8 Factors to Consider While Buying a Hcm Solution

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8 Factors to Consider While Buying a Hcm Solution
Although a majority of businesses consider digital and automated HR functions as important, only a few
of them end up choosing the right human capital management (HCM) solution. Businesses continue to
invest in HCM systems riding high on factors such as scalability and AI capability. Little consideration is
given to the fact that HCM exists to streamline HR workflows and maximize human capital. In other
words, what today’s businesses need to understand is that present HCM solutions are not mere
integrated personnel, payroll, and benefits processing systems, but they are powerful, sophisticated
tools that can help in managing the workforce and contributing to the bottom-line.
Choosing the right solution provider is an important aspect in this regard, especially because HCM
affects everyone in the company. Doing it right when it comes to choosing an ideal solution may remove
much of the nagging problems. Here are a few pointers to consider while shopping for a HCM solution:
Streamlined workflow: Organizations have certain HR procedural aspects that occupy much of their
efforts. It is, therefore, important to target your biggest opportunity to drive efficiency. Whether it is
benefits administration, record-keeping, recruitment, regulatory compliance, or time and expense
management, it would be best if you could pin down the HCM selection to focus on one component and
then take it forward.
HR software compatibility: Most HCM solutions are able to integrate with the existing HR software so
that there is reduced need for manual data transfers. It is important to choose a system that integrates
HR functions into a single HCM platform.
Mobile app: Given the changing nature of the workplace, a mobile version of HCM is convenient to use.
Many HCM providers offer scaled-down versions of the application for mobile; however, it is important
the user experience is consistent across devices.
Self-service capabilities: By giving data access to staff, organizations can enable its people to enter and
update their own personnel information, check deductions, file applications, raise requests, etc. Much of
the HR service administrative overheads are taken care of HCM.
Analytics and reporting: By analysing key transactional data and trends, HCM software should provide
insight on cost, compliance and workforce components.
Scalability: Vendors offer different HCM deployment plans depending on the organization size. By opting
for a scalable HCM system, you are in effect future proofing your organization against technological
advancements and market factors.
Security: Encryption, authentication requirements, and other security measures are the norm in any
HCM solution. Depending on the type of deployment, you can opt for an on-premise or a cloud-based
solution. Remember, organizational data is often the target of hackers and attackers. Even though
cloud-based HCM solutions provide greater security protections, they are not immune to attacks or theft
of transactional data.
Disaster recovery: It is important to examine the disaster procedure with your vendor to check the
safeguards present, vendor’s liability, control, and mitigation steps. In case of a “software as a service”
(SaaS) vendor, it would be best to check the vendor’s compliance procedures in place first hand.
Source: https://www.peopleworks.in/blog/2018/05/16/8-factors-to-consider-while-buying-a-hcmsolution/
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