Why Businesses Need a Strategic Approach to Human Capital Management?

Every company knows that people are the lifeblood of any organization - without them, it cannot succeed.
That's why many modern organizations have adopted a human capital management (HCM) mindset as a part of their approach. HCM mainly focuses on employee experience and professional development to drive business outcomes.

An HCM solution goes a phase further than traditional payroll software. It incorporates strategic procedures and tasks that enable an organization to function and grow as its employees grow. This comes from HCM's fundamental shift concerning how employees should be considered and managed by the organizations that hire them.
So, how can your organization recognize people at the center of your business strategy? Let's break down the building blocks of HCM and the role technology plays.

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What is Human Capital Management (HCM)?

QKS Group define Human Capital Management (HCM) software as a suite of tools and applications designed to effectively manage various aspects of human resources within an organization. It typically includes functionalities for recruitment, onboarding, payroll management, employee performance evaluation, learning and development, talent management, and workforce analytics.

HCM software aims to streamline HR processes, enhance employee productivity, and optimize human resource utilization across the organization. It integrates data and processes to provide comprehensive insights that aid in decision-making and strategic planning related to workforce management.

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How Does HCM Benefit an Organization?

Hire the right people for the right role

Most companies can match employees with positions where they can utilize their skills and talents. Human Capital Management provides methodologies that can help determine the individual strengths and competencies of employees and match them to the best position.

Increase workforce productivity and efficiency

By investing in training that develops specific capabilities, the organization needs to achieve its goals. Human capital management improves productivity. It also increases efficiency since the system assigns people to jobs in which they can accomplish their best.

Streamline HR functions

Human Capital Management can accelerate human resource functions by reducing disparate HR systems, using analytics for more intelligent workforce decisions, and automating manual processes globally and locally.

Reduce costs and increase ROI

An efficient human capital management (HCM) system can improve performance management to streamline processes, reduce costs, increase revenue, and improve your return on investment (ROI).

Strengthen employee development and career planning
Another responsibility of human capital management is to offer enough training to assist people to perform at their best and prepare for the future. It detects competence gaps via training, surveys, performance assessments, and other sources of feedback.

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10 Top Human Capital Management Software

There are dozens of human capital management systems on the market, so to help you begin your research, here are some of the top software based on independent research and discussions with analysts.

Infor Global Human Resources

This cloud-based, mobile-ready platform enables a company to generate a single resource record for all its essential HCM business operations. Infor Global Human Resources provides features such as organizational planning, benefits enrolment, absence management, occupational health and safety, onboarding, offboarding, talent acquisition, talent management, remuneration, and employee and manager self-service. Employees and non-employees can use the program to maintain a personnel record. Infor provides bundled capabilities for major enterprises in specialized industries, including hospitality, the public sector, healthcare, and manufacturing.

Oracle Fusion Cloud Human Capital Management

Oracle Fusion Cloud HCM enables enterprises to plan, manage, and improve global personnel operations using a single data source, guaranteeing that data is accurate and current. It provides modules for global human resources, workforce management, recruiting, talent management, time tracking, payroll, learning, and work-life solutions. Oracle Fusion Cloud HCM is available on the Oracle Cloud Platform, a public cloud utility. The HCM Cloud mobile app gives users secure access to their Oracle HCM Cloud applications from anywhere.

Paychex Flex

Paychex Flex is a modular, cloud-based HCM system that covers several areas, including core HR, payroll processing, benefits administration, time and attendance, performance management, new hire reporting, recruiting and screening, onboarding, employee self-service, and compliance services. Geared to small to midsize companies in several industries, Paycheck Flex incorporates general ledger and talent management analytics. The software authorizes HR administrators to customize dashboards and provides easy-to-understand analytics around hiring, benefits, labor costs, time and attendance, and changes in headcount.

Paycor HCM

Paycor HCM is a cloud-based unified HCM solution that enables small and medium-sized businesses to manage their human resources more efficiently. It offers such functionality as core HR, onboarding and development, time tracking, payroll, recruiting, learning, employee self-service, HR reporting, workforce analytics, talent development, and performance and goal planning.

Workday Human Capital Management

Workday HCM provides human resource management, employee experience, talent management, payroll and workforce management, assistance and case management, workforce planning, analytics, and reporting. Workday's payroll capability is only available in the United States, Canada, the United Kingdom, and France, but the business maintains a global network of payroll partners. Workday HCM automates manual procedures, allowing HR to focus on strategy and other projects. Workday HCM is also accessible as a mobile application.

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Key Technologies Driving HCM Advancements

Human Capital Management (HCM) suites have seen significant growth driven by technological advancements and increased investments. This expansion is fueled by innovations such as artificial intelligence (AI), machine learning, and predictive analytics integrated into HCM solutions.

According to the "Market Share: Human Capital Management (HCM), 2023, Worldwide" and "Market Forecast: Human Capital Management (HCM), 2024-2028, Worldwide" reports by QKS Group, these advancements are crucial across various industries like healthcare, finance, retail, and technology, where organizations seek streamlined HR processes, data-driven insights, and enhanced employee engagement. These reports assist companies in identifying the best HCM software and gaining meaningful insights to optimize talent management, improve operational efficiencies, and comply with regulatory requirements.

Human Capital Management (HCM) suites emphasize integrated management of worker lifecycles to improve company effectiveness and make strategic decisions. These suites integrate diverse HR functions such as recruitment, onboarding, performance management, and learning and development into a cohesive platform. HCM systems provide dynamic, data-driven HR management across the employee lifetime by employing a single data source. They promote cooperation and data consistency across divisions, creating a streamlined environment for managing staff, procedures, and organizational data.

Furthermore, advances in artificial intelligence inside HCM software improve predictive analytics capabilities, allowing firms to estimate talent needs, optimize staff planning, and simulate scenarios to make educated decisions. AI-powered features also help with knowledge management and automate regular HR processes, which improves operational efficiency and drives continual development in human resource initiatives.

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Conclusion

Human Capital Management (HCM) is more than just a technology-it's a strategic approach that identifies employees at the center of company success. With advanced HCM solutions integrating AI, machine learning, and predictive analytics, organizations can enhance workforce productivity, streamline HR operations, and drive long-term growth. As companies grow, adopting the right human capital management software will be key to optimizing talent management, improving efficiency, and ensuring a seamless employee experience.

QKS Group is a global advisory and consulting firm focused on helping clients as strategic knowledge partners achieve business transformation goals with Strategic Business and Growth Advisory Services. QKS Group's research and consulting deliverables are designed to provide comprehensive information and strategic insights for helping clients formulate growth strategies to survive and thrive in ever-changing business environments.

Shraddha Roy
QKS Group
Regus Business Center 35 Village Road, Suite 100,
Middleton Massachusetts 01949
United States
Email: Shraddha.r@qksgroup.com
Phone: (+1) 978-344-2770

This release was published on openPR.