Human capital management (HCM) platforms allow HR & people manager to strategically as well as operationally manage the whole lifecycle of an organization’s workforce.
If you’re seeking out a new or updated HCM platform, then today is your lucky day because we’re going to give a rundown of the best traits of a platform that is fit for 2022.
Enhanced employee engagement
With much talk about the Great Resignation, one report found that 41% of employees are considering leaving their work or even changing their profession.
That’s why effective employee engagement is so, so important when it comes to both attracting and retaining employees.
The tools inside of an HCM platform, such as pulse surveys, benefit programs, and worker recognition schemes, can prove to be powerful solutions to bridging the gap in engagement.
The best platforms can provide insightful data and intelligence when it comes to identifying those workers that seem to be, or are at risk of being, disengaged.
The best HCM platforms channel key data across every aspect of worker efficiency, which allows companies to analyze productivity of every department, of each role within departments, and even each individual worker.
When HR is equipped with relevant and accurate data, they can better understand levels of productivity and efficiency. And more importantly, use it to view where improvements can be made.
Greater learning opportunities
When it comes to employee retention, greater learning opportunities and room for development is highly valuable. One survey found that 82% of employees would quit their job due to a lack of career progression.
And to track each employee’s progress, organizations require good enough software to do this. Alongside each worker’s growth, HCM platforms are also used to provide info to employees on training programs throughout the entire organization.
But with so many HCM platforms in the market today, how do you choose the best one for your business?
We recommend that you look at the following factors:
The user experience
The difficulty in deciding which HCM platform to use is the expected usability. Of course, user-friendliness is of upmost importance in all modern digital solutions, but there are other considerations, too.
Considerations such as the learning curve of the platform, the frequency of updates to the platform, and the speed of new features and designs that are added to the platform.
The functions & features
The capabilities of an HCM platform are also key in the decision. These functions include talent management, workforce analytics and management, performance management, training and development, compensation management, workflow automation, and employee self-service.
HCM platforms tend to position themselves as fit for enterprise-sized organizations or small to medium-sized businesses.
That’s why it’s worth investigating which platforms are better suited to differently sized organizations, and also how it would handle the scaling of the organization. Are you expecting to grow gradually, quickly, or remain more or less at the same level?
Security & compliance
The data inside of HCM platforms is extremely sensitive. Some of it is even protected by law. As such, your chosen platform should come with appropriate protections in place to defend against cyberattacks and unauthorized access.
In terms of compliance, plenty of companies suffer from reputational damage and costs emanating from failures in compliance. Having an HCM platform that supports the required procedures for the areas that you have a presence in.
Finally, with organizations using multiple platforms within and across departments, it’s a necessity that your select HCM platform integrates well with other systems.