The most successful businesses share a set of common practices amongst them. One is investing in human power, be it with time, money, or effort, to find the best ones. It is how companies strengthen their resources and create a rock-solid platform to accelerate from.
What Exactly is HCM?
The human resource is a vital part of any organization and managing it efficiently is a core function for them. In technical terms, it called HCM (Human Capital Management) and it related to a set of practices followed for hiring, managing, training, and building a company’s workforce to its optimum abilities. Here are the variety of functions HR teams look after and manage.
- Training and development
- Workforce planning
- Payroll Management
- Compensation and Benefits
- Attendance tracking
- Performance analysis
- Retirement Benefits
Differentiating Between HRM and HCM
While Human Resource Management (HRM) and Human Capital Management (HCM) sound quite similar, the mechanics behind these terms differentiate them. The former looks after the administrative functions of HR including maintaining records of employees, and distributing benefits.
On the other hand, is diverse term that hosts various functions under one umbrella. It involves devising strategic plans that involve performance management and analytics. It is all about optimizing the return on investment of the workforce in a company.
Introduction To HCM Software
To automate the HR functions, the HCM software is an emerging tool. It saves time and money by handling all the functions and processes through automated systems. You can utilize it for efficient workforce management and use different kinds of software named Human Resource Management System (HRMS) or Human Resource Information System (HRIS).
It caters to various HR functions and to name a few, here you can find them.
- Workforce recordkeeping
- Applicant tracking
- Workflows and approvals management
- Time tracking and attendance
- Employee self-service
Out of the many options available, you must choose one that has the most suitable features for you; features that fit well according to your plans in the present and future. And, to choose the best one, you will have to analyse your company’s current position and prepare a roadma to fulfill your future objectives.
One such option you can rely on is NetSuite HCM as it is one of the most used software nowadays. More businesses are opting for it today and they are using it to its maximum capacity. And well, it is paying off more than just effectively.
Strategy for NetSuite HCM Integration
At present, when the HR functions have become too diverse and hard to pay in-depth attention to, the HCM software have started to address this issue effectively. The new HR era calls for solution that combines different strategies on one platform like that of ERP, apps, AI tools, case management, and more.
The answer to these HR queries are meant to add value to the strategic workforce by focusing on annual and scenario-based forecasts. However, it is not as easy as it sounds. The technology being used today is extensive but preparing something so comprehensive is till a task.
It raises a few questions as to how these solutions will be combined together under one platform; how will they work together? How will the different types of data be analyzed? Answering these questions will require an integration strategy.
The key will be going for a connectivity-approach; it gives you the ability, scale, and flexibility to progress at a pace that the digital age demands.
Gladly, NetSuite is a tool that is great at managing all such functions. It cobbles together connectivity to all your other solutions and that too at the quickest pace. Nonetheless, here’s one thing you need to keep in mind.
The HCM integration strategy must always have an integration strategy. It is because the disparate systems, tools, and apps are only effective when they are merged with each other and can be operational throughout the employee lifecycle. Be it recruitment or downsizing, your HCM strategy needs to be interlinked with all the functions at every stage.
Benefits of Choosing NetSuite HCM
If you are thinking of equipping your business with a fine HCM software, a NetSuite HCM review can give you a clear picture right here.
- By using NetSuite HCM, you can lower the time, effort, and cost of hiring employees while helping elongate the employee tenure.
- It improves the employee productivity by enhancing their engagement and making them feel more valued and involved at every step.
- The automation of an HCM software allows the HR teams to focus on more complex tasks that need human involvement and personal attention.
- You can accumulate more in-depth data that enables you to conduct more accurate and comprehensive analysis for better decision-making.
- A well-directed HR process leads to smoother and efficient workflow which ultimately reduces human capital costs.
- Businesses using NetSuite HCM get better ROI which is a long-term for each one of them.
Every facet of a business is equally important. Be it finance management, digital marketing, or the mechanisms needed to hire the right fits for these departments, each team has its separate targets. And well, automation helps streamline each one of them to a great extent.
The NetSuite HCM focuses on maximizing gains for the human capital investment while minimizing the costs with expertise. Indeed, technology is a lifesaver today, and you can’t progress without combining the right technological and human resources today.