It is difficult for any firm, big or small, to work without a Human Capital Management software. This software helps in payroll, recruitment, onboarding of employees, processing of payroll, maintaining database of employees, recording or assessing employees’ productivity and performance, laying out HR policies, and conveying it to employees, and managing the daily work of the organization.
However, choosing the best Human Capital Management software or HCM solution could be a tough job as there are a lot of factors to be taken into consideration before finalising one. Hence, it is important to weigh your requirements first before going on about choosing the right HCM software that would meet the requirements of the company.
Here are some criteria that you must look into before finalising the best HCM software for you.
1) Interface – Would you prefer a unique interface with each functions widely spread out? Or, would you prefer a customized user interface that meets your varied requirements? You need to be clear with your needs before finalizing a HCM software.
2) Availability of features – Each HCM software would have different features to meet the needs of various varied businesses. Hence, it is important to list out what are the features you need in your HCM software for a seamless HR management. Those features could range from payroll, attendance, recruitment and onboarding, performance management, reporting or self-service tools.
Not all HCM software would provide all the requirements under one platform. Hence, you need to look into each and every feature of a HCM software before finalizing one for your company. Also check adp vantage hcm
3) Integration – Could the new HCM solution be integrated with existing HCM software? Some companies would just be looking for a few additional features or tools in a HCM software to add to their already existing HCM solution. Hence, it is important to check if the new HCM software could be integrated into the old one rather than buying a new HCM solution altogether that could prove to be costly for the company.
Once you have listed down your requirements, you need to go through the best HCM software available in the market and match their features with the functions you are looking for in a HCM software.
Here’s a list of HCM software that you could use.
Well, if you are looking for a branded HCM software, then Oracle HCM Cloud is the one for you. The best feature of this HCM software is that it stores data on the cloud, and it is best for medium-sized to large-scale businesses. It has a few other important features such as the ‘Workforce Management’ that helps firms to manage their employees, and their costs, and ‘Work Life’, which helps a company with information on how to retain employees and improve their work satisfaction.
As Oracle HCM Cloud is made up of different modules, you can buy them as a single product or each module as standalone solution, depending on your requirements. Oracle also offers free demo of its services.
However, there is a drawback to this solution as its payroll feature is limited to a few countries. So, if you have a pan-world presence, it’s best to look for a different HCM software. It starts with $13 per user a month and has a free demo or trial.
It is the most dynamic HCM software as it can work across almost all sectors such as retail, service and manufacturing, and public enterprises. It is used by about 68,000 companies across the world, making it the most preferred HCM software, and considered a leader in their field. It offers various features such as budgeting, employee’s benefits, time management, and talent management. It also offers analytics on HR management to help the company improve its employee management. It is higher on the cost side, costing $150 per user a month. However, it offers a 30-day free trial.
It is a quite popular HCM tool, with Netflix, Amazon, and HP as its clients. It has been rated as the No 1 Cloud HCM Suites for 4 straight years in Gartner’s Magic Quadrant market research for businesses with more than 1000 employees. It offers various modules such as financial management and human capital management and features such as workplace management, talent and time management, and workforce lifecycle management, among others.
It also offers a free demo. It charges $100 per user annually. It can work with all business sizes, but due to its higher cost, small businesses or startups may find it costlier.
It is one of the most experienced HCM software solutions. In fact, it has made it to the “World’s Most Admired Companies” list for 12 years in a row in Fortune Magazine. With an experience of over 70 years, ADP WorkforceNow offers all the major services or features that you would normally associate with a HCM solution.
It includes recruitment, onboarding, payroll, employees’ management, among others. The best thing about ADP WorkforceNow is that it can integrate with other existing HCM system or standalone payroll or financial system that the company may have, and work in tandem with them.
It starts at $10 per user a month. It also offers a free demo to those who would like to have a look at it before buying it.
It has been in the market for about 50 years, and offers a range of tools as per requirements. It delivers the normal routine services that every HCM solutions are supposed to provide. It includes recruitment, onboarding, training, compensation management, and HR analytics, among others.
However, the best part of this HCM solution is that it covers even visa requirements of its employees, setting up metrics, performance evaluation, workforce planning to enable employees’ goals are in tune with the company’s. It also offers SAP Digital Boardroom that gives real-time analytical view of the company’s and the various department’s performances. It starts from $8 per user a month and offers a free demo as well.