Human Capital Management ERP is used to manage workforce, employ data (from payroll and HR to staffing and carrier development). It completely covers all the needs of an organization from hiring staff to retiring staff. A good Human Capital Management ERP has following features: Workforce Management Business are based on economic cycle.
Workforce management is very important in several phases of business. In the down swings of market business has to reduce the costs of their entire products in the market for that purpose might be business reduce the support staff. However in up swings of market business increases the cost of their entire product in the market and generate high revenue. In that case business may increase the support staff. So in ups and downs, it is necessary for business to manage workforce.
Workforce management includes employee record, payroll, and administration, position and HR management. There are several companies that desire to expand their business globally. By using human capital management systems all the companies can easily manage their staff members globally across all disparate locations.
Staffing and Hiring Finding the right and best candidate is key point of the success of a business. So it is very important to hire and manage staff to move your business toward success. By using human capital management systems companies can generate and maintain descriptions, skills required and specific role for the jobs. It helps to manage internal transfer, promotions and changes in jobs more easily and efficiently.
Payroll Processing Human Capital Management system provides automatic payroll management by providing payroll-related function like calculation of wages on hourly, weekly, monthly bases. It offer on demand check and transmission of payroll data to third party system. It also offer on demand payroll data check and deposit printing.
Training and Education By using human capital management system companies can train new employees easily by creating the material of courses and making it available online via available. So that new employees can access these training courses easily from anywhere. These training courses will help the new employees to learn company policies and way of working rapidly. Those training courses can also use to enhance the skills of existing employees of company. So that staff member can easily gain the knowledge and skills require to perform their jobs more efficiently.
A good human capital management system allow managers to assign courses, deadline dates, track performance and progress. It also allow mangers to measure the impact of courses on job performance. Time and Attendance Tracking Manual attendance sheets and other hardcopy formats are mostly used to track the attendance of staff and their working time.
Human Capital Management system eliminate the use of these old and intensive process of evaluating the working time and attendance of staff members. It provides attendance tracking system which evaluate attendance of staff member by scanning their finger prints or office cards. It auto store the time of entrance and exist and at the month end auto calculate the payroll on the bases of their working hours and rate of per hour. It boosts accuracy in the creation of payroll.
Administrational Benefits Human Capital Management system provides administrational benefits by allowing manger to manage pension, medical and stock buying plans. It automates all the activities such as enrollment, amendments and beneficiary changes. Performance Management Human Capital Management system provides a way to manage performance. It accumulate performance by conducting performance reviews. It is used to approve and mange performance reviews. It offers bi-directional feedback between employees and supervisors of company. It makes the process of evaluating performance more open and collaborative. Compensation Management
By using Human Capital Management system companies can easily enhance fairness in their policies by ensuring that everyone is being paid according to the standards of industry. It encourages the employees to enhance the performance of their work.
Employee Self-Service HR teams are usually very small and do over time according to the scenarios of given time. That’s why a good Human Capital Management system provide employees self-services so that the workers can get the basic information about policies and procedure easily so that they can easily fill the forms for beneficial enrollment and vocational requests.
Business Intelligence Human Capital Management system provides complete information of the HR team members from back office operation to strategic operation by offering companies complete analysis of HR related information. It can help to find out trends that impact employee satisfaction and performance. It also enhance the workforce planning and management to make a stronger bound between the company and it’s employees.
Propose of Human Capital Management ERP The main propose of Human Capital Management ERP is providing a complete system for different industries and companies to manage workforce, employ data (from payroll and HR to staffing and carrier development). It completely covers all the needs of an organization from hiring staff to retiring staff.
Workforce management includes employee record, payroll, and administration, position and HR management. It helps to manage internal transfer, promotions and changes in jobs more easily and efficiently. It offer on demand check and transmission of payroll data to third party system. It also offer on demand payroll data check and deposit printing.
By using human capital management system companies can train new employees easily by creating the material of courses and making it available online via available. So that new employees can access these training courses easily from anywhere. It provides attendance tracking system which evaluate attendance of staff member by scanning their finger prints or office cards. It auto store the time of entrance and exist and at the month end auto calculate the payroll on the bases of their working hours and rate of per hour. It boosts accuracy in the creation of payroll. It automates all the activities such as enrollment, amendments and beneficiary changes. It can help to find out trends that impact employee satisfaction and performance. It also enhance the workforce plaining and management to make a stronger bound between the company and it’s employees.