recruiting process.
‘Human Capital Management software’ and ‘new-hire checklists’ are two things every Human Resource team should use. Managing and onboarding your employees efficiently is key to any business and is essential if you want to take your company to the next level.
What is HCM Software?
Human capital management software provides a range of tools and functions that assists in human resource and capital management. Things like recruitment, tracking, and employee development processes are streamlined and automated which allows for human resource teams to function with efficiency and avoid tedious workflows. This also creates time for HR executives to spend towards inducting new employees and introducing them to the company’s culture and values.
The Features of HCM Software
Human Capital Management software assists various HR processes such as; the hiring and onboarding process, training and tracking employee performance, and many others. A good HCM software should be compatible with various other human resource, accounting, payroll processing, and external applications. HCM software even offers other solutions such as time and attendance tracking, so you can use one software to maintain most, if not all human resource processes.
The benefits of having attendance and time tracking functions in your HCM software is that it can save your company money by accurately calculating making sure there is no overpayment of taxes or salaries. Also, since payroll processing is done precisely, this can help prevent any chance of error when it comes to payment. HCM software is also integrated with mobile phone applications. Using this, employees can access and review their calendars, work holidays, shift timings and receive notifications about upcoming events.
The Benefits of HCM Software
HCM software helps integrate employees into the company from day one. This allows employees to fully understand how the company functions from the get go as well as enable them to do more and climb the corporate ladder. If performed correctly, HCM software allows organizations to hire candidates that are qualified and meet the requirements of the company. It also allows recruiters to find the proper role for new employees and train them efficiently. HCM software can automate several aspects of human resource management. One such aspect is succession planning. By automating the succession planning process, employees can be constantly trained and enabled to perform the duties of higher management. This inturn allows employees to be ready to take up the responsibility and assume the role whenever the requirement is needed.
What will HCM Software look like in the Future?
As the years go by HCM software will absorb all the functions of other human resource softwares and reach a level where you will need only one software to manage all your human resource needs. As HCM develops and merges with other HR software, human resource teams will operate on one unified platform where all data relating to human capital can be stored, accessed and managed. This will significantly improve the efficiency of HCM, and the overall productivity of the company.
With analytics involved, HR teams will be able to come up with more efficient strategies for recruitment and employee development as the software will evolve and be fully integrated with accounting, employee management, and HR data systems. This allows managers to gain transparency and make correct decisions.
With the new-wave of cloud-based solutions, there is no doubt that all HCM softwares will operate on the cloud. This means employees and managers can access their HCM software from anywhere with a mobile phone or computer and easily manage their company’s human capital.
Onboarding new hires or employees is a crucial aspect for human resource teams and the company in general. The hiring process is important as there are compliance forms and documents to be submitted, background checks to be done, and many other processes involved in setting up the new employee for the job. A ‘new hire checklist’ or a ‘new employee checklist’ is vital all this will help HR teams make sure everything is accounted for.
What is a ‘New Hire Checklist’
A new hire checklist lists out all the processes and tasks needed to be performed in order to successfully and efficiently introduce and establish new hire into a company and ensure he/she becomes a core part of the team and continues developing in the field.
The Importance of a New Hire Checklist?
By using a new hire checklist, you can streamline your hiring process and focus on establishing the new employee with the company as quick as possible. This also provides more time for HR professionals to spend with the new hires and address any questions that they might have about their role or the role of the company, as well as company policies and regulations.
A new hire checklist also provides a standardised onboarding template for every new recruit. Whatever the role is, you can use this checklist to ensure the induction process is done smoothly and effectively. Ofcourse, not every employee will be inducted the same way, as the roles in a company vary, but these checklists can be modified to cater to the onboarding requirements of each individual.