What is an HCM Solution:HCM stands for Human Capital Management. This includes everything from payroll, time and attendance, and HR. It is a tool to be used to track the employee from hire to retire.
What options does a company have?
There are many options for companies when looking at an HCM solution.
Payroll processing can be done in house using an accounting software or it can be outsourced through a third party vendor.
Timekeeping can be done using paper timesheets where the employees write down their time or punch them with manual time clocks. Time can also be tracked using a time keeping system that is either housed on a resident server or through the cloud. This option can track time using a physical time clock, web clock or mobile app.
Human Resource records can be tracked using paper or by using a third party HR system.
With all of these options above there are also many vendors to choose from. So what makes one better than the other?
Well, it all depends on what your company requires in a system. Some solutions have straight forward, non-customizable set-ups. Others can be fully configured to meet your needs. Some solutions are completely unified meaning there is one employee record and it is used across the board. Others may be different software solutions pieced together to look like one. In this instance the company may need to import and export items or it may be done in the background.
When looking at a solution a company not only needs to look at the software but also at the provider and service behind it. Are support calls handled through a ticketing system? Is there one contact person if there are questions? How quickly are issues resolved?
As you can see, there are many options to consider when looking at a new HCM solution. Making a list and highlighting the important requirements as well as a wish list will help you eliminate some options. Also make sure you talk to all key players in your organization so some items are not left out. We have created a checklist that can be used when comparing different HCM solution vendors.
Click here to access the checklist.