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The Benefits of Implementing a Human Capital Management System

October 18, 2018

Written by Complete Payroll

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You’re familiar with the idea of human capital management, but the system (or, more accurately, systems) that you’re using now works just fine. A new system costs money, and everybody always moans and groans about having to learn something new when they’re comfortable with whatever it was they were using before. Why even bother?

While it’s true that implementing new systems can be a headache, a human capital management system can often offer companies enough benefits to make the switch worthwhile. Here are just a few of the reasons you might consider moving your business over to a single system for human capital management.

Benefit #1. Nobody’s the only expert

Lola understands the applicant tracking system like the back of her hand. You’re so lucky to have her! Unfortunately, while riding her bicycle to work one day, Lola is hit by a bus and ends up in the hospital. So what happens now?

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It’s natural to have tasks that only certain departments—or even certain individuals—are intimately familiar with. What is problematic is when nobody else can even access that information or understand how to learn the system in their absence.

Human capital management systems are used across the board by recruiters, HR professionals, internal analysts, managers, and employees. While you might not have someone else who is super confident with managing applicant tracking, you won’t ever find yourself in a place where people are unable to learn because of the technology.

Benefit #2. Easily share important information across departments

Does someone need time and attendance data for a team they don’t usually work with, but are for a specific project? Someone’s resume from when they first applied? Was this employee really never informed about the dress code when they first started, or did they just sign off on it and then forget? When was her CPR re-certification due again?

A human capital management system means that all of this information is easy to share when appropriate. With no need to create a new login on an unfamiliar system, granting access is a quick and simple task.

Benefit #3. Increased transparency

With increased communication comes increased transparency. Employees can become wary when they know information about them is being collected, but aren’t aware of how it’s being used.

In a human capital management system, employees can access much of their own information themselves, including performance reviews, wage history, attendance history, benefits usage, and personal information. They can also access important company information and announcements, so that nobody feels left out of the loop.

Benefit #4. Increased security

While there are always people looking for security holes on the technical side of things, most data breaches are caused by human errors. Some of the most frustrating cases involve a failure to manage passwords effectively.

When employees must remember half a dozen different logins and passwords for different systems, they tend to make basic mistakes such as writing them down on notes, books, or devices that are easily misplaced or stolen. A human capital management system requires only one login for all these functions, decreasing the chance that one or more of them will be compromised.

Benefit #5. Better learning

When it comes to analytics, more data is better data. Heavily fragmented systems prevent information from being examined from a cross-departmental perspective, which reduces the amount and quality of the learning that results. Are there certain things that pop up in the hiring process that might actually be an unexpected red flag for an employee who will leave the company within a year?

Does one department have a better history of helping employees on a performance improvement plan actually succeed than any other? Does one team seem to have more tardiness than others, but still maintain greater productivity overall? You’ll never know if your information doesn’t transfer well from one system to another. Human capital management systems not only make this information easy to integrate across the organization, they will also help with the initial analysis.

Is a human capital management system right for you?

Let’s find out together. Get in touch, and we can explore your company’s needs.

Our complete guide on Human Capital Management is a comprehensive resource about how effective HCM helps organizations manage their workforce more effectively. Whether you're interested in seeing an HCM platform or just want to learn more about the practice of Human Capital Management, this page is for you.

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DISCLAIMER: The information provided herein does not constitute the provision of legal advice, tax advice, accounting services or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional legal, tax, accounting, or other professional advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation and for your particular state(s) of operation.

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