As companies upgrade their HR systems, many are exchanging a collection of individual best-in-breed applications for a unified human capital management system. If your company hasn’t already moved to unified HCM software, chances are, you’re thinking about it!
Not long ago, many employers embraced the process of selecting best-in-class software for each and every facet of HR management, from recruiting to payroll software. In fact, some still so.
But the drawbacks of this approach have become increasingly obvious. Cobbling disparate software modules together doesn’t always yield flawless integration, so the HR team becomes responsible for maintaining duplicate sets of employee data—hardly an effective use of time.
And because each software application is an entity to itself, the available analytics are limited in scope and of limited use.
Upgrading your HR software is no small decision. But, perhaps drawn by exciting advances in the HR tech sector, three out of five companies are considering a move. If you’re one of them, it’s in your interest to hear out the case for a unified human capital management system.
Unified HCM Software Simplifies HR Work Processes
Many businesses are embracing a return to simplicity, especially when it comes to operations. Why spend so much time and effort managing HR data, when that time could be better spent managing people?
The beauty of unified HCM software is that all the essential HR applications—applicant tracking, onboarding, HR and performance management, benefits administration, time and attendance, payroll software—co-exist in one holistic platform. There is one master database, one single employee record for each worker. Make a change to an employee’s status in one application, and it flows through across the board.
Unified human capital management systems are easier to maintain. A single upgrade to one application won’t cause unintended ripples throughout the platform, as often happens when juggling best-of-breed systems.
Unified human capital management systems are easier for HR staff and managers to use. With just one interface and point of entry, there’s no need to leapfrog between multiple systems to execute everyday tasks.
Unified HCM Software Improves Accuracy
Unintentional HR record-keeping errors cost employers millions of dollars per year. Common wage and hour errors—for example, incorrectly paid overtime—can translate to lawsuits, settlements, fines and headaches.
HR errors happen for all kinds of reasons, but often they’re due to manual data entry mishaps or calculations. One way unified human capital management systems reduce errors is by eliminating the need for duplicate data entry. Less manual involvement equals greater accuracy, and every department then has access to the same accurate information.
That includes the all-important time and labor management information that feeds into your payroll software. Unified HCM software helps ensure people get paid accurately, a priority for every organization.
Unified HCM Software Improves Employee Engagement
Improving employee engagement is at the top of virtually every employer’s to-do list this year. Unified human capital management systems offer a number of ways to keep employees connected to their employer—and their HR, payroll and benefits data—such as:A Company-Branded Employee Self-service Portal
A robust self-service portal allows employees to access their HR information from any device, any time. Employees can review paystubs, confirm benefits and request paid time off. Because portals can be customized to reflect the company brand and culture, they underscore the bond between employer and employee.A Robust Performance Management System
Some forward-thinking unified HCM systems include advanced performance management modules that encourage career and skill development. These systems not only give employees and managers a venue for goalsetting, but offer learning content integration, such as easy access to relevant online courses.
Unified HCM Software Yields Holistic HR Analytics
In the never-ending quest for a competitive edge, many companies are eager to better understand and manage both their workforce and HR operations—and that means leveraging analytics in unprecedented ways.
One of the most exciting benefits of unified human capital management software is that—because all HR data feeds into one master database—it puts a wide range of fully-developed analytics right at employers’ fingertips.
How does actual payroll compare to your labor budget? Where is most of your overtime occurring? Where are your best new hires coming from—and how long is your hiring cycle? Studying key HR metrics will not only help you better deploy and manage your workforce, but improve HR processes involving talent acquisition, onboarding and beyond.
For the Hourly Workforce: EPAY’s Unified HCM Solution
While employers have multiple unified HCM solutions to choose from, if you manage a large hourly or decentralized workforce, EPAY’s integrated HCM platform deserves your close attention.
Not only is our system designed to be user-friendly, it offers innovative time and labor management functions you won’t find elsewhere. We’ll help you better manage your workforce, maintain tighter wage and hour compliance, and reduce labor costs—all while providing easy access to valuable HR analytics that will help you move your business forward. See for yourself—request a demonstration.