4 Factors to Consider When Evaluating Human Capital Management Software

September 15, 2017 By Amber Tenuta - Leave a comment

HCM Data

The use of human capital management software can come with many advantages – when the correct system is in place. With so many different human capital management software options to choose from, it can become challenging to find software that best fits your company’s needs.

Many human resource professionals are turning to human capital management software that can easily optimize HR solutions with one seamless platform, which is just one of many advantages to look for in HCM software.

Below are four factors to consider when selecting effective human capital management software.

1. Simple Benefits Administration Process

One of the biggest challenges for human resource professionals is managing benefit plans for employees while minimizing compliance risks. With the help of human capital management software that includes online benefits administration, all risks are eliminated. With benefits administration solutions, you can save time and offer your employees top-notch benefit programs without adding more work.

Human capital management software that allows employees to administer benefit plans by entering, reviewing and updating their own benefits data online is major advantage. An employee self-service portal helps eliminate the hassle of managing all the details yourself with the ease of simply monitoring enrollments and renewals.

2. Straightforward Payroll Management and Payroll Tax Filing

When you have an HCM system with comprehensive payroll processing and tax filing technology, you don’t have to worry about things like inaccurate payroll data. This creates a faster payroll process, improved compliance, and eliminates the headaches that go along with managing payroll.

Having a full-service payroll management and tax management solution will transform your payroll and tax administration process into a completely seamless experience. With centralized payroll processing, you can maximize productivity, standardize workflows and lower your compliance risk.

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3. Painless Performance Management

Human capital management software with an all-in-one performance management system will help you effectively develop your employees. Performance management can help facilitate ongoing coaching and feedback, establish goals and nurture employee development.

A study by TriNet and Wakefield Research found that more than half of the people they surveyed (59%) complained that their managers were unprepared to give feedback during a performance review while 85 percent would feel more confident if they could have performance review conversations more often.

The advantage of a performance management software that simplifies the process will eliminate the traditional time-consuming and ineffective process. This will help maintain focus on what is important – your employees ongoing growth and communication between your managers and employees.

4. An Efficient Onboarding and Applicant Tracking Process

Human capital management software that simplifies the traditional methods of hiring, training and reviewing employees creates a major advantage that will help speed this process. Having one consistent and streamlined process that monitors future and current employees will maximize productivity– right from the start. Human capital management software that includes the benefits of applicant tracking and employee onboarding will ensure accuracy while cutting down on paperwork and relieve you from time consuming data entry.

EPAY Systems’ Human Capital Management Software

EPAY Systems offers a human capital management platform that is specifically designed to eliminate the time-consuming tasks of managing multiple systems. With one integrated HCM system and HR administrative services, we can help you recruit, staff, manage and pay your employees.

Implementing the right human capital management system for your company is an important and crucial factor for minimizing risks and optimizing efficiency. Request a personalized demonstration to see how investing in human capital management technology will help exceed your company’s human capital management goals.

Filed Under: Human Capital Management, HR News, Employee Benefits