what is human capital management? how is it related wih HR?
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Answer Posted / chennakesava reddy
Human capital management software delivers significant
benefits to companies of all types and sizes. But, perhaps
the greatest advantage they can offer is a significant
increase in the productivity of HR personnel, who are often
challenged to oversee numerous responsibilities with limited
time and resources.
Today’s human resources departments wear multiple hats –
handling everything from staffing, payroll, and benefits
administration to promoting company image and managing
employee relations. Additionally, they are plagued by
countless cumbersome, manual procedures that waste a
tremendous amount of time and effort. Human capital
management solutions help HR teams to better coordinate the
various functions they manage, while automating and
streamlining the most repetitive, time-consuming, and
labor-intensive activities.
In what key areas does a human capital management system
offer the greatest boosts to productivity?
On-Boarding
Bringing a new employee into the company fold requires a
tremendous amount of paperwork and effort. A human capital
management solution simplifies and accelerates the entire
process with a variety of features. For example,
self-service capabilities can allow new employees to
complete forms online, then dynamically process them, route
them to the appropriate managers, and store them for future
reference. Additionally, many human capital management
solutions include online training modules, so new hires can
get up to speed on the company and their jobs as quickly as
possible, without the need for HR staff to coordinate formal
training programs.
Benefits Administration
Enrollments, beneficiary changes, policy updates,
discontinuation of coverage, and other benefit-related
activities are highly repetitive and resource-intensive.
Form after form must be filled out, submitted, processed,
and filed. Human capital management solutions eliminate
these redundant tasks, and fully automate all core benefit
procedures. Additionally, the self-service capabilities
within many human capital management packages minimize the
number of benefit-related questions that HR staff members
must address by making all policy information and related
documentation readily accessible to employees via the Web.
Performance Management
HR staff members often struggle to oversee the various
players and activities involved in performance management.
They must ensure that supervisors complete appraisals on
time, that workers have ample time to review them and
respond, that improvement plans are put into place when
needed, and that records are efficiently stored for future
reference. With human capital management, all related
workflows can be dynamically executed, minimizing the need
for direct involvement from HR staff. Additionally, human
capital management makes the entire performance management
process more open and collaborative, eliminating the need
for HR personnel to oversee disputes, while helping to
contribute to greater morale and improved employee
relationships.
Time and Attendance Tracking
Many companies still utilize hard-copy time cards and forms
to manage hours worked, as well as sick, personal, and
vacation time utilized. This approach is prone to errors and
inconsistencies, and wastes a tremendous amount of both time
and paper. Human capital management systems fully automate
time and attendance tracking. So, information can be
captured, calculated, and processed in the most rapid and
accurate manner possible.
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